Highbridge closes convertible dislocation fund

Highbridge Capital Management LLC, a subsidiary of J.P. Morgan Asset Management, has closed its convertible dislocation fund at about $685 million in commitments.

Highbridge Capital Management LLC, a subsidiary of J.P. Morgan Asset Management, has closed its convertible dislocation fund at about $685 million in commitments. The fund will focus on North America and Western Europe.


NEW YORK, Dec. 2, 2020 /PRNewswire/ — Highbridge Capital Management, LLC (“Highbridge or the “Firm”), a wholly owned subsidiary of J.P. Morgan Asset Management, today announced the final closing of its Highbridge Convertible Dislocation Fund (the “Fund”), with total investable capital of more than $2 billion, including approximately $685 million in equity commitments.
In response to convertible market dislocations that commenced in March, the Fund was formed to invest in relative value and event driven convertible instruments with a focus on North America and Western Europe. This mandate is consistent with Highbridge’s longstanding commitment to relative value alternative investment strategies. The Fund, which began investing in June 2020, is approximately 50% invested.

The Firm’s focus on credit and volatility investment strategies provides a platform for consistent idea generation and investment opportunities. When appropriate, Highbridge may mobilize capital, utilizing opportunistic investment vehicles to capture market dislocation events. The Firm benefits from the larger J.P. Morgan Global Alternatives umbrella, a $145 billion platform spanning real estate, infrastructure, transportation, hedge funds, private equity, private credit and liquid alternatives.

“The convertible market dislocation that we observed earlier this year provided the Fund substantial capacity to take advantage of investment opportunities across North America and Western Europe,” said Jason Hempel, Co-CIO of Highbridge Capital Management. “While convertible market valuations have rebounded, primary market issuance, which now exceeds $100 billion in 2020, continues to be a source for new ideas and a driver of secondary market trading opportunities.”

Jonathan Segal, Co-CIO of Highbridge, said, “We believe that convertible debt will remain an attractive capital market solution for many borrowers due to the global rise in equity markets and the flexibility that convertible notes offer to management teams in a period of uncertainty. We look forward to continuing to pursue these investments on the Fund’s behalf and we greatly appreciate the support of our investors and their commitment to the Fund during the COVID-19 pandemic.”

About Highbridge Capital Management
Founded in 1992, Highbridge Capital Management is a global alternative investment firm offering credit and volatility focused solutions across a range of liquidity and investment profiles, including hedge funds, drawdown vehicles and co-investments. The firm seeks to generate attractive risk-adjusted returns for sophisticated investors, which include financial institutions, public and corporate pension funds, sovereign wealth funds, endowments and family offices. Highbridge is headquartered in New York, with a research presence in London. Highbridge a wholly owned subsidiary of J.P. Morgan Asset Management

About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $145 billion in assets under management and more than 600 professionals (as of June 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: jpmorganassetmanagement.com.

About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of USD 2.3 trillion (as of 30 September 2020), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity.