400 Capital Preparing Credit-Product Vehicle

Hedge fund manager 400 Capital is aiming to raise $600 million for a closed-end vehicle.

The New York firm has set a $750 million capacity for its asset-based term fund, ABT 3. The five-year fund is broken into a two-year draw period and a three-year harvest, with options for a pair of one-year extensions.

The firm is expected to close on a first round of equity early in the third quarter. The firm is aiming for a net internal rate of return of 12% to 15%...