Apollo Global Management LLC (APO), Oaktree Capital Group
LLC (OAK), Avenue Capital Group LLC and Davidson Kempner Capital Management LLC
are among U.S. firms that have flocked to Europe, setting up offices and
raising funds to benefit from the most severe period of distress in the region.
The money raised for distressed-debt funds gives the firms about 100 billion
euros to spend on deals including leverage, according to PricewaterhouseCoopers
LLP….
Tuesday, August 14, 2012
Hedge Funds Sit On $74 Billion As Europe Fire Sale Delayed
Hedge funds and private-equity firms have amassed an
unprecedented 60 billion euros ($74 billion) to invest in distressed debt in
anticipation that Europe’s sovereign-debt crisis will push banks into the
biggest fire sale in history. Bloomberg reports that the problem is few are
selling.
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