I recently joined a multi-strat credit fund with significant EU/Asia coverage and notice that some of the names in the ad hoc group are quite unfamiliar for me.
What are the best "local" distressed credit funds outside of the US, in terms of both return and prestige?
Below is my observation:
In EU: CVC Credit, LCM, EQT Credit, AnaCap
In Asia: BFAM, PAG, SSG Capital, Clearwater
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Hey Manchurian Candidate, the following topics might be helpful:
If those topics were completely useless, don't blame me, blame my programmers...
Europe would include the European arms of the large US distressed managers (I.e. 20bn+ players like Anchorage, King St, BlueMountain, Brigade, Marathon, Davidson Kempner etc)
Just look up some distressed credits in EU and see who is mentioned in the Reorg articles for more info.
Asia would include Tor Investment.
Do you know any Latin America / Canada?
In Europe many UMM funds have started credit stuff, Permira comes into mind, Ardian too (not sure if they have distressed stuff though).
Clearwater is actually not that good in Asia. They sold themselves to a Canadian AM last year. People thought this could help to fuel the aum growth, which they have been struggling to grow to a meaningful size for many years, but the partnership turned out to be not too ideal.
SSG Cap is indeed very good and they've been successfully expanding the aum in the past 2-3 years, but it's more on the distressed PE / private credit side, as opposed to a typical distressed HF.
I'm late to this but can comment on Asia. There is a lot of overlap between HY and SS/Distressed in the region. The banks are still pretty active in the space as well...
Clearwater hasn't been good for a long time. They had their time, as did ADM. BFAM, Myriad, LIM may be in some distressed names but they are traditionally more classic HF and more liquid focused.
Other names: PAG, SSG, Tor, Arkkan, Argyle Street, Avenue (re set up with a new team), Varde (SG Based - don't know if they have a separate fund), Carval (ditto), Shoreline (China), Anchorage (OZ-based), Noonday (Farallon - but the guy Ray Zage left to set up his own shop).
Hopefully this helps. I am sure I am missing some names.
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