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Caius Capital
Caius Capital launched in 2013 when Antonio Batista departed Silver Point Capital, where he had built a European distressed-investing franchise.
Caius Capital
Caius Capital launched in 2013 when Antonio Batista departed Silver Point Capital, where he had built a European distressed-investing franchise. Batista, a Harvard MBA and former lawyer, started the London firm with backing from institutional allocators who knew his track record through cycles. The firm adopted a flexible mandate from the start, targeting mispriced risk across credit, equity, and structured instruments — positioning itself as an event-driven, value-oriented shop rather than a pure-play distressed fund. The strategy spans corporate credit, structured products, real estate, and litigation finance. Caius has been an active participant in European restructurings, including Portuguese bank Novo Banco's liability management exercises, where the firm contested terms it viewed as detrimental to creditors. The firm also held a notable position in Greek government bonds during the country's debt restructuring and subsequent recovery. In real estate, Caius has acquired distressed loan portfolios and direct property assets, primarily in Southern Europe. The geographic focus is pan-European, with particularly deep activity in Portugal, Greece, Italy, and Spain. Batista leads investment decisions alongside Partner Stephen Ziff, a former Silver Point colleague. Team size is not publicly disclosed, but the firm operates from a single London office. In early 2023, Caius faced a high-profile dispute with the UK Pensions Regulator over a section 38 contribution notice related to the pre-pack administration of a portfolio company, an event that tested the boundaries of UK pension law and drew widespread press coverage. The firm maintains no known philanthropic vehicle or co-investment club. Caius's structural edge lies in its willingness to litigate to enforce creditor rights — a posture that distinguishes it from most European credit managers who prefer consensual restructurings. This adversarial toolkit, combined with Batista's legal training, allows the firm to extract value from situations where contract enforcement, rather than fundamental analysis, is the binding constraint.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Antonio Batista
Founder, Chief Investment Officer
Stephen Ziff
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Caius Capital?
Founder and Chief Investment Officer Antonio Batista has final authority on all investments. Batista built his career at Silver Point Capital, where he established and led the firm's European operations before leaving in 2013 to launch Caius. Partner Stephen Ziff, also a Silver Point alumnus, is the only other publicly named investment professional and works closely with Batista on portfolio matters.
What is Caius Capital's investment strategy?
Caius runs an opportunistic, value-oriented strategy across the capital structure, targeting stressed and distressed situations in Europe. The firm invests in corporate credit, structured products, real estate loan portfolios, and litigation claims. It does not operate with a fixed asset-allocation model; instead, the team follows dislocations across asset classes and jurisdictions, with a track record concentrated in Southern European restructurings.
How does Caius Capital differ from other European distressed funds?
Caius has repeatedly demonstrated a willingness to pursue litigation and regulatory proceedings to protect creditor rights, a posture rare among European credit managers who typically favor negotiated outcomes. The firm's public disputes include contesting Novo Banco's liability management in court and defending a UK Pensions Regulator enforcement action — both examples of Batista deploying his legal background as an investment tool rather than just a risk-management function.
Does Caius Capital participate in fund commitments or only direct deals?
Caius operates as a direct investor and does not market itself as a fund-of-funds or allocator to external managers. The firm structures its own positions — through bond purchases, loan acquisitions, direct equity stakes, and litigation claims — rather than committing capital to third-party funds. Its investor base is predominantly institutional, including endowments and foundations that have supported Batista since his Silver Point tenure.
What is the significance of Caius Capital's dispute with the UK Pensions Regulator?
In early 2023, the Pensions Regulator sought a contribution notice against Caius and other parties following the insolvency of Servis Terminal, a portfolio company. The case tested the scope of UK moral-hazard powers because Caius was a lender, not a controlling shareholder, when the pension deficit arose. The outcome drew attention from credit funds and restructuring lawyers, as it signaled potential pension-liability risk for lenders in UK distressed situations (per Financial Times, January 2023).
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