We invest in securities of companies that may be stressed or undergoing operational, financial, or other challenges, and in securities trading at a discount to intrinsic value.

We have the ability to invest across the entire capital structure, make loans to — and equity or equity-like investments in — stressed companies, fund recapitalization, provide debtor-in-possession loans and exit financings, and invest in securities in order to fund both in-court and out-of-court restructuring plans.

Focus & Strategy

Targeted Strategy

  • Middle market focus - typically no more than $1.5 billion in revenue/capital structure
  • Seek the optimal place in the capital structure on a risk/reward basis to protect investment in case of a potential restructuring
  • Purchase at discounts to face value and intrinsic value
  • Companies with long-term positive free cash flow, generally "asset-light", and defensible industry positions
  • Securities with attractive yield to maturity and current yield

Flexible Capital

  • Hybrid non-control and control strategy with ability to convert a debt investment into, or separately acquire, a meaningful equity position
  • Duration provides ability to hold concentrated, illiquid positions

Stressed & Distressed Opportunities

  • Over-levered, while operating profitably
  • Sector or market dislocations
  • Chapter 11 or out-of-court restructuring or sale
  • DIP or rescue financing required
  • Negotiated transactions for businesses with debt / equity needs

Our long-term capital and flexible mandate enable us to act as a true partner to management teams and other investors seeking non-traditional capital solutions to complex strategic and operational objectives.

Contact Us

T: (212) 455-9700
F: (212) 697-5524

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