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 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.

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.

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.

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.