# Lapis Advisers

Lapis Advisers is an Asset Manager based in Denver, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Denver, United States
- **Region:** North America
- **Address:** 811 E 17th Avenue, Denver, CO 80218, United States
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** www.lapisadvisers.com

## Regulatory record

- **CRD number:** 153710
- **SEC file number:** 801-71696
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/153710

## About

Lapis Advisers is an SEC-registered investment adviser in Denver, CO, registered since 2010. The firm manages approximately $789 million in regulatory assets. It has 12 employees and 9 investment advisers.

## Sectors

- Senior Living & Healthcare
- Municipal Investments
- Special Situations
- Private Credit

## People

- Kjerstin Hatch — Founder and Managing Principal
- Basia Terrell — Managing Principal

## 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.

### 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.

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- [Suburban Drywall](https://altss.com/profile/suburban-drywall)
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Last updated: 2026-06-03T20:00:00.000Z

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