Radcliffe Capital Management

Radcliffe Capital Management

Steven B. Katznelson founded Radcliffe Capital Management in 1994, establishing the firm as a specialist in short-duration fixed-income and credit strategies. The firm operates primarily through two publicly traded closed-end funds: the Radcliffe Multi-Strategy Credit Fund and the Radcliffe Market Neutral Fund. This structure allows retail and institutional investors to participate in strategies that would otherwise require private fund commitments. Radcliffe deploys capital across a mix of corporate credit, structured credit, and special situations. The firm targets short-duration, high-yield instruments, often in the less-than-investment-grade space, and employs hedging to manage interest-rate and credit risk. The Multi-Strategy Credit Fund invests in a range of instruments including bank loans, high-yield bonds, and asset-backed securities. The Market Neutral Fund seeks to generate returns uncorrelated to broader credit markets by pairing long credit positions with short positions in equities and credit indices. As a smaller, publicly reporting manager, Radcliffe's scale is constrained by the market capitalizations of its listed funds. The firm maintains a lean operational footprint from its Bala Cynwyd headquarters. In September 2023, the Radcliffe Multi-Strategy Credit Fund maintained a managed distribution policy targeting monthly distributions for its common shareholders (per the fund's public filings). The firm does not appear to operate adjacent private vehicles or a separate institutional consulting business. Radcliffe's structural differentiator is its closed-end fund wrapper. Most credit managers operate private drawdown funds or SMAs accessible only to qualified purchasers. Radcliffe instead offers daily-traded, exchange-listed vehicles that hold illiquid credit instruments, a structure that demands careful liquidity management and creates a distinct investor base of income-seeking individuals and smaller institutions.