GML Capital

GML Capital

GML Capital was founded in 1983 and has spent four decades building a franchise around a single thesis: that emerging-market sovereign and corporate distress creates mispriced assets requiring patient, litigation-aware capital. The firm operates from London and has historically raised closed-end funds as well as managed separate accounts, targeting situations where political risk, legal complexity, or creditor coordination problems suppress asset prices below recovery value. The firm's strategy spans sovereign debt restructurings, distressed corporate credit, and litigation finance — all within emerging and frontier markets. GML has been involved in sovereign workouts across Latin America, Africa, and Eastern Europe over multiple cycles, purchasing defaulted sovereign bonds and pursuing recoveries through negotiation or, when necessary, litigation. On the corporate side, the firm acquires distressed bank loan portfolios and trade finance claims. Confirmed activity includes participation in Argentine sovereign restructurings and claims against sovereign issuers in Africa (per court filings, various years), though the firm maintains a low public profile and rarely publicizes specific resolved positions. As a private partnership, GML Capital does not disclose assets under management or headcount. The firm has historically operated with a lean team of investment professionals with backgrounds in law, restructuring advisory, and emerging-markets trading. Its fund structures have included litigation trusts and special-purpose vehicles designed to isolate recovery risk and align investor interests across multi-year timelines. The firm's longevity through the 1998 Russian default, the 2001 Argentine crisis, and multiple African sovereign restructurings serves as its primary calling card. The structural differentiator is GML's willingness to pursue litigation as a recovery tool — a posture that separates it from long-only emerging-market debt managers who rely on negotiated restructurings. This litigation capability, combined with a four-decade track record, creates an informational moat in sovereign credit enforcement that few firms can replicate.