Strategy

Credit hedge funds

Credit hedge funds invest across corporate debt, structured credit, distressed claims, direct lending, convertibles, loans, and relative-value credit trades. The strategy can be income-oriented, trading-oriented, or event-driven depending on the manager.

1,980fund profiles

$1.7Treported gross assets

$856.0Maverage gross assets

Strategypage type

SEO research brief

What credit hedge funds means

Long/short credit managers may buy bonds or loans they believe are underpriced while shorting weaker issuers or credit indices.

Distressed and special-situations managers focus on restructurings, litigation, bankruptcies, and balance-sheet events.

Data caveat

What the filings show

The data is best read as a disclosure map. Reported gross asset value is not the same as performance, net assets, investor capital, or a recommendation. Fund rows can include offshore master funds, Delaware vehicles, feeders, and internal sleeves.

Citadel Global Fixed Income Master Fund Ltd. is the largest sampled vehicle on this page at $331.3B.

Visual snapshot

Concentration and mix

Largest funds

Citadel Global Fixed Income Master Fund Ltd. $331.3B Concordia G-10 Fixed Income Relative Value Fund LP $65.2B Citadel Global Fixed Income Master Fund II Ltd. $54.2B Sona Credit Master Fund Limited $29.3B Capula Enhanced Fixed Income Master Fund Limited $24.6B Ares Senior Credit Master Fund III LP $23.2B

Manager concentration

Citadel Advisors LLC $385.6B

Mariner Investment Group, LLC $65.2B

Ares Management LLC $46.4B

Pacific Investment Management Company LLC $35.0B

Sona Asset Management (US) LLC $29.3B

Capula Investment Management Llp $24.6B

Office clusters

Miami, Florida, United States $385.6B

New York, New York, United States $201.9B

Los Angeles, California, United States $70.6B

London, United Kingdom $58.7B

Newport Beach, California, United States $35.0B

Greenwich, Connecticut, United States $21.9B

Strategy guide

How the strategy works

Long/short credit managers may buy bonds or loans they believe are underpriced while shorting weaker issuers or credit indices.

Distressed and special-situations managers focus on restructurings, litigation, bankruptcies, and balance-sheet events.

Structured-credit funds often analyze collateral pools, waterfalls, financing terms, and liquidity premiums.

History and context

Credit hedge fund activity expanded after the growth of leveraged finance, structured products, and distressed-debt markets. The 2008 financial crisis and later private-credit boom both created large opportunity sets for specialist managers.

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Find funds inside Credit hedge funds

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Fund	Manager	Location	Gross assets

