Phil Falcone makes a killing on new Harbinger Credit Fund
|February 5th, 2010||
|Contributed by: Teri Buhl|
|Seasoned distressed debt trader and turnaround investor Phil Falcone is making his investors very happy. Last year he convinced the Street to give him a bunch of money to launch a new fund called Credit Distressed Blue Line Overseas Fund (the blue line* part of the funds name has something to do with his first passion — hockey — you know just to remind investors he’s got a ball-breaking work ethic and winner-takes-all approach to investing).
The fund launched in April and is part of Falcone’s firm Harbinger Capital, which has $8 billion of assets under management. So, when we saw AR magazine’s February issue was hyping up the top 10 hedgies who were actually able to launch a fund last year, while other known trading titans like Tim Barakett at Atticus Global were shutting their doors, unable to recover from disastrous investment decisions, we were excited to see Harbinger on that winners list. It’s nice to get noticed for raising money, but we thought the real news was what he did he do with all that fresh new coin.
To read Teri Buhl's complete article in the Greenwich Time, please click source below.
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