Gryfon Partners, a relatively new niche shop specializing in investing in higher risk opportunities within the asset-backed market, has steadily gained ground throughout the year, sources said. Spurred by buy-side interest, the next step for Gryfon will be the launch of a new fund, through which Gryfon can invest on a discretionary basis in primarily distressed cash flows.

Started last December by George Graham and Bill Grady, former managing directors and co-heads of asset-backed finance and principal finance at Salomon Smith Barney (now named Citigroup Capital Markets), the pair have reportedly taken most of this year to set up strategic partnerships with their former competitors on the Street, as well as distressed debt and loan investors, who may not be as familiar with the intricacies of securitization.

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