Phoenix Investment Adviser, a USD657m investment firm focused on high-yield US corporate debt, has initiated a soft close of its flagship JLP Credit Opportunity Fund.

It will accept new investors until 1 July. After that, the fund plans to protect existing investors by not allowing capital from new investors to dilute the fund’s future returns. For the time being, existing investors may still add capital to the fund.

"We feel this is a positive action taken for the benefit of our current investors. Ten years ago, we promised our initial investors that we'd close the fund when it reached capacity," says Phoenix founder and chief investment officer Jeff Peskind (pictured). "We are money managers, not asset gathers, and we are focused on continuing to deliver robust returns to our investors, as opposed to just growing AUM."