Generate attractive, steady returns through a diversified credit portfolio that invests opportunistically in smaller niches of the market. Exploit opportunities that exist because of their size, complexity or the labor intensiveness of analysis and seek to capture the associated complexity premium.
Core Steady Debt
Esoteric Structured Credit
Target specific market niches that provide 500 to 1000bps of excess yield over comparable structured credit that may be more liquid or easier to analyze.
Liquidations and Litigation Finance
Attractive, uncorrelated returns that self-liquidate over time.
Steady Corporate and Sovereign Debt
Focus on capital structure seniority and substantial valuation cushion.
Higher Yielding Opportunities
Stressed and Distressed Debt
Focus on misunderstood, underfollowed, value-driven situations or smaller more interesting portions of larger capital structures.
Special Situations and Financing Platforms
Focus on special situation investments that have attractive valuations and limited downside due to negotiated protections and enhancements.
Strategic relationships with best-in-class underwriters that exploit gaps in the reinsurance market with strong risk-adjusted pricing uncorrelated to the broader credit markets.
Hedge Market Risk
Integral to designing and maintaining a balanced portfolio.