Ranked profiles

Largest funds in this group

60 rows shown

Fund	Manager	Location	Gross assets	Minimum
Citadel Global Fixed Income Master Fund Ltd. Credit	Citadel Advisors LLC	Miami, Florida, United States	$331.3B	$0
Concordia G-10 Fixed Income Relative Value Fund LP Credit	Mariner Investment Group, LLC	New York, New York, United States	$65.2B	$1.0M
Citadel Global Fixed Income Master Fund II Ltd. Credit	Citadel Advisors LLC	Miami, Florida, United States	$54.2B	$0
Sona Credit Master Fund Limited Credit	Sona Asset Management (US) LLC	New York, New York, United States	$29.3B	$1.0M
Capula Enhanced Fixed Income Master Fund Limited Credit	Capula Investment Management Llp	London, United Kingdom	$24.6B	$50.0M
Ares Senior Credit Master Fund III LP Credit	Ares Management LLC	Los Angeles, California, United States	$23.2B	$25.0M
Arini Credit Master Fund Limited Credit	Arini Capital Management Limited	London, United Kingdom	$21.8B	$10.0M
Algebris Financial Credit Fund Credit	Algebris Investment (ireland) Limited	Dublin 2, Ireland	$19.4B	$1K
Claren Road Credit Master Fund, Ltd. Credit	Compass Rose Asset Management	New York, New York, United States	$13.7B	$0
Ares Senior Direct Lending Master Fund II Designated Activity Company Credit	Ares Management LLC	Los Angeles, California, United States	$12.9B	$25.0M
Pretium Residential Credit Fund II, LP Credit	Pretium Residential Credit Management, LLC	New York, New York, United States	$12.1B	$5.0M
Pimco Private Income Fund LP Credit	Pacific Investment Management Company LLC	Newport Beach, California, United States	$10.9B	$15.0M
Claren Road Credit Fund, Ltd. Credit	Compass Rose Asset Management	New York, New York, United States	$10.6B	$50.0M
Pimco Distressed Senior Credit Opportunities Fund II, L.P. Credit	Pacific Investment Management Company LLC	Newport Beach, California, United States	$8.9B	$5.0M
Loancore Capital Credit Reit LLC Credit Sector-focused	Loancore Capital Credit Advisor LLC	Greenwich, Connecticut, United States	$7.9B	$1K
Tcw Direct Lending Structured Solutions 2022 LLC Credit	Tcw Asset Management Company LLC	Los Angeles, California, United States	$7.1B	$0
Ares European Strategic Income Fund (master) Credit	Ares Management LLC	Los Angeles, California, United States	$6.6B	$27K
Oha Ca Customized Credit Fund, L.P. Credit	Oak Hill Advisors, L.P.	New York, New York, United States	$6.5B	$0
Pgim Real Estate U.s. Debt Fund, L.P. Credit Sector-focused	Pgim, Inc.	Newark, New Jersey, United States	$6.5B	$5.0M
Antares Credit Opportunities Ca LLC Credit	Antares Capital Advisers LLC	Chicago, Illinois, United States	$6.1B	$0
Wellington Trust Company, Na Multiple Common Trust Funds Trust, Opportunistic Fixed Income Allocation Portfolio Credit Multi-strategy	Wellington Management Company Llp	Boston, Massachusetts, United States	$5.8B	$1.0M
Silver Point Specialty Credit III Master Fund, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$5.7B	$5.0M
Pimco Commercial Real Estate Debt Fund II, L.P. Credit Sector-focused	Pacific Investment Management Company LLC	Newport Beach, California, United States	$5.7B	$5.0M
Pimco Global Inflation Linked Bond Fund Ltd. Credit Global macro	Pacific Investment Management Company LLC	Newport Beach, California, United States	$5.6B	$100.0M
Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Global Credit Absolute Return Portfolio Credit Multi-strategy	Wellington Management Company Llp	Boston, Massachusetts, United States	$5.6B	$1.0M
Beach Point Securitized Credit Fund LP Credit	Beach Point Capital Management LP	Santa Monica, California, United States	$5.5B	$1.0M
Highbridge Tactical Credit Master Fund, L.P. Credit Global macro	Highbridge Capital Management, LLC	New York, New York, United States	$5.5B	$100K
Hps Specialty Loan International Fund Vi-L, Scsp Credit	Hps Investment Partners, LLC	New York, New York, United States	$5.4B	$10.0M
Millstreet Credit Fund LP Credit	Millstreet Capital Management LLC	Boston, Massachusetts, United States	$5.2B	$1.0M
Ares Real Estate Enhanced Income Fund, L.P. Credit Sector-focused	Ares Commercial Real Estate Management LLC	Los Angeles, California, United States	$5.1B	$5.0M
Apollo Offshore Credit Strategies Fund Ltd. Credit	Apollo Capital Management, L.P.	New York, New York, United States	$5.0B	$0
Bluecove Equinox Credit Master Fund Limited Credit	Bluecove Limited	London, United Kingdom	$4.8B	$5.0M
