Andalusian Credit Partners

Greg Lippmann serves as Chief Investment Officer. He built his reputation at Deutsche Bank trading structured credit and risk transfer before co-founding Andalusian in 2018 with Jason Mudrick and Wale Elgadi. Mudrick continues to run Mudrick Capital alongside his role at Andalusian.

Permanent and semi-permanent vehicles remove the redemption-pressure constraint that forces most credit funds to sell positions during drawdowns. That allows Andalusian to act as a liquidity provider when event-driven correlations spike and traditional managers face gates or redemptions. The firm can hold complex credits through full legal restructurings rather than marking to quarterly net asset values.

The mandate spans three verticals: event-driven public credit including stressed corporate bonds and post-reorganization equities, structured credit and specialty finance such as asset-based loans and aviation receivables, and rescue or restructuring lending. The firm also originates music-royalty and consumer-receivable transactions on the private side.

Andalusian Credit Partners and Mudrick Capital are distinct legal entities, but they share analytical resources and have overlapping personnel — Jason Mudrick co-founded both firms. Mudrick Capital runs a larger distressed-debt fund complex, while Andalusian focuses on permanent-capital vehicles and specialty finance.

Greg Lippmann was the global head of structured credit and risk transfer at Deutsche Bank, where he orchestrated one of the largest short positions against the US subprime mortgage market before the 2008 financial crisis. That trade was documented in Michael Lewis's The Big Short. He later served as a portfolio manager at LibreMax Capital before launching Andalusian.

Andalusian predominantly executes direct investments — it does not operate as a fund-of-funds or allocate to third-party managers as a primary strategy. Its public-credit book trades directly in corporate bonds and equities, while the private book originates asset-based loans and specialty-finance transactions.

The firm invests across North America and Western Europe, with a bias toward US-originated collateral in its specialty-finance and asset-based lending book. Its event-driven public credit trading is primarily focused on US and European stressed and distressed corporate issuers.