Polygon to Focus on European Firms in Its First Distressed Fund
By Patricia Kuo Sep 13, 2013 1:00 AM GMT+0200
Polygon Global Partners LLP, a money manager overseeing $10 billion, will focus mostly on European companies as it starts raising its first fund to invest in distressed assets.
Polygon, founded in 2002 by Reade Griffith and Paddy Dear, received initial capital this month for the pool from its owner Tetragon Financial Group Ltd. (TFG), which plans to increase its investment, according to London-based Olivier Blechner, who manages the fund.
Polygon is seeking to provide financing to companies struggling to meet the terms of their debt as the region’s economy emerges from a record-long recession. The European Union offers one of the best investment opportunities according to 34 percent of the respondents to a Bloomberg Global Poll, up from 18 percent in May and the most since that question was first asked in October 2009.
“We are seeing a 10-year corporate distressed debt cycle in Europe and our strategy is to participate in the restructuring and provide funding for companies,” Blechner, who joined Polygon in May from Alden Global Capital Ltd., said in a telephone interview. Polygon will provide funding for companies through an overhaul of their balance sheets, he said.
The U.K., France, Germany and the Nordic region are among countries Polygon favor for its investments, Blechner said.