Our Edge

We specialize in finding value where others see complexity – and turning it into consistent, risk-adjusted returns.

  • Focused and Experienced: We invest exclusively in credit across emerging and frontier markets – a space where our team has deep roots and a proven track record.
  • Contrarian but Disciplined: We don’t follow the crowd. We look for misunderstood or overlooked opportunities – often in distressed, high-yield, or special situations – and apply a strict, fundamentals-driven process.
  • Local Insight, Global Standards: With deep regional knowledge and institutional discipline, we understand both the nuance on the ground and what’s required to meet global investor expectations.
  • Smarter Access: Our scale and flexibility allow us to invest in places and structures that larger funds can’t – including secondary and off-market deals.
  • True Diversification: Our strategies offer exposure that behaves differently from traditional markets, helping investors improve portfolio resilience and find new sources of return.

Our Investment Philosophy

Capital Preservation Comes First

We manage risk deliberately, entering each investment with the downside fully mapped and understood.

  • Avoiding permanent loss matters more than capturing every possible gain
  • We avoid binary outcomes and hard-to-quantify risks, regardless of return potential
  • Our portfolios are stress-tested, selectively constructed, and liquidity-aligned

Selectivity and Consistency

We wait patiently for dislocation – then move decisively when the risk/reward aligns.

  • Each position must clear rigorous legal, financial, and strategic filters
  • Our process is disciplined, repeatable, and grounded in real-world restructuring experience
  • We focus on delivering durable outcomes – not chasing headlines or benchmarks

Long-Term Value Through Complexity

We buy complexity, hold through catalysts, and exit when value is fully realized.

  • We target fundamentally sound credits trading at deep discounts
  • Patience is part of our edge – we stay the course through restructurings, litigation, or recovery cycles
  • We prefer credits backed by cash flow, enforceable claims, or real assets

Investment Strategies

Blackbeard EM High Yield Bonds Fund

    Objective: Deliver long-term capital growth through high-yield, sub-investment-grade credit exposure

    Liquidity: No lock-up; quarterly subscriptions and monthly redemptions

    Benchmark: Bloomberg Global High Yield Index (USD hedged)

    Key Characteristics:

  • Publicly listed corporate and sovereign bonds
  • Focus on smaller, underfollowed issuers often ignored by large managers
  • Emphasis on income generation with opportunistic capital gains
  • Exposure primarily to Africa, Latin America, and Central & Eastern Europe
  • Designed for well-informed and professional investors
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Blackbeard EM Distressed Credit & Special Situations Fund

    Objective: Capture deep value and recovery upside in stressed, defaulted, and post-restructuring credit

    Liquidity: 12–36 months lock-up depending on share class

    Benchmark: None (absolute return, net of high watermark)

    Key Characteristics:

  • Public and private corporate and sovereign distressed credit and post-restructuring equity
  • Active engagement with restructuring processes
  • Exposure primarily to Africa, Latin America, and Central & Eastern Europe
  • Designed for well-informed and professional investors
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