The Morning Brief: Hedge Fund Creditors Take Over Hawker; Tetragon Acquires Polygon

A group of creditors is taking over Hawker, the bankrupt maker of business jets owned by Goldman Sachs. The creditors include Centerbridge Partners, Angelo Gordon & Co., Sankaty Advisors, and Capital Research & Management.

The Orange County Employees Retirement System will invest between $26 million and $51 million each to four event-driven hedge fund managers: Archer Capital Management, Beach Point Capital Management, Perry Capital Management and Venor Capital Management.

Tetragon Financial Group Ltd. has acquired London-based hedge fund firm Polygon Management LP for about $99 million worth of non-voting shares. Polygon manages $450 million across three main strategies – European event-driven equities, convertible and credit securities, and mining equities. Tetragon, a publicly traded firm that specializes in structured loans, is also buying Polygon’s interests in LCM Asset Management LLC and GreenOak Real Estate. Polygon was founded by former Citadel executive Reade Griffith and Paddy Dear. Both are also principals and directors of Tetragon.

John Griffin’s Blue Ridge Capital reported that it owns nearly 1.8 million shares, or 6.87 percent, of Workday, Inc., which provides enterprise cloud-based applications. It has a market capitalization of $8 billion. The position was disclosed in a 13G filing, meaning the investment is passive.