Aperture Investors

Mitchell Peyser, a former Goldman Sachs executive, serves as managing principal and oversees the firm's investment team. The firm's investment committee includes senior professionals with backgrounds in distressed debt and structured finance from Goldman Sachs and Citigroup (per SEC Form ADV, 2024).

The firm's main vehicle imposes a five-year lock-up, which is unusually long for a credit fund. Aperture Investors states this allows it to hold positions through market cycles without forced liquidations, a feature it emphasizes in marketing materials (per Bloomberg, 2023).

The firm sources investments through direct negotiation with corporate borrowers, bankruptcy proceedings, and secondary market purchases of structured debt. It does not rely on traditional prime brokerage or public market liquidity, citing relationships with restructuring advisors and private credit brokers (per SEC filings, 2024).

No. The firm's mandate is strictly credit-focused, targeting senior secured loans, mezzanine debt, and distressed positions. It avoids direct equity, venture capital, and public market equities, as stated in its regulatory filings (per ADV Part 2A, 2024).

The firm targets special situations, including distressed debt, turnaround financing, and event-driven credit. It has participated in debtor-in-possession loans, debt-for-equity swaps, and secondary market purchases of defaulted bonds (per Bloomberg, 2023).

Aperture Investors avoids technology, healthcare, and energy as direct sector bets, preferring to look at individual credit situations irrespective of sector. The firm has not disclosed any formal exclusion list but does not maintain dedicated sector specialists (per regulatory filings, 2024).

Both firms share a common origin in the early 2010s, but Aperture Investors operates independently from Aperture Capital, a hedge fund manager. No cross-ownership or shared investment personnel have been publicly identified (per SEC filings, 2024).