Cyrus Capital Partners Info

They've basically been stuck at 4bn for the last 6+ yrs if not longer. I think they were around $3bn in 2013. Very few HFs just give back capital to their LPs...returns basically just keep up with redemptions so do the math on that churn rate.

"Analyst 2 in IB-M&A" Was Sears a net negative for them? They sold a ton of CDS for years, then bought all the deliverables to get out of their remaining position at way above unsecured recovery. Of course the debt they owned also got rocked.

The general trend I've seen is that funds that overstay their welcome in structures tend to get rocked when it's all said and done, and return profiles for "fundamental" funds that have longer holding periods generally align with that thinking. When things go the other way, there is never liquidity to sell out into which severely dislocates the structured credit market more so than other markets. There are moving parts i.e. I'm sure this was a great trade for them pre-BK on CDS roll dates + above market coupon paper but I'd imagine they were likely negative on the structure as a whole after factoring in all sorts of BK expenses and recovery consideration they got after that hugely messy bankruptcy.

Believe https://www.bloomberg.com/news/articles/2018-11-15/cyrus-capital-emerge…</a">Brigade, Omega and Och-Ziff (three very regular names in the CDS underworld) did go long a good bit of that protection eventually benefiting from the MTN settlement that double-down hurt Cyrus being so long the credit.

If I had to guess, it seems like Friedham runs the show and maybe 1-2 other partners head up specific investments but otherwise it's mostly an in-grown talent base of very young analysts (again, not necessarily a bad thing to see long-tenure; I don't view HFs through the lens of where can I jump to next like most of this forum but there's puts and takes if the founder isn't generous / pays you the minimum to keep you without ever relinquishing responsibility)