Ab Private Credit Investors Middle Market Direct Lending Fund, L.P. Credit	Ab Private Credit Investors LLC	Austin, Texas, United States	$4.7B	$250K
Oaktree Global Credit Fund, L.P. Credit	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$4.6B	$10.0M
Vista Credit Partners Fund III, L.P. Credit	Vista Credit Partners, L.P.	New York, New York, United States	$4.6B	$0
Blue Owl Diversified Lending 2020 Master Fund LP Credit	Blue Owl Credit Private Fund Advisors LLC	New York, New York, United States	$4.5B	$15.0M
Fortress Lending III Holdings L.P. Credit	Fortress Investment Group	New York, New York, United States	$4.4B	$0
Bridgewater U.s. Inflation-Linked Bond Fund Trading Company, Ltd. Credit Global macro	Bridgewater Associates, LP	Westport, Connecticut, United States	$4.4B	$100K
Apollo Credit Strategies Master Fund Ltd. Credit	Apollo Capital Management, L.P.	New York, New York, United States	$4.4B	$1
Kkr Asset-Based Finance Partners II (eea) Scsp Credit	Kkr Credit Advisors (US) LLC	San Francisco, California, United States	$4.3B	$0
Whitehaven Credit Opportunities Master Fund, Ltd. Credit	Whitehaven Asset Management, LP	Greenwich, Connecticut, United States	$4.2B	$1.0M
Silver Point Distressed Opportunity Institutional Partners II, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$4.1B	$5.0M
Mackay Municipal Credit Opportunities Master Fund, L.P. Credit	Mackay Shields LLC	New York, New York, United States	$4.1B	$1.0M
Oha Diversified Credit Strategies Fund Master, LP Credit	Oak Hill Advisors, L.P.	New York, New York, United States	$4.0B	$10.0M
Ares Private Credit Solutions (offshore) II, L.P. Credit	Ares Capital Management LLC	Los Angeles, California, United States	$4.0B	$10.0M
Apollo Multi Asset Credit Replacement (offshore), Ltd. Credit	Apollo Capital Management, L.P.	New York, New York, United States	$4.0B	$100K
Pimco Private Income Fund Onshore Feeder LLC Credit	Pacific Investment Management Company LLC	Newport Beach, California, United States	$4.0B	$15.0M
Pgim Fixed Income U.s. Liquidity Relative Value Master Fund, Ltd. Credit	Pgim, Inc.	Newark, New Jersey, United States	$3.9B	$5.0M
Kkr Global Credit Opportunities Master Fund L.P. Credit	Kkr Credit Advisors (US) LLC	San Francisco, California, United States	$3.8B	$10.0M
Cerberus Global Residential Loan Strategy Fund, L.P. Credit	Cerberus Capital Management, L.P.	New York, New York, United States	$3.8B	$5.0M
West Street Loan Partners V Europe, Slp Credit	Goldman Sachs Asset Management, L.P.	New York, New York, United States	$3.8B	$1.0M
Levered Global Inflation Linked Bond Fund Credit Global macro	Bnp Paribas Asset Management USA, Inc.	New York, New York, United States	$3.8B	$100K
Pgim Broad Market High Yield Bond Fund, L.P. Credit	Pgim, Inc.	Newark, New Jersey, United States	$3.7B	$0
Towers Watson Alternative Credit Master Fund Credit	Towers Watson Investment Management	London, United Kingdom	$3.7B	$10.0M
Ares Senior Credit Master Fund (u) III LP Credit	Ares Management LLC	Los Angeles, California, United States	$3.7B	$25.0M
Hps Specialty Loan Fund Vi-L, Scsp Credit	Hps Investment Partners, LLC	New York, New York, United States	$3.7B	$10.0M
Alcentra Fund S.c.a. Sicav-Sif - Alcentra European Loan Fund Credit	Benefit Street Partners Limited	London, United Kingdom	$3.7B	$147K
Core Bond Fund Credit	Russell Investments	Seattle, Washington, United States	$3.7B	$0
Oha Credit Solutions II Icav Credit	Oak Hill Advisors, L.P.	New York, New York, United States	$3.6B	$10.0M
Private Credit Fund C-1 Holdco, LLC - Series 1 Credit	Ares Capital Management LLC	Los Angeles, California, United States	$3.5B	$0

FAQ

Questions about this page

Are credit hedge funds the same as private credit funds?

Not always. Some credit hedge funds trade liquid public debt, while private credit funds usually originate or hold private loans. Many managers operate both types of vehicles.

Why do credit funds often have high minimums?

Specialized credit portfolios may require accredited or qualified purchasers, long lockups, and higher capital commitments because positions can be complex or less liquid.

Which managers appear in the Credit hedge funds sample?

The largest sampled managers include Citadel Advisors LLC, Mariner Investment Group, LLC, Ares Management LLC, and Pacific Investment Management Company LLC. This is based on reported gross asset value in the generated Form ADV dataset.