There are currently 141 fund managers based in Europe that incorporate a distressed private equity strategy into their investment focus. This includes distressed debt, special situation and turnaround investments. Collectively, these firms have raised just over €62.7bn over the last 10 years, and have over €16.3bn available in dry powder. Of these 141 firms, 40 explicitly carry out distressed private equity investments.
The top five Europe-based private equity fund managers that specifically invest in distressed private equity by aggregate capital raised over the last decade are Ashmore Investment Management, Altima Partners, Orlando Management, Kelso Place Asset Management and Better Capital.
Ashmore Investment Management is a specialist emerging markets investment firm headquartered in London, which utilizes a range of investment themes including special situations, corporate high yield, equity, dollar debt and local currency. Ashmore focuses on bottom-up, event-driven special situations across all emerging markets, with investments made in corporate restructurings through distressed debt, private and public equity and equity linked securities. The firm has raised €2.2bn in the past decade and has an estimated €122mn available in dry powder.
Altima Partners is an investment fund manager with a unique strategy that combines both liquid and structured investments. The London-based firm invests in general special situations across the globe. The firm has raised €756mn in the past decade and has an estimated €249mn available in dry powder.
Orlando Management is an independent private equity firm focused on special situations in the German speaking market, specifically Germany, Austria and Switzerland. This includes complex spin-off situations or corporate carve-outs, turnarounds, succession requirements and the restructuring and redirection of companies. Overall Orlando Management has raised €649mn over the last 10 years and has just over €260mn in estimated dry powder.