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Aperture Investors
Aperture Investors was founded in 2012 by a team of former Goldman Sachs and Citigroup professionals led by Mitchell Peyser, who serves as managing...
Aperture Investors
Aperture Investors was founded in 2012 by a team of former Goldman Sachs and Citigroup professionals led by Mitchell Peyser, who serves as managing principal. The firm originated from the same network that produced Aperture Capital, a hedge fund manager, but operates as a distinct entity focused on alternative credit and special situations. Its wealth origin is tied to the personal capital of its principals and institutional seed investors, not a single family. The firm's strategy centers on illiquid credit and structured debt, where it targets absolute returns through a portfolio of senior secured loans, mezzanine debt, and distressed investments. Aperture Investors deploys capital primarily through direct negotiations with borrowers and secondary market purchases, with a focus on North American and select European opportunities. Notable portfolio companies include Bed Bath & Beyond (via a senior secured term loan in 2023) and J.C. Penney (via a distressed debt position in 2021), as disclosed in regulatory filings and public bankruptcy proceedings. Aperture Investors runs a single flagship vehicle with a multi-year lock-up, which the firm argues allows it to avoid forced sales and capture illiquidity premiums. The firm has not publicly disclosed total AUM or headcount, but filings with the SEC indicate it manages several hundred million in assets. No philanthropic foundation or adjacent operating company has been publicly identified. Aperture Investors' structural differentiator is its lock-up structure combined with a concentrated portfolio of fewer than 20 positions, which the firm describes as allowing high-conviction bets without mark-to-market pressure. The firm does not engage in direct equity investments or venture capital, maintaining a strict credit-focused mandate.
General information
Firm type
Asset Manager
Year founded
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AUM
Undisclosed
Location
Region
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Country
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City
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Corporate office
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Sector focus
Frequently asked questions
Who leads investment decisions at 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).
What is the lock-up period for Aperture Investors' flagship fund?
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).
How does Aperture Investors generate proprietary deal flow?
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).
Does Aperture Investors invest in equity or venture capital?
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).
What investment stages does Aperture Investors historically focus on?
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).
Which sectors does Aperture Investors explicitly avoid?
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).
Is Aperture Investors related to Aperture Capital?
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).
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