Anchorage Capital Partners IV

Anchorage sources primarily through Australia's formal insolvency process — voluntary administrations and deeds of company arrangement. The firm's restructuring partners and insolvency practitioner relationships give it access to deal flow that is not broadly auctioned to financial sponsors. It also pursues carve-outs from larger corporate parents, as it did with the Politix acquisition from David Jones.

Anchorage invests equity to acquire controlling stakes. The firm does not operate a direct lending or private credit fund. However, its restructuring work typically involves renegotiating existing senior debt, and on occasion the firm provides debtor-in-possession financing as a bridge to a broader recapitalization.

Three to five years. Most exits occur through an ASX IPO or a trade sale to a strategic buyer. The firm's fund documents — governed by Australian limited partnership law — mandate a finite life with distribution of proceeds upon exit, rather than recycling capital into new investments from the same vintage.

It is an institutional blind-pool fund, not a family office. The vehicle draws commitments from Australian superannuation funds, international endowments, and foundations. Phillip Cave and the partnership team commit personal capital as general partners alongside limited partners in each vintage.

There is no relationship. Anchorage Capital Partners is an independent Australian turnaround firm. Anchorage Capital Group is a separate US credit and special-situations manager founded by Kevin Ulrich. The shared name is a coincidence of geography and asset-class adjacency, not a structural affiliation.