Former Merrill Lynch proprietary trading desk co-head Mark Devonshire has found a new home for his distressed debt hedge fund. Devonshire’s mCapital Fund, which is set to launch in February 2009 with targeted assets of US$500 million, will launch with the help of Harbour Capital, a London-based hedge fund platform.

Since Nov. 1, Devonshire has been in talks with seed investors and believes that soft commitments from investors could total more than $300 million. The fund will focus on stressed, distressed, recovery and development capital in Europe and Asia.

The mCapital fund will be based in London and Hong Kong, and will initially employ a team of 11 experienced investment professionals, all of whom have worked with Devonshire in the last 16 years.

Harbour will provide support services for the new fund including licensing in both London and Hong Kong, legal counsel, risk control systems and trading and office premises in London.

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