Alternative investments and hedge fund specialists Key Asset Management (UK) (KAM UK) has launched the Key Recovery fund - a distressed debt multi-manager fund.
The fund focusses on distressed and restructured debt mainly in the US, but may extend this to Canada.
The fund is targeted at institutional and high net investors looking for returns of approximately 500-700 basis points over treasuries with a low correlation to markets.
Thomas Raber, managing director of London-based KAM UK added: “It is clear to us that distressed and restructuring debt is at this point of the cycle one of the most interesting alternative investments. It is however difficult for investors to find and evaluate managers in this area.”
The fund is being launched with $10m. Minimum investment is $500,000.
By Madhu Kalia
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