(Bloomberg) -- Two former associates of billionaire shipping and rig tycoon John Fredriksen are delivering out-sized returns by snapping up distressed and shunned oil-related assets. And they say it's a bet that has plenty of room to run.
Titan Opportunities Fund, set up by Espen Westeren and Fredrik Halvorsen, has returned 46% in its first nine months. Now, they want to step up their bets by raising as much as $175 million. The goal: double or even triple the money in the next three to five years, with an annual return of at least 30%, before returning it to investors.