Current news for this fund:
Sankaty Advisors (Bain Capital) - highly secured corporate loans
Count of distinct funds: 2
The WSJ recently reported that two Sankaty Advisors (the credit affiliate of Bain Capital) funds have "lost between 40 and 50%."
The specific funds affected are Sankaty's Special Situations and Prospect Harbor, which the WSJ article notes "had roughly $4 billion in assets just a few weeks ago" (The article was published on October 23, 2008).
Regarding the funds, the WSJ writes:
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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.