Singapore-based 3 Degrees Asset Management is planning to a credit opportunities fund that will invest primarily in the performing debt obligations of Asian companies that have been mispriced as a result of the global financial crisis.
The ADF Prime fund will invest in senior secured loans and bonds, high yield bonds, convertible bonds, and private placements issued by high quality borrowers that are being sold at a significant discount to their intrinsic value. It will target companies that either have, or can generate, enough cash flow to repay maturing debt without dependence on capital markets.
3 Degrees says Asian credits are much stronger than they were 10 years ago, and they are more fundamentally sound than their counterparts in the U.S. and Europe. The firm believes that this has created an unprecedented opportunity to acquire high quality assets at severely depressed prices.
Moe Ibrahim is the founder and managing principal of 3 Degrees Asset Management. Prior to founding 3 Degrees, Ibrahim spent seven years at Lazard Frères, where he founded Lazard’s Asian distressed debt business.
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