How We Invest

We believe market efficiency and capital inflows have shifted the opportunity set for traditional investors pursuing alternative strategies. Historically, multi-strategy managers operated within defined strategies, such as convertible bond arbitrage, long/short investing, etc. Specialist managers often sourced investment opportunities passively and exploited inefficiencies that were primarily structural and/or quantitative in nature. Together with a large number of conventional opportunities, these factors contributed to creating a siloed investment approach.

Today, strategy specialists are not always well rewarded for simply participating in conventional trades. We believe a new investment paradigm is required to generate attractive alpha opportunities. Thus, we have implemented an organizational structure and investment approach suited to identifying and capturing alpha in today’s market environment. We allocate capital dynamically. And while we pursue market inefficiencies that continue to exist in traditional areas, our efforts are also focused on areas that fall outside a traditional silo, and thus are overlooked or avoided by today’s market participants.

We believe that the best investment ideas can be exploited through true collaboration and the deployment of expert resources in the origination and structuring of trades. In this way, we believe we can materially expand the opportunity set of high-quality investment opportunities as well as identify traditional opportunities with attractive risk-reward profiles.

We have built front and back offices that seek a competitive edge in the way we source, evaluate, structure and risk manage at the transaction level. We maintain a strict focus on risk management – in both mark-to-market and liquidity risk. We concentrate on structuring deals such that they may produce positive returns across the broadest range of outcomes.