Polygon Capital is allowing investors to withdraw from their remaining positions in its flagship fund, Financial Times reports. The withdrawal will end the protracted wind-down process set in motion after the $7.5 billion Global Opportunities fund lost 48% in 2008. In late 2010, Polygon said it will close the fund and transfer the remaining illiquid assets it owned into a new, separate Recovery fund. Investors unwilling to participate in the new fund will be eligible to recover 72% of the par value of their holdings in cash. The about $500 million portfolio includes six private equity-style direct investments and the Recovery fund will continue to run the assets until they reach maturity.

Click here for the story from Financial Times.