Can the vulture nurture as well? Perhaps, it can. Distress asset funds (pejoratively called vulture funds) and distress asset arms of global hedge funds operating in India are increasingly beginning to focus on small and medium enterprises, a segment which is the preserve of commercial banks.
These funds are also looking at investing in third generation entrepreneurs, where a split in the family usually means that individual members have to raise capital for their expansion.
Over the past six months, funds specialising in distress assets like ADM, Clearwater, Citadel, Goldman Sachs Special Situations and DE Shaw have invested in such companies, say industry sources. For example, Spinnaker has invested in Spice Telecom and Clearwater in Sanghi Movers and earlier Diamond Cables.
Read more in The Economic Times article.
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