Distressed Debt Hedge Funds

This week, I was sent a paper by Jongha Lim, a PHD student at Ohio State, entitled The Role of Activist Hedge Funds in Distressed Firms. In my opinion this is one of the best academic papers addressing distressed debt and distressed debt investing this year. I reached out to Jongha and we will be doing an interview with him in the coming weeks. Fascinating piece of work.

With that said, Jongha compiled a list of all funds participating in distressed debt and he is allowing me to use his data here. And if you would like to add yourself or another name to the list, please email me.

Cerberus Capital Management L.P / Madeleine LLC / Ableco Finance LLC
Oaktree Capital Management (OCM)
Angelo, Gordon & Company
Highland Capital Management LP
Appaloosa Management
Silver Point Capital
D.E.Shaw Group
Loeb Partners / Third Point Management
R2 Investment (Amalgamated Gadget LP / Q Investment)
Avenue Capital Group
Fortress Investment Group LLC
GSC Capital (Greenwich Street Capital Partners)
Citadel Investment Group LLC
Farallon Capital Management LLC
Stanfield Capital Management
Apollo Management
Ares Management LLC
Black Diamond Capital Management
Contrarian Capital Management
Elliott Associates LP
MatlinPatterson Global Advisors LLC / MatlinPatterson Capital Management LP
Satellite Asset Management LP
Sankaty Advisors LLC
W.R. Huff Asset Management Co. LLC
Harbert Management Corporation
Icahn Capital Corporation / Thornwood Associates LP (Controlled by Carl Icahn)
Taconic Capital Partners (Taconic Capital Advisors / Taconic Capital Management)
Harbinger Capital Partners
AEGON USA Investment Management LLC
Bear Stearns Asset Management Inc
Blackstone Group
Davidson Kempner Capital Management LLC (MHD Management Co. LLC)
DDJ Capital Management LLC
Everest Capital LLC
LoneStar Partners LP
Mariner Investment Group LLC (Caspian Capital Partners)
SOROS Fund Management
Stark Investment LTD Partnership
Baupost Group LLCMA
Third Avenue Management LLC
Magten Asset Management Corp
SAC Capital Advisors LLC (Sigma Captial Management LLC)
Oak Hill Capital Partners / Oak Hill Investment Managemetn LP
Anchorage Capital Partners LP / Anchorage Advisors LLC
Babson Capital Management LLC (David L. Babson & Co. Inc)
Canyon Capital Advisors LLC
The Carlyle Group / Carlyle Investment Management LLC
ESL Investments Inc (Edward Lampert)
Fir Tree Inc
GSO Capital Partners LP
Halcyon Partners LP / Halcyon Asset Management LLC
Jana Partners LLC
KKR FINANCIAL Holdings LLC / Kohlberg Kravis Roberts & Co. LP
Marathon Asset Management LP
MHR Fund Management LLC (Rachesky)
Moore Capital Management
Och Ziff Capital Management Group LLC / Och Ziff Friedheim / OZF Management LLC
Onex Corp. / Onex Capital Management LP
Patriarch Partners LLC
PENN Capital Management Company Inc
Perry Capital LLC
Plainfield Asset Management
Sandell Asset Management
Seneca Capital Advisors / Seneca Capital Investments LP
Stonehill Capital Management LLC
TCW Group Inc (TCW/Crescent Mezzanine LLC)
Turnberry Capital Management LP
Varde Partners Inc
W.L. Ross & Co. Inc
Wayzata Investment Partners LLC
Fernwood Associates LTD
Harbour Town Funding LLC
HBK Investments LP
Welsh, Carson, Anderson & Stowe (WCAS)
Hicks, Muse, Tate & Furst Inc.
PAR Investment Partners
Oak Hill Advisors LP
1798 Global Partners
Abrams Capital Management LLC
Ahab Capital Management LLC
Bay Harbour Investments Inc
Bennett Asset Management Corp
Black River Asset Management LLC / CarVal Investors LLC (Cargill Inc)
Catalyst Investment Management Co LLC
Cohanzick Management LLC
Commonwealth Advisors Inc
Delaware Street Capital
Dune Capital Management LP
Durham Asset Management
Forest Investment Management LLC
Gabriel Capital Corp
Gracie Capital LLC
Gramercy Advisors LLC
Greenlight Capital Inc
Greywolf Capital Management LP
Harvest Management LLC
Highbridge Capital Management LLC
King Street Capital Management LLC
Latigo Partners LP
Laurel Ridge Asset Management LP / Laurel Ridge Partners
Litespeed Management LLC / Litespeed Partners LP / Litespeed Capital LLC
Longacre Fund Management LLC
Mason Capital Management
HBV Capital Management
Owl Creek Capital
Pershing Square Capital Management LP
