Fiscalis Advisory

Richard A. Zappala, the founder, makes all investment decisions. He built the firm after leading Kensington International's distressed debt platform, where he managed over $1 billion in sovereign and corporate claims (per public record). Fiscalis operates without a formal investment committee — Zappala originates, evaluates, and manages each position.

The firm sources distressed claims through a network of legal contacts, trade-creditor groups, and bilateral relationships developed over two decades in sovereign restructuring. Zappala's tenure at Kensington gave him direct relationships with finance ministries, central banks, and creditor committees across emerging markets — relationships that generate off-market claim-sale opportunities.

Fiscalis does not operate a traditional fund structure and does not make fund commitments. The firm invests directly in distressed claims — sovereign bonds, trade receivables, and litigation-linked instruments — and may provide advisory services to institutional holders seeking to monetize or resolve complex credits.

The firm targets distressed and post-default stages exclusively. It does not invest in performing credit, growth equity, or venture. Positions are typically acquired after a default or restructuring event has occurred, often years into the resolution process, when original holders seek liquidity and traditional distressed funds have exited.

Per available evidence, the firm avoids performing credit, venture capital, private equity, and real estate. It does not participate in syndicated lending, primary bond issuance, or traditional long-only asset management. The strategy is deliberately narrow — distressed claims resolution only.

Zappala's track record traces to Kensington International, where he managed distressed sovereign and corporate portfolios from the mid-1990s. Kensington was among the first firms to systematically acquire defaulted sovereign debt and pursue recovery through litigation and negotiation — pioneering strategies now standard in the asset class (per public record). Fiscalis is the direct continuation of that approach.

Fiscalis is not a family office. It operates as an independent asset manager and advisory firm serving institutional and high-net-worth investors. It does not manage single-family wealth, nor does it offer multi-family office services. The firm is registered in New York and functions as a specialty credit manager.