Reuters reports that the fund, which managed roughly $800 million a
year-ago, informed investors of the decision to liquidate last week
writing "we intend to take a series of steps to liquidate the Fund and
redeem all Fund investors at the same pace," fund manager Jeff Dobbs
said in a letter to clients last week. Dobbs also said that most of his
clients have said they want out of his portfolio which specialized in
distressed debt. Since last year billions have poured into funds doing distressed
investing. However many of the hedge and private equity funds that
began putting money to work early in the cycle have gotten burned as
effects of the credit crunch have continued to worsen. - George White
See Reuters story
Comments
As you point out, funds continue to launch focusing on distressed investing. Maybe now the time is more ripe. We see jobs come through all the time for new funds with a distressed focus. An example:
http://hedgefundblog.jobsearchdigest.com/150/senior-developer-quant-hedge-fund-job-in-new-york-greenwich/