Canyon Partners' Canyon Distressed Opportunity Fund II began investing investors money at the end of August 2016, and has, according to its third-quarter letter to investors, invested around 59% of its $1.46 billion capital to date. Canyon Partners is one of the world's most prolific distressed debt investors. Founded in 1990 by Joshua S. Friedman and Mitchell R. Julis, the firm currently manages more than $24 billion in assets overall with strategies focused on bank debt, distressed debt, high-yield and convertible bonds.