Fund of hedge funds veteran Michael Goldman is aiming to raise $500m (€384.5m) for a distressed debt vehicle early next year. “We are close to one of the greatest opportunities in the sector ever seen,” he said, forecasting gains of 100% in due course.

Goldman has gained in confidence despite suffering losses this year at three core vehicles managed by his Mazuma Capital Management. Two of them, three-quarters invested in event-driven strategies, including distressed debt, are down in value by 9%. A third with a broader exposure to other styles fell 5%.