Invesco, WLR credit fund to buy stressed credits: exclusive

The New York-based firms, a behemoth of a financial institution and a respected turnaround investor, respectively, have set up a five-year vehicle. 

Invesco and affiliate WL Ross & Co. are in the market with $500 million fund seeking to invest in bank loans of stressed companies.

The vehicle, which recently held a first close, is a partnership between the two firms and will seek to buy undervalued bank debt and sell it at a higher price, according to a source familiar with the situation.