US hedge funds and private equity firms specialising in distressed situations are gearing up new or existing European offices in expectation of a surge in opportunities as the region grapples with its sovereign debt crisis and sputtering growth.
Two of the biggest names in the field, Centerbridge Partners and Baupost, have opened offices in London in recent months, while others have launched Europe-dedicated funds or bolstered staff numbers by poaching from the distressed-debt desks of banks.
“It’s hard to ignore the sheer size of the problems in Europe and that has caused a lot of firms to come over,” said Mubashir Mukadam, European head of special situations at KKR Asset Management.
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