Quadrangle Group LLC (Quadrangle GP Investors LLC / Quadrangle Equity Investors Ltd / Quadrangle Equity Management LLC)
RAMIUS Capital Group (RCG)
Scoggin Capital Management LP
Strategic Value Partners LLC
Sunrise Partners LLC
Tennenbaum Capital Partners LLC
TPG Capital LP (Texas Pacific Group)
Triage Capital Management LP
Trilogy Capital LLC
Venor Capital Management LP
Wellspring Capital Management LLC (Wellspring Capital Partners LP)
Wexford Capital LP
Wilfrid Aubrey LLC
York Capital Management
Z Capital Partners LLC / Z Capital Management LLC
Tontine (Capital) Partners LP / Tontine Associates LLC
Morgens Waterfall Vintiadis & Co. Inc
Pacificor LLC
QVT Financial LP
Sandler Capital Management
J.H. Whitney & Co.
Quattro Global Capital LLC
Wellington Management Co. LLP
Warburg Pincus LLC
Forstmann Little & Co.
Thomas H. Lee Partners
Lydian Asset Management
Creedon Capital Management (Creedon Kelly & Partners)
Kistefos AS
Dalton Investments
Deerfield Capital Management LLC
Greenhill Capital Partners
Mittleman Brothers Partners
Toscafund Asset Management
Blue River Asset Management
Advantage Advisers Multi Manager LLC
Alcentra Inc
Apex Capital Management
Armory Advisors LLC
Arrow Investments Inc
Audax Group LP
Aurelius Capital Management
Basso Capital Management L.P
Beach Point Capital Management LP
Berens Capital Funds
Blue Mountain Capital Management LP
Blue Ridge (Blue Water) Capital Management LLC
BlueBay Asset Management
BlueCrest Capital Management LP
Boone Capital Management
Brencourt Advisors LLC
Bridgehampton Capital Management LLC
Brigade Capital Management
Campbell GP
Camulos Capital
Candlewood Partners LLC
Cape One Financial LLC
Carl Marks & Co.
Caxton Associates
CDK Group
Concordia Advisors LLC
Corsair Capital Management LLC
Courage Investments Inc
D.B.Zwirn & Co. L.P.
Deephaven Captial Management LLC
Deltec Asset Management LLC
DKR Capital Inc
Eight Capital Management Ltd
EJF Health Care GP LLC
Endurance Asset Management LLC
EOS Partners
Epic Capital Management
Eton Park Capital Management
Fairfield Greenwich Advisors LLC
Falcon Point Capital
Faxtor Securities BV
FH International Financial Services Inc
FrontFour Capital Group LLC
Fundamental Capital Management LLC
Further Lane Securities
Gates Capital Management
Glenview Capital Management
Gravity Partners LP
Gruss Asset Management
Guggenheim Investment Management
Halbis Capital Management USA Inc
H Partners
Harbinger Capital Partners
Havens Advisors LLC
Helios Capital Management
Hudson Bay Capital Management
IBS Capital Corp
Insight Investments LLC
Ivory Investment Management
K Capital Partners
KS Capital Partners
Kellner DiLeo Cohen & Co., LLC
Kilimanjaro Advisors
KS Capital Partners
Lampe, Conway & Co. LLC
Levine Liechtman Capital Partners
Lighthouse Investment Partners LLC
Lyster Watson
Marblegate Asset Management
Millennium Management
Moab Capital Partners LLC
Moriah Capital Management LP
Monomoy Capital
New Generation Advisers
Outrider Management
P. Schoenfeld Asset Management LLC (PSAM)
Pacific Capital Advisors
Parallax Capital Partners LLP
Pardus Capital Management LLC
Pegasus Investment Partners LP
Pequot Capital Management LLC
Pinewood Capital Partners
Private Advisors LLC
Pursuit Partners LLC
Redwood Capital
Restoration Capital Management LLC
Resurgence Asset Management
RMBS Management LLC
Salisbury Capital
Schultze Asset Management LLC
Scott's Cove Capital Management LLC
Seix Investment Advisors
Shenkman Capital Management Inc
Sierra Liquidity Fund
Simran Capital Management LLC
Southpaw Asset Management
Sun Capital Partners Inc
The Occasio Fund LLC
Tradewinds Investment Management
Ventura Capital Management LLC
VR Group
Washington Corner Capital Management
Whippoorwill Associates, Inc.
William E. Simon & Sons


Anonymous,  12/21/2010  

Great paper. Thanks for the post. Curious, is the fulcrum point simply when libailities exceed equity, or when dollar cost of debt exceeds dollar equity?

Anonymous,  12/21/2010  

Ah.. nevermind. when debt claims exceed recoverable assets. thanks again. :)


hunter [at] distressed-debt-investing [dot] com

About Me

I have spent the majority of my career as a value investor. For the past 8 years, I have worked on the buy side as a distressed debt and high yield investor.