Strategy 05 of 6
Special Situations
Complex, time-sensitive or misunderstood opportunities in which flexible capital and careful analysis are the advantage.
- Typical commitment
- US$5 million to US$50 million
- Holding period
- 6 months to 5 years, depending on the situation
- Geographies
- Asia-Pacific, with selected opportunities elsewhere
Overview
The strategy
Instruments
- Equity, debt and hybrid instruments, as the situation requires
- Purchases of stakes from motivated sellers
- Participation in restructurings and recapitalisations
Special situations are where flexibility matters most. These are opportunities that do not fit neatly into any category: recapitalisations, shareholder disputes, corporate carve-outs, delistings, distressed but fundamentally sound businesses, and event-driven positions in the public markets.
We are drawn to situations where the complexity itself deters other capital, and where a disciplined reading of the documents, the people and the incentives reveals value that is not obvious from the outside.
Each situation is underwritten on its own terms by a small, senior team with direct access to the investment committee.
What we look for
Criteria
- A clear catalyst or path to resolution
- Asymmetric risk and reward after rigorous downside analysis
- Counterparties who value a discreet and decisive investor
- Situations where legal and structural work is the source of value
What we avoid
Exclusions
- Situations whose outcome depends on litigation we cannot assess
- Hostile approaches to management teams
- Investments where association would compromise our reputation
Beyond capital
What we bring to the table.
Capital is only part of what an investor brings. These are the things that matter most to our partners in this strategy.
- 01
Decisive capital with a short path to approval
- 02
Discretion and confidentiality
- 03
Senior attention for the life of the investment
Related sectors
Where this strategy is most active.
Talk to the people who make the decisions.
If you are a founder, owner or borrower looking for an aligned investor with a long horizon, we would like to hear from you.