Anchorage Raises a Rare Fund With Just One Bet on Argentine Suit

Anchorage Capital Advisors LP has raised a rare type of fund whose returns hinge on the outcome of a protracted and controversial lawsuit tied to the nationalization of Argentina’s biggest oil company.

The fund, a so-called continuation vehicle, holds just one asset: A loan backed by a legal claim that stems from the nationalization of YPF, according to people familiar with the matter. That means the outcome of that case will determine what investors ultimately earn.

The dispute dates back to 2012, when Argentina seized control of YPF. Minority shareholders, Spanish companies Petersen Energia Inversora and Petersen Energia as ...