Investment strategy 04

Special Situations

Disciplined capital where conventional solutions fall short.

We evaluate event-driven and complex opportunities where price, structure, control rights or a defined catalyst may compensate for unusual execution and downside risk.

Dislocation
Recapitalisation
Event-driven opportunities

Investment perspective

How we assess the opportunity.

Special situations can arise from market dislocation, refinancing pressure, ownership change, litigation, operational transition or a mismatch between an asset and its current capital structure.

The investment case must remain robust without relying on a single favourable event. We model liquidity, priority, recovery and control across multiple scenarios and assess the legal and regulatory path alongside the economics.

Participation may take the form of rescue credit, preferred equity, recapitalisation capital, asset purchases or other negotiated instruments.

Capabilities

A detailed investment toolkit.

Rescue and bridge capital

Time-sensitive financing with clearly defined use of proceeds, priority and milestones.

Recapitalisations

New capital and liability redesign intended to restore a sustainable balance sheet.

Distressed and stressed opportunities

Credit or asset investments assessed through recovery, control and downside scenarios.

Shareholder liquidity

Structured solutions for founders, families, sponsors and concentrated holders.

Complex corporate carve-outs

Capital for businesses requiring separation, standalone infrastructure or transitional support.

Event-driven investments

Opportunities linked to a transaction, regulatory decision, refinancing or strategic change.

Underwriting priorities

Questions before capital is committed.

Liquidity runway and required capital

Priority, security and control rights

Recovery value across scenarios

Legal and regulatory path

Catalyst quality and timing

Operational stabilisation requirements

Portfolio considerations

Potential portfolio role

Opportunistic exposure whose drivers may differ from conventional market beta, subject to strict sizing and downside controls.

Liquidity

Often highly limited, particularly during a restructuring or contested process.

Principal risks

Permanent capital loss, legal complexity, uncertain timing, operational deterioration, contested control, concentration and illiquidity.

Related strategies

Alternative Investments

Selective private-market and real-asset exposure across differentiated sources of risk and return.

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Private Equity

Growth, minority and control investments in companies from proven scale-up through mature market leadership.

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Private Credit and Structured Investments

Flexible senior, junior, asset-backed and hybrid capital designed around cash flows and collateral.

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Discuss how this strategy may fit a broader investment mandate.

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For informational purposes only. This material does not constitute an offer, solicitation, recommendation or commitment to provide investment services or capital. Availability, vehicle structure and investor eligibility vary by mandate and jurisdiction. Investments involve risk, including possible loss of capital. Private investments may be illiquid and valuation may be uncertain. Past performance is not a reliable indicator of future results.