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The Morning Brief: York Capital Raises $500 Million for European Fund

York Capital Management has raised about $500 million for its new fund, York European Distressed Credit Fund II, according to a knowledgeable source. This is a second version of its York European Distressed Credit Fund. In February, we reported that James Dinan’s New York–based multistrategy hedge fund firm was hoping to raise between $500 million and $750 million for the new fund, according to the firm’s fourth-quarter letter dated February 3. As we earlier report, it will have a drawdown structure like the first vintage, with a two-year investment period followed by a three-year harvest period.

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Hedge fund assets topped $3.1 trillion at the end of March, according to eVestment. Interestingly, performance cut into assets by $5.2 billion last month, but investors poured in another $15.6 billion of new capital, resulting in a net gain for the quarter. Altogether, investors have added about $28.2 billion to hedge funds in the first quarter. “While lower than normal, the number still shows continued interest in hedge funds from investors,” eVestment said in an announcement. Investors added $1.7 billion to macro funds in March after a slight increase in February, ending eight straight months of redemptions, according to the report. On the other hand, commodity funds suffered outflows.

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Another day, another private investment made by the venture-capital arm of Tiger Global Management. Last week, the New York investment firm led a $10.5 million Series B funding of New York-based Peloton Interactive, which provides cycling classes streamed to homes on its bikes. “The indoor fitness equipment market has lacked real innovation over the past several decades,” says Lee Fixel, a partner at Tiger Global, in a press release. “We believe Peloton is disrupting the traditional at-home fitness market with its unique subscription business model and a best-in-class consumer product.” Earlier last week, Tiger Global participated in a new $40 million round of financing for PolicyBazaar, an India-based online insurance portal. This is at least the second investment made by Tiger Global in the company, according to crunchbase.com.

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Tudor Investment Corp.’s Paul Tudor Jones II is putting his beachfront mansion in the Florida Keys up for sale for $14.5 million, according to realtor.com. The two-story property sits on 6.5 acres. Earlier this month, we reported that Jones paid $71.2 million to purchase part of historic Casa Apava in Palm Beach County, Florida, according to palmbeachdailynews.com.

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UBS raised its price target on Moody’s Investors Services from $100 to $113, but retained its Neutral rating on the stock. At year-end, Chris Hohn’s London-based Children’s Investment Fund Management was the second-largest shareholder, along with another firm, with a 4.41 percent stake.

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