LONDON (HedgeWorld.com)–Cognis Capital Partners LLP announced that with seeding from JP Morgan Partners it has launched its maiden hedge fund, the Cognis I Fund.

The seed money, US$20 million, was described in Cognis’ announcement as part of a new strategic partnership.

The new launch, Cognis I Fund will target net annual returns to investors of 12% and will invest in European high-yield, distressed and mezzanine debt.

Myra Tabor, who along with Paul Hollowday and John Sullivan will manage the Cognis I portfolio, said Dec. 1 that the management team is targeting both U.S. and European investors.

Ms. Tabor, along with Messrs. Hollowday and Sullivan, who had constituted the special investments group of The Royal Bank of Scotland since 1998, left the RBS to set up an independent alternative investments fund management firm in February 2003 Previous HedgeWorld Story.

CFaille@HedgeWorld.com