Lapis Advisers

Kjerstin Hatch, Founder and Managing Principal, leads investment strategy and has managed over 1,000 municipal bond investments and more than 150 distressed companies. Managing Principal Basia Terrell co-manages the team, with a focus on healthcare and senior living assets. Investment decisions are collaborative among the managing directors.

Lapis sources deal flow through its long-standing relationships with municipal issuers, operators, and restructuring professionals. The firm often receives direct invitations to participate in uniquely structured transactions such as DIP financing, bond refinancing, or acquisition of distressed senior living properties. The firm does not rely on auction processes for primary deals.

Lapis targets special situations across the capital structure: distressed municipal bonds, secondary purchases of distressed debt, direct loans for recapitalization or growth, and DIP financing for companies in bankruptcy. The firm also makes equity investments in senior living and healthcare communities. It is not a venture or growth equity investor.

Lapis does not invest in generic commercial real estate, technology startups, or oil and gas. The firm's public portfolio and team biographies indicate a focus on municipal credit, senior living, healthcare, and related essential services. The firm avoids sectors outside its core credit and special situation expertise.