Polygon exploring opportunities in Greece

Polygon Global Partners’ European Equity Opportunity Fund returned 10.3 percent last year, according to two people with knowledge of the matter, as bets on acquisitions and restructuring helped it outperform peers.

The fund is managed by Polygon founding partner Reade Griffith, 50, who declined to comment on the performance figures.

“We were focused on restructurings in the periphery last year and those were profitable,” Griffith said in an interview: “We made money by betting against things as much as betting for things.”

Griffith said he was exploring deals offered by the restructuring of the Greek banking industry as well as businesses in Portugal, Spain and Italy.

Polygon is looking for “situations where there is lots of pessimism and there’s an opportunity to restructure something in a way that provides opportunities to make money,” he said.

[Bloomberg]