Special Situations
Opportunistic credit and structured capital where complexity creates mispricing.
Strategies / Credit
Overview
Special situations capital is deployed where a business is fundamentally sound but the situation is complicated — a stressed balance sheet, a broken process, a motivated seller or a market dislocation.
We provide bespoke capital solutions: rescue financing, structured preferred equity, asset-backed facilities and secondary purchases of existing debt at a discount to intrinsic value.
These investments are underwritten to downside first. Returns are driven by structure, security and price rather than by growth assumptions.
Downside
First underwriting test
Bespoke
Capital structure
Weeks
Execution timeline
What We Look For
- Stressed and event-driven credit
- Structured preferred and hybrid capital
- Asset-backed and collateralised lending
- Secondary purchases of performing and non-performing loans
Our Approach
Speed
Small decision-making group able to underwrite in weeks, not quarters.
Structure
Security, control rights and covenants sized to the risk being taken.
Workout capability
In-house restructuring experience across insolvency regimes.
Discipline
Price to downside; walk away when the structure will not hold.