BlueMountain Capital Management has raised more than US$250m for three new funds. In addition, the firm plans to launch a multi-client ABS fund by the end of Q3 this year.

The newly-launched funds are the BlueMountain Long/Short Credit Fund, the BlueMountain Distressed Fund and a single-client fund focused on securitised investments. These funds will provide clients with access to trading strategies already tried and tested in the asset manager's flagship fund, BlueMountain Credit Alternatives, but in dedicated products with bespoke liquidity terms.

Stephen Siderow, president and co-founder of BlueMountain, says: "The opportunities created by the fallout from the financial crisis are compelling, but asset managers need strong fundamental, quantitative and technical skills to exploit them effectively."

He adds: "This credit cycle is the first to take place in a world with large and developed markets for credit derivatives and corporate structured credit. Additionally, the scale and complexity of the asset-backed securities market is unprecedented."