Perry Capital LLC, a New York based $10 billion hedge fund is preparing for another credit event like 2008. The multi-dimensional hedge fund is led by Goldman Sachs alum Richard Perry. The hedge fund has reportedly purchased credit-default swaps (CDS) worth $1 billion on about 10 investment grade corporate bonds during last month.

Standard & Poor's has rated the investment-grade bonds at BBB or higher. Meanwhile, Moody's has rated the bonds at Baa3 or higher. Bond issuing companies with such ratings are seen to have the safest balance sheets. However, Perry stands in profit even those companies are downgraded by the rating agencies, reports Business Insider.

Perry finds interesting examples of some companies with different ratings of investment grade, where the rating agencies lag behind. He observes opportunities of buying protection on some of those companies with probable credit events.

He remains alert for making investment in those companies whenever credit even takes place, as he did in 2008. The big short already availed by the investor during investment is expected to provide protective shield, reports Yahoo finance quoting Perry while addressing the University of Texas Management Co.'s 20th anniversary event on Friday in Austin, Texas.

The hedge fund leader has declined naming specific companies targeting for investment. But his targeted companies are the potential victims of technological changes with possibility for disruption, hints InvestmentWatch quoting Perry.