While many of Europe’s hedge fund newcomers have struggled in a tough fundraising climate of recent years, a notable exception has been credit specialist Makuria Investment Management, the recipient of the Financial News award for New Hedge Fund Management Firm of the Year.

The brainchild of founder and chief investment officer Mans Larsson, the former head of Canyon Capital Advisors' London office, Makuria was set up without seed funding in 2012, with a seven-person team, and during a time where hedge fund launches remain at record low levels.