Special situations

Launched in 2011, our flagship evergreen hedge fund focuses on liquid non-investment grade credit across Asia, the Middle East, and Europe


Significant risk-adjusted unlevered returns


Investing Since




Invested Capital


Core geographies

Local origination

Our origination teams are strategically located in 8 offices across Asia, the Middle East, and Europe, allowing us to have a “boots-on-the-ground” presence in key markets. Our team leverages their extensive network and deep relationships to identify and access attractive opportunities that may be overlooked by others. This proactive sourcing approach is integral to our investment strategy and helps us deliver the best possible outcomes for our partners.

Investment Process

Our disciplined investment process is backed by a refined methodology that covers every stage, from opportunity identification to investment execution to exit. Utilizing technology platforms, we centralize the process for accurate data collation and quick decision-making, giving us a competitive edge. With a combination of our methodology, technology, and expertise, our investment process is efficient and well-informed, enabling us to identify and seize opportunities for superior risk-adjusted returns.

Risk Management

Risk management is essential to all stages of the investment life-cycle. Active risk management begins at origination, intensifies with due diligence, is verified in investment committee, stress-tested with documentation and closing, and continues with ongoing monitoring and communication through to final exit.


We have established multiple committees to ensure oversight over the full lifecycle of each investment including:

  • Board of Directors
  • Management committee
  • Investment committee
  • Conflicts committee
  • Valuation committee


We are a proud signatory to the UN Principles for Responsible Investment (UN PRI) and thoughtfully integrate ESG considerations throughout the investment lifecycle via a robust ESG policy and proprietary risk screening tool.


Investment types

Less crowded opportunities within inefficient markets

We strategically express our investment thesis across a carefully curated selection of products to maintain a disciplined and focused strategy. Our team carefully analyzes and evaluates these products to ensure they align with our strategy and offer the potential for strong risk-adjusted returns. By focusing on a select range of products, we are able to apply our expertise and resources more effectively, maximizing the potential for successful outcomes for our partners.

Investment type

Public Bonds

We invest in high yield to distressed corporate bonds

Investment type

Secondary Loans

We invest in syndicated corporate loans through a cultivated self-sourced network of global commercial banking relationships that have been developed since 2009

Investment type

Liquidation Claims

We invest in liquidation claims in bankruptcy processes that are typically self-sourced via relationships with banks and trade creditors

Investment type

Reorg Equity

On occasion, we receive reorg equity issued as recovery instruments in complex bankruptcy processes. In addition, if liquidity is available, we invest directly in reorg equity traded across secondary markets

Investment type

Primary Loans

We self-source, underwrite, and structure senior secured primary loans to non-sponsored, cashflow generating borrowers against hard assets

Investment type


We utilize various hedging products to mitigate foreign exchange, commodity, country, and other risks

Investment examples

Opportunities generating outsized returns

Since 2011 we’ve been focused on traversing ex-US markets in search of special situations opportunities generating outsized returns for our partners in parallel with legal and structural downside protection



  • Industry: Real estate
  • Type: Secondary loan
  • Entry: Sept. 2019
  • Exit: Apr. 2020
  • IRR: 67%
  • MOIC: 1.4x


  • Industry: Infrastructure
  • Type: Secondary loan
  • Entry: Jul. 2020
  • Exit: Jun. 2023
  • IRR: 36%
  • MOIC: 2.0x


  • Industry: Automotive (OEM supplier)
  • Type: Secondary loan
  • Entry: Nov. 2020
  • Exit: Dec. 2023
  • IRR: 134%
  • MOIC: 4.3x


  • Industry: Shipping
  • Type: Bonds & post re-org equity
  • Entry: Sept 2014
  • Exit: July 2021
  • MOIC: 7.1x


  • Industry: Shipping
  • Type: Secondary bonds
  • Entry: April 2019
  • Exit: January 2022
  • IRR: 42%
  • MOIC: 2.2x


  • Industry: Solar Energy
  • Type: Public Bonds
  • Entry: Jan 2020
  • Exit: Dec. 2021
  • IRR: 90%

Hong Kong

  • Industry: Retail
  • Type: Public Bonds
  • Entry: Sep 2022
  • Exit: Apr. 2023
  • IRR: 76%


  • Industry: Real Estate
  • Type: Public Bonds
  • Entry: Jan 2020
  • Exit: Aug 2022
  • IRR: 23%


  • Industry: Semiconductor
  • Type: Secured convertible bonds
  • Entry: Nov. 2018
  • Exit: Nov. 2020
  • IRR: 22.8%
  • MOIC: 1.22x
  • Industry: Real Estate
Type: Secured convertible bonds
  • Entry: Dec. 2015
  • Exit: Apr. 2016
  • IRR: 34.0%
  • MOIC: 1.11x


  • Industry: Construction & Engineering
  • Type: Secondary loans
  • Entry: Apr. 2019
  • Exit: Apr. 2020
  • IRR: 92%
  • MOIC: 2.1x
  • Industry: Construction
  • Type: Liquidation claims
  • Entry: Aug. 2019
  • Exit: Jun. 2020
  • IRR: 38%
  • MOIC: 1.2x

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