GREENWICH, Conn., Nov. 18, 2016 /PRNewswire/ -- Gramercy Funds Management LLC ("Gramercy"), a $6 billion dedicated emerging markets investment manager, announced today that it closed its third distressed and opportunistic emerging markets credit strategy, Gramercy Distressed Opportunity Fund III ("GDOF III"), on October 1, 2016 after raising nearly $1 billion in commitments. The strategy launches with triple what the firm raised for Gramercy Distressed Opportunity Fund II ( $305 million) which closed in 2013. GDOF III, which has a five year investment time-horizon, will invest opportunistically in dislocated and defaulted sovereign, quasi-sovereign and corporate credits. GDOF III will also target stressed credit opportunities that require flexible capital solutions such as direct loans. Further, Gramercy will actively short bonds and hedge long positions, both of which are relatively unique in the distressed debt space. Investments are typically subject to US and UK law; therefore the strategy is not targeting local law debt. "On behalf of the entire Gramercy team, I want to sincerely thank our investors for their continued support," said Robert Koenigsberger, CIO and Founding Partner. "Gramercy's strength lies in our deep expertise in leading financial restructurings in emerging markets and our successful track record of negotiating fair, profitable outcomes for investors in those regions. We have utilized our abilities to drive strong returns historically, in a manner that has proven to be uncorrelated and tail risk aware, and look forward to successfully executing on our most recent distressed opportunity strategy."