Cassini Capital Management

The firm sources directly through bankruptcy docket monitoring, ad-hoc creditor committee participation, and relationships with restructuring advisors and law firms. It prioritizes originating positions during the negotiation phase rather than purchasing claims on the secondary market, which provides an earlier entry point and greater influence over restructuring terms.

Cassini operates a fundamentally driven, value-oriented strategy focused on corporate credit. The portfolio includes distressed debt, high-yield bonds, leveraged loans, and post-reorganization equities. Positions are concentrated — typically fewer than 40 — with both long and short exposures, the latter used primarily to hedge macro and industry risks.

The flagship fund offers quarterly liquidity with a gate provision, matching redemption frequency to the inherently illiquid nature of distressed and post-reorganization assets. This structure balances investor access to capital with the portfolio manager's need for stable capital during multi-year restructuring processes.

The firm embeds dedicated legal-reorganization expertise within the investment team, which allows it to originate positions by participating directly in restructuring negotiations rather than purchasing claims only after they become broadly traded. This single-portfolio-manager architecture keeps decision-making concentrated.

Patric de Gentile-Williams, the founder and Chief Investment Officer, holds final authority over all portfolio decisions. The firm is structured as a single-portfolio-manager shop, which concentrates responsibility and discretion in the CIO rather than distributing it across a committee.

The firm primarily invests in publicly traded or soon-to-be-public corporate credit instruments, including bonds, loans, and claims that trade even if the underlying issuer is distressed or in bankruptcy. It does not market itself as a direct private-credit lender originating new loans.

The portfolio is concentrated in North America and Western Europe, with a bias toward jurisdictions where bankruptcy and restructuring frameworks are well-established, such as US Chapter 11 and UK schemes of arrangement. This legal predictability informs the firm's event-driven analysis.