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Will the man who perhaps made the most money from the credit crisis make even more without ceasing its rebound?

He’s certainly going to try.

The hedge fund manager John Paulson is planning to bring together a commencing fund to make provision capital to financial firms that have been hurt through bad investments, according to unnamed sources speaking to Bloomberg.

Paulson put his name on the map by betting heavily against subprime debt last year. His Credit Opportunities Fund returned 590 percent for 2007, helping him earn a $3.7 billion paycheck as antidote to the year.

Now, Paulson & Co. reportedly wants to cash in on the way up. Bloomberg has few details on the fund, except that Paulson plans to raise it by the cessation of this year.

Plenty of private equity funds and hedge funds have recently raised piles of money to invest in distressed assets in order to take advantage of opportunities in this weak economy.

But it appears that Paulson is taking a different tact, by raising a fund that looks greater degree of like a sovereign wealth fund than a distressed debt fund. monarchical funds from China and the Middle East pumped billions of of the present day capital into great number big financial firms early in the crisis.

But in recent months, they’ve been conspicuously absent from the capital raises from firms like Merrill Lynch and Lehman Brothers. The funds have either become reluctant because of the losses on those previous investments or they’ve remained on the sidelines due to civil backlash against them.

It’s certainly likely that big banks will keep on to need new capital long after the end of this year as the losses from the credit crisis reach as much as $1.3 trillion, as Paulson predicts.

But can he get so lucky twice in a line? It’s certainly happened before. And Paulson is already bucking the trend for this year. While many hedge fund managers are struggling to produce returns in this dismal market, Paulson is reportedly already up 20 percent for the year.