Mission
Our Mission is to capitalize on the rapidly expanding economic asymmetry between the current macroeconomic cycle and the historically sustainable leverage levels that have become a source of significant financial strain on otherwise healthy, high-quality businesses and commercial real estate.
Unlock stranded value & provide liquidity to illiquid situations thereby enhancing enterprise and asset values.
Focus on need-based situations (rather than price) – situations require immediate liquidity or suffer disproportionate loss of value due to exogenous factors. Typically, there is an enterprise specific rational explanation that results in a more attractive return. Enterprise or asset specific risk is more mitigable or can be ringfenced vs broad based market risk which is difficult to diversify. We like special situations where the idiosyncratic upside risk exceeds the potential market downside risk.
Opportunity Resides in Off Market Situations and Underserved, Unloved Markets
We focus on off-the-run investment niches. Niche does not mean small or obscure, but it does mean off the beaten path and we spend more time in these niches than other investors since it is less efficient