Manikay Partners

David Shpizner serves as Founder and Chief Investment Officer. Jason Kirschner is a partner leading distressed and special situations, while Ivan Wyse is partner and general counsel. The firm has a small senior investment team that makes decisions collectively, with Shpizner holding final authority.

The firm focuses on stressed and distressed corporate credit, including bank debt, bonds, trade claims, and special situations. It also engages in rescue financings, litigation finance, and post-reorganization equities. Manikay typically targets situations that require deep credit analysis and restructuring expertise.

Manikay Partners primarily invests directly in individual securities and claims rather than through fund-of-funds. It often acts as a lead or anchor investor in specific restructurings and special situations. The firm does not publicly disclose any fund-of-funds or third-party manager allocations.

The firm focuses primarily on North America, with particular attention to the United States. It also has coverage of European markets via its London office, where it pursues distressed and special situations opportunities across both regions.

Manikay sources deal flow through bankruptcy proceedings, creditor committee participation, direct relationships with restructuring advisors, and proprietary credit analysis. The firm often identifies opportunities in companies undergoing complex restructurings or litigation, where its specialized expertise gives it an edge.

Manikay operates as a hybrid, combining elements of both hedge fund and private credit strategies. Its investment style is event-driven with a long-dated, illiquid bias typical of private credit, but it also uses hedge fund structures for certain positions. The firm is registered with the SEC as an investment adviser.

The firm does not publicly disclose performance data. Public filings and media reports indicate involvement in notable restructurings, including Energy Future Holdings, Caesars Entertainment, and FTX. Due to the opaque nature of distressed debt investing, independent verification of returns is limited.