Ex-Goldman Traders Seek Funds for Fallen China Property Tycoons
- Distressed lending veterans seeking to raise $250 million
- Opportunity seen in owners of struggling property developers
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Two former Goldman Sachs Group Inc. traders in Hong Kong are raising money to lend to financially strapped borrowers, including the growing number of down-on-their-luck Chinese property tycoons.
Raymond Chan, most recently co-head of Oaktree Capital Management’s Asia distressed debt business, will be chief investment officer at Blue Mountain Bridge Capital Ltd.’s new fund. He started at the firm, created by his former Goldman colleague Jenny Sun, this year. The two plan to raise $250 million from family offices and wealthy individuals, with as much as half of that expected to close by the end of December.