Funds opening and closing at ADM

Although increasingly harder to find, Asian distressed debt opportunities still exist.

ADM Capital has closed its Galleus fund to new investors, and will be launching its new Maculus fund at the end of the month.

Galleus, ADM's flagship distressed debt fund, soft closed in December last year. No new investors will be admitted into the fund, but as capacity evolves over time, it will be allocated to existing shareholders, says Robert Appleby, ADM's Hong Kong-based director.

According to Appleby, Galleus' soft close reflects the fact that almost seven years on from the Asian financial crisis, the region's distressed debt space has become a little picked over. There are fewer good returns from public debt, he says. Although Galleus does have...

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