Eaton Vance raises $315 million from institutional loan fund

By Susanna Moon

Chicago, Dec. 18 - Eaton Vance Corp. said it closed the Eaton Vance Loan Opportunities Fund, Ltd. with committed capital of $315 million.

The institutional investment fund represents a diversified portfolio of dollar-denominated secured bank loans, according to a press release.

"Our hope is to use the current depressed price of U.S. loans, which we believe is based more on temporary technical factors than in credit fundamentals, combined with prepayment and amortization features typical of the loan asset class, to create an attractive stream of distributions for the fund's investors," Scott H. Page, head of Eaton Vance's bank loan group, said in the release.

"This is not a distressed-debt fund," Page said. "It targets investing in a diversified pool of performing loans now selling at depressed prices due to currently weak credit market conditions."

Eaton Vance, a Boston firm, manages 19 bank loan portfolios totaling $21.4 billion in assets as of Oct. 31 and is a pioneer in managing senior floating-rate loan portfolios, the release said.

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