This New Credit Shop Refuses to Be Patient

HIMANSHU GULATI - 美国令人痛苦的信贷和男子GLG的特殊情况 - 推出了Antara Capital Partners，并通过Blackstone和Corbin Capital推出了Antara Capital合作伙伴。

Unlike many competitors that are sitting on investors’ cash, waiting for distressed opportunities to materialize, Antara says it will put money to work right away via event-driven investments. The firm will invest in distressed situations when they ultimately become available, according to Gulati, who launched the GLG Select Opportunities Strategy in 2015.

目前的信贷周期是最长的记录之一，对于想要借钱的公司有益，但对陷入困境的投资者令人沮丧。

“Today’s environment demands that investors have a flexible strategy that can adapt to ever changing markets. Our approach is designed to be fluid across the cycle and capital structure while targeting the most compelling risk-adjusted returns at all times, not just when a distressed cycle presents itself,” Gulati said in an interview. “At Antara I am excited to be joined by a very experienced team that I managed in the past and we look forward to building on our previous accomplishments,” he said.

Blackstone and Corbin each invested $150 million and Antara also brought in $50 million in friends and family money. The firm plans to do a soft close of the fund at $600 million.

According to Preqin, distressed debt funds held $166.75 billion as of March 2018. The industry has $66.51 billion in dry powder — cash — waiting for deployment. Even five years ago, the industry was sitting on $35.3 billion.

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Manny Roman, Man’s CEO at the time and now head of PIMCO, recruited Gulati, who had spent nine years working at Richard Perry’s Perry Capital. At Perry, where he was most recently responsible for distressed securities and event/catalyst equities, Gulati generated $1 billion in profits, according to a person familiar with the firm. Gulati left Perry at the end of 2014, about two years before Perry shuttered the fund.

Gulati and the team believe it’s a good time in the debt markets to launch a new firm, even as credit continues to be freely available. To differentiate itself, Antara will invest in special situations equity and mid-cap, which the Antara team believes is less crowded in part because larger funds haven’t focused on the sector. Antara will avoid investing in larger cap names, a strategy that has made many peer funds highly correlated.

Gulati is structuring the new firm to take the best strategies of Man, which was focused on portfolio and risk management, and Perry, which had a bottom-up, fundamental approach to investing.

Antara, which means opportunity in Sanskrit, is a lift out of the investment management team from Man as well as key players from Perry, including Rick Paige, who is now co-head of research-legal. Paige worked for Gulati at Man on the Select Opportunities Strategy. He is an 18-year veteran of Perry, who invested in distressed, special situations equities and private lending, among other things.

其他Antara高管包括Paul Lucas，凤凰投资顾问的前业务发展主任，旨在营销和投资者关系;埃里克梅森队在男子古拉蒂工作，是美国巴克莱/雷曼兄弟的前任联合主任。在Antara，梅森是研究 - 基础的联合主管。该公司的总交易商是大卫利伯曼，摩尔首都九年的资本资本高级信用人士，佩里前运营前的兰斯·克拉维茨是合作社，CFO和首席合规官。

在长边，投资组合将针对潜在的催化剂，理想情况下，依赖于潜在的催化剂，理想情况下，抗拉拉能够影响结果。在短边，安塔拉将专注于尾风险的套期保值和行业篮子。此外，据熟悉该公司的官方称，它将寻找屏蔽作为信用的股票风险。例如，最近与宽容的契约杠杆退出，涉及股权的风险，符合信贷。Antara还将提供共同投资。

Man’s distressed credit and special situations shut down in the fourth quarter of 2017 and Gulati left in 2018. The Man GLG Select Opportunities Fund returned 11.9 percent net of fees for the 12 months ending December 2016, according to public filings. For the nine months ending September 2017, the fund returned 11 percent net of fees.