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Report: MatlinPatterson to unwind Puerto Rico fund as Allied World pulls out

MatlinPatterson Global Advisers LLC, the private equity firm that bet on Puerto Rico's rebound, is unwinding its distressed-credit investments after its largest investor started to pull out, Bloomberg reported.

Allied World Assurance Co. Holdings AG, which was the biggest investor in MatlinPatterson's distressed funds, has begun to cut ties with the private equity firm after being acquired by Fairfax Financial Holdings Ltd. earlier this year, people familiar with the matter told Bloomberg. Back in 2012, Allied World purchased a minority stake in MatlinPatterson and created a strategic partnership. MatlinPatterson was to manage $500 million of Allied World's portfolio over time.

The U.S. territory sought bankruptcy-like protection in May and is now facing the fallout from the destruction caused by Hurricane Maria, which hit in September. The distressed funds have about $500 million in assets and include a fund dedicated to investing in Puerto Rico's debt, Bloomberg reported.