Exclusive: Second York European distressed fund closes

The US manager, which invests in equities and special situations, has closed its second European distressed fund.

York European Distressed Credit Fund II has reached a final close of $534 million, according to a source familiar with the situation. The fund, managed by New York-based York Capital Management, raised $75 million from US investors, according to a Securities and Exchange Commission filing published last week.

The fund met its target, added the source.

York founder James Dinan as well as Daniel Schwartz and Jeffrey Weber are listed as executive officers and directors of the fund in the filing.

The source declined to expand on the fund’s strategy beyond describing it as focused on European distressed investments.

York Capital Management, which sold a minority stake in the firm to Credit Suisse in 2010, specialises in merger and acquisition transactions, distressed and restructuring opportunities and special situations equity investing. Event-driven investment is its focus.

The firm was established by Dinan in 1991 and is head-quartered in New York. It also has offices in Washington, DC, London and Hong Kong, York manages assets on behalf of institutions, endowments, foundations, funds of funds, and high-net-worth individuals.