ORN Capital distressed fund driven by events in Europe

Orn Capital is launching a distressed debt fund on 1 August focusing on distressed senior debt from European issuers with outstanding debt of at least e100m. The fund, which will have a soft close at $65m , is aiming to return between 15% to 20% a year, and will have total capacity for E400m.

Harald Örneberg, chief executive and founder of Orn Capital, said the fund, with euro and dollar share classes, will look to buy distressed corporate debt with event driven triggers leading to repayment.