Napier Park Global Capital

Jonathan Dorfman serves as Managing Principal and Chief Investment Officer, having co-founded the firm with Jim O'Brien. The two previously ran Citi Capital Advisors together and, before that, led global credit desks at Morgan Stanley. Portfolio management is distributed across Senior Managing Directors like Serhan Secmen (Credit Strategies) and Tim Greatorex (CLO Management), with Dorfman and O'Brien retaining final authority on macro risk and strategic allocation.

As of September 5, 2025, investment activities of First Eagle Alternative Credit were unified under the Napier Park brand and management. The combined platform reports $19 billion in assets, inclusive of FEAC's portfolios, though legacy advisory affiliates Regatta Loan Management and Napier Park CMV remain separate entities.

The firm operates through multiple structures: direct credit investments (including complex situations, restructurings, and growth lending), CLO management platforms, and real-asset vehicles. The real-assets strategy targets direct ownership of cash-generating transportation and renewable-energy infrastructure, while credit strategies span both direct lending and fund commitments.

Napier Park covers the full credit lifecycle — early-stage and growth lending, recapitalizations, restructurings, secondaries, and pre-IPO situations. The platform's Credit Strategies group handles special situations and complex credits; CLO Management focuses on broadly syndicated loans; and Real Assets pursues essential-use infrastructure with current cash yield.

The firm does not publish explicit exclusion criteria. However, its real-assets strategy concentrates on transportation and renewable energy, and its credit strategy emphasizes cash-flowing or asset-rich situations, suggesting it avoids pure-speculative or pre-revenue equity risk.

Details on co-investment appetite are not publicly documented. The firm's institutional client base and credit-structures focus suggest it can act both as a sole lender and alongside other institutions in syndicated credits, particularly through its CLO management arm.

ORCA is a proprietary risk-governance and process-control system that enforces institutional-grade controls across portfolio management, trade execution, and client reporting. The firm states that over 50% of its staff are non-investment professionals, many dedicated to maintaining ORCA and data-analytics infrastructure.