GREENWICH, Conn., Nov. 18, 2016 /PRNewswire/ -- Gramercy Funds Management LLC ("Gramercy"), a $6 billion dedicated emerging markets investment manager, announced today that it closed its third distressed and opportunistic emerging markets credit strategy, Gramercy Distressed Opportunity Fund III ("GDOF III"), on October 1, 2016 after raising nearly $1 billion in commitments. The strategy launches with triple what the firm raised for Gramercy Distressed Opportunity Fund II ($305 million) which closed in 2013.
GDOF III, which has a five year investment time-horizon, will invest opportunistically in dislocated and defaulted sovereign, quasi-sovereign and corporate credits. GDOF III will also target stressed credit opportunities that require flexible capital solutions such as direct loans. Further, Gramercy will actively short bonds and hedge long positions, both of which are relatively unique in the distressed debt space. Investments are typically subject to US and UK law; therefore the strategy is not targeting local law debt.
"On behalf of the entire Gramercy team, I want to sincerely thank our investors for their continued support," said Robert Koenigsberger, CIO and Founding Partner. "Gramercy's strength lies in our deep expertise in leading financial restructurings in emerging markets and our successful track record of negotiating fair, profitable outcomes for investors in those regions. We have utilized our abilities to drive strong returns historically, in a manner that has proven to be uncorrelated and tail risk aware, and look forward to successfully executing on our most recent distressed opportunity strategy."
"Regarding tradable credit opportunities, we aren't dependent on systemic distress in emerging markets to put capital to work. EM debt issuance has increased dramatically since the financial crisis so even if one assumes little change in default rates, there remains a tremendous number of opportunities to consider. Thankfully we have a large, highly capable and fundamentally driven credit research team to drive the analysis," added David Herzberg, PM and Head of Credit Research. "To date, we have called 50% of the capital and have made 15 investments across multiple subsectors in Latin America and CEEMEA."
Gramercy is based in Greenwich, CT with offices in London, Hong Kong, Singapore and Mexico City, and a presence in Lima and Buenos Aires. The firm, founded in 1998, seeks to provide investors with superior risk-adjusted returns through a comprehensive approach to emerging markets, supported by a transparent and robust institutional platform. Gramercy offers both alternative and long-only strategies across all emerging markets asset classes including USD debt, local currency debt, high yield corporate debt, distressed debt, equity, private equity and special situations. www.gramercy.com
For Further Information Contact:
Stephen A. LaVersa
SOURCE Gramercy Funds Management LLC