Buyout firm, Littlejohn & Company, will raise $500 million for its new hedge fund, Private Equity Hub reports. The company has already held a first close of $16.1 million for the Littlejohn Opportunities Fund, which is expected to target publicly-traded securities, especially debt instruments. The firm’s managing director, Richard Maybaum, will invest and manage the new fund. The Connecticut-based firm has recently closed the Littlejohn Fund IV, which raised $1.34 billion.

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