MAPLEWOOD, N.J. (HedgeWorld.com)–The Palladin Group LP expects to launch a multi-strategy hedge fund with US$30 million from an unnamed European bank in early November.
The new offshore fund, Palladin Overseas Multi-Strategy Fund Ltd., will use investment vehicles and strategies that include convertible bonds, capital structure arbitrage and event-driven investing, according to a statement from the firm.
Palladin hopes to raise US$200 million for the fund and is shooting for an annual return of 12% to 15%. Jeff Devers, the founder and president of Palladin, and Steven Winters, managing director and portfolio manager, will run the fund.
The fund will carry a minimum of US$1 million and eventually will be offered in an onshore version, according to the statement. Palladin manages US$500 million.