The first of three companies to be split off from Cargill’s Black River Asset Management has opened for business under the name Argentem Creek Partners.

The new hedge fund, which specializes in emerging market debt, starts off with $500 million under management and expects to raise more capital in 2016. Argentem has a staff of 14 and is based in New York City, with offices in Minneapolis and London.

In September, Cargill said it would unwind its Hopkins-based Black River Asset Management subsidiary, spinning out three independent companies to be run by their existing money managers.

Argentem’s CEO is Daniel Chapman, 49, who had been with Black River since 2004 and was responsible for emerging market credit strategies. Black River’s entire emerging markets credit investment team is now at Argentem.

Minnetonka-based Cargill is an investor in one of Argentem’s two funds. Also, two of the “largest alternative asset managers in the world” are investors, according to an Argentem Creek press statement.

Black River, founded 12 years ago, managed more than $7 billion for institutional clients. The spinoffs were announced two months after Black River said it would shut down four mostly commodity-based hedge funds and pay out over $1 billion. The closings were prompted by failing demand for the funds.