Hedge Fund Sona Raises $800 Million for Capital Solutions

John Aylward’s credit hedge fund Sona Asset Management raised $800 million in a bid to provide custom financing to businesses struggling to access cash, as it capitalizes on a retreat by conventional banks.

The money mobilized for the London-based firm’s second capital solutions fund exceeded its $500 million target and will be deployed across European credit markets, according to a memo seen by Bloomberg News. It drew existing and new investors, including sovereign wealth funds, insurance companies, endowments and pension funds.

Sona is among a raft of asset managers that have raced to take advantage of a slowdown in ...