Fir Tree Partners Returns Outside Capital, Excluding PAMLI Business
New York-based hedge fund Fir Tree Partners has announced plans to distribute 95% of the capital in its Credit Opportunity Fund by early March, according to a letter obtained by Bloomberg News. The remaining balance will be returned after a final audit.
The fund, established in 1994 by Jeffrey Tannenbaum, will transfer its PAMLI Global Credit Convexity business to another investment manager to continue its operations. A Fir Tree representative declined to comment.
The flagship credit fund generated a net gain of 17% in 2024, an increase from 13% in 2023. Notable achievements include challenging banks' mortgage practices during the financial crisis and founding sPower, the largest private solar utility in the US.
Fir Tree recently made headlines for its involvement in the restructuring of troubled Swedish companies Samhallsbyggnadsbolaget i Norden AB and Intrum AB. The fund actively advocated for debt repayment from SBB and filed a lawsuit in the UK, but later dropped the claim. Fir Tree also invested in Intrum bonds and contested its Chapter 11 plan, ultimately dismissed by the court.
With assistance from Nishant Kumar and Bruce Douglas.