Manager announces new credit fund, says Hedgeweek

Alpstar Management, a credit hedge fund manager based in Geneva, has recently announced its long-only European credit fund, the Alper Credit Value Fund, is now open to external investors, reports Hedgeweek.

It was initially seeded as a closed vehicle early this year, when portfolio manager Nicolas Bravard considered that senior secured bank loans were beginning to offer significantly more value on a risk-adjusted basis than either private equity or pure distressed strategies, says the article.

Interest in Alper has come from both existing investors, as well as new clients looking for a medium term value investment on a lower cost basis than a traditional hedge fund. Terms include a 1% management fee and a performance fee subject to a Libor hurdle. Unlike many other credit funds, the Alper fund does not use leverage.

Alpstar, which has more than $2 billion in assets under management, was launched in 1996.