# Boussard & Gavaudan Investment Management

Boussard & Gavaudan Investment Management is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2002
- **Assets under management:** Undisclosed
- **Website:** bgam-uk.com

## Regulatory record

- **CRD number:** 172298
- **SEC file number:** 801-80122
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/172298

## About

BOUSSARD & GAVAUDAN INVESTMENT MANAGEMENT LLP is a London-based SEC-registered investment adviser since 2014. The firm manages approximately $3.6 billion in assets. It has 11 employees and 10 investment advisers.

## Sectors

- Hedge Funds
- Private Credit
- Secondaries & Special Situations

## Offices

- Paris, France

## People

- Emmanuel Boussard — Co-Founder & Chief Investment Officer
- Emmanuel Gavaudan — Co-Founder & Chief Executive Officer

## Questions

### What prompted the shift from a multi-strategy hedge fund to private credit?

The listed structure traded at a persistent discount to net asset value, which attracted activist investors who pushed for an NAV-tender or liquidation. After years of shareholder battles, the board agreed to wind down the SICAV and return capital, while the founders continued managing assets in private credit strategies without the discount problem.

### Who runs portfolio construction at Boussard & Gavaudan today?

Emmanuel Boussard remains the Chief Investment Officer responsible for portfolio construction. He built the original arbitrage book at Paribas alongside co-founder Emmanuel Gavaudan, who now serves as CEO. The firm's decisions are concentrated across this small, partnership-scale leadership group.

### Does the firm participate in fund commitments or only direct deals?

The firm engages in both direct lending and distressed credit acquisitions, as well as commitments to specialized credit fund managers. This dual approach allows exposure to credit strategies that benefit from local origination networks while also pursuing proprietary deals in special situations.

### How did Boussard and Gavaudan source deals historically, and how does that differ now?

Historically, the firm sourced arbitrage and volatility trades through investment bank prime brokerage desks and synthetic derivative markets. The post-2023 credit strategy relies more on direct relationships with borrowers, intermediaries in European middle-market lending, and secondary market brokers for loan portfolios — a fundamentally different origination model.

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- [Entrust Parable Capital](https://altss.com/profile/entrust-parable-capital-llc)
- [Clearbell Fund Management](https://altss.com/profile/clearbell-fund-management-limited)

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Last updated: 2026-06-03T20:00:00.000Z

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