“The opportunity set in Europe is very attractive and rich,” said Victor Khosla, founder of the Greenwich, Connecticut-based distressed-debt hedge fund manager, said in a phone interview. “It far exceeds the U.S. for the first time.”
Strategic Value Partners, which oversees $4 billion, is among hedge funds eyeing Europe as the fallout from the credit crisis and governments’ austerity measures trigger fire sales. Mark Unferth, head of distressed debt at London-based CQS U.K. LLP, is boosting investment in Europe and expects rivals to do the same, he said in an April 6 interview. New York-based KKR & Co. said March 1 it hired Mubashir Mukadam to head its push into the European market.
By comparison, U.S. banks have announced they need to sell $800 billion of assets since the credit crisis, Strategic Value Partners calculations show. (read more)