ADM closes ADB distressed debt fund

The Asian Development Bank partners with Hong Kong-based distressed debt manager to promote its developmental objectives.

The Asian Development Bank ADB has partnered with ADM Capital, a Hong Kong-based distressed debt manager, to launch the Asian Maculus Fund, a distressed debt fund that will invest in potentially viable, but financially distressed companies in Asia. The partnership fund has now been closed, after completing a capital raising of $138 million.

The ADB has invested $20 million into the new fund, whose investors include major US and European institutions. This is the first tranche of what is expected to be a total fund raising of $500 million, says Chris Botsford, principal at ADM Capital.

The Maculus Fund is a five-year closed end fund that is...

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