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Lapis Advisers
Kjerstin Hatch founded Lapis Advisers in 2009, investing over $1.7 billion in municipal special situations, senior living, and healthcare credit.
Lapis Advisers
Kjerstin Hatch founded Lapis Advisers in 2009 to invest in special situations within the municipal bond market. Hatch has managed over a thousand municipal bond investments and more than 150 distressed companies totaling over $1 billion during her career. She also serves on the team as Managing Principal, joined by Managing Principal Basia Terrell, who brings 15 years at Lapis restructuring over 75 municipal bond work-out situations. The firm's strategy spans municipal special situations, high-yield performing credit, and equity investments across industries—with a particular weight in senior living and healthcare. Lapis sources deal flow through long-standing industry relationships and direct negotiation, often acting as debtor-in-possession or acquisition financier. Confirmed recent transactions include a $35 million DIP commitment to Inspired Healthcare Capital, acquisition of Kingswood Senior Living (January 2026), and a $21 million refinancing of Kane County Senior Living bonds (November 2025). Geographic focus includes the United States with specific exposure to Colorado, Illinois, and Michigan. Lapis employs a team of 13 professionals including 6 managing directors and directors, plus operations and compliance staff. The firm accepts both direct co-investments and managed fund vehicles. January 2026: Lapis acquired Kingswood Senior Living, a 300+ unit community, adding to its operational portfolio. The firm maintains no separate philanthropic vehicle disclosed. Lapis differentiates structurally through its exclusive focus on municipal special situations—a niche that is under-covered by most credit managers and family offices, giving the firm access to idiosyncratic, time-sensitive deals. Its small team and hands-on asset management approach allow it to act as both creditor and operator in workouts, bridging a gap that generic credit funds cannot easily fill.
General information
Firm type
Asset Manager
Year founded
2009
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Denver
Corporate office
811 E 17th Avenue, Denver, CO 80218, United States
Principals
Kjerstin Hatch
Founder and Managing Principal
Basia Terrell
Managing Principal
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does Lapis Advisers source proprietary deal flow?
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.
Is Lapis Advisers structured as a single family office or does it operate more like an asset manager?
Lapis Advisers is structured as an asset manager, not a single family office. It manages a fund platform and deploys capital through managed funds and direct investments. The firm's AUM is undisclosed, but it has deployed over $1.7 billion. Ownership and capital sources are not publicly disclosed.
What investment stages does Lapis typically target?
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.
Which sectors does Lapis explicitly avoid?
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.
How is Lapis Advisers related to its investor base?
Lapis Advisers is a registered investment advisor managing pooled funds and separate accounts. The firm is not a family office and is not directly linked to any disclosed family or corporate sponsor. Its capital comes from institutional investors and high-net-worth individuals through fund offerings, though specific LPs are not named publicly.
Does Lapis maintain philanthropic structures?
No separate philanthropic foundation or donor-advised fund is disclosed on the firm's website or in public records. The firm's stated values include preserving essential community services through its investment strategy, but there is no earmarked charitable entity attributed to Lapis or its principals.
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