Vulture Fund
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. A vulture fund is a private equity or hedge fund that invests in debt issued by an entity that is considered to be very weak or dying. The name is a metaphor comparing these investors to vultures patiently circling, waiting to pick over the remains of a rapidly weakening company or, in the case of sovereign debt, debtor country. Market practitioners prefer to refer to them as distressed debt or special situations funds.Vulture funds focused on debt target not only cor...
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. A vulture fund is a private equity or hedge fund that invests in debt issued by an entity that is considered to be very weak or dying. The name is a metaphor comparing these investors to vultures patiently circling, waiting to pick over the remains of a rapidly weakening company or, in the case of sovereign debt, debtor country. Market practitioners prefer to refer to them as distressed debt or special situations funds.Vulture funds focused on debt target not only corporate obligers, but also sovereign debtor states. In the recent case of Argentina, for example, vulture funds bought up a significant portion of the country''s external public debt at very low prices (sometimes only 20% of their nominal value), and then attempted to cash them when the Argentine economic crisis exploded in 2002
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