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Reorg
Reorg provides distressed-debt intelligence to hedge funds and law firms, founded by Kent Collier in 2013 and majority-owned by Permira since 2018.
Reorg
Reorg launched in 2013 after founder Kent Collier, a former credit analyst, recognized that legal filings in bankruptcy court were the most information-dense and least efficiently priced data source in distressed investing. The firm built a proprietary platform that ingests court dockets, credit agreements, and regulatory disclosures, then layers on editorial analysis from a team of former lawyers and financial journalists. The result is a subscription product that covers leveraged loans, high-yield bonds, and restructuring situations across North America and Europe. The core product spans distressed debt, leveraged finance, and covenant analysis. Subscribers include hedge funds, private credit funds, investment banks, and law firms that need to move faster than public docket systems allow. Reorg tracks covenant terms in credit agreements, monitors amendment activity, and flags early warning signals in creditor disputes. The firm expanded into European coverage with a London office, applying the same legal-first methodology to cross-border restructurings. Permira, the European private equity firm, acquired a majority stake in Reorg in 2018, valuing the business at a reported $1.3 billion at the time (per Financial Times, 2018). Collier remained CEO and retained a significant minority position. The deal validated a thesis that specialized financial data — where the user base is narrow but the willingness to pay is high — can command enterprise software multiples. In May 2022, Permira recapitalized the business in a transaction that brought in co-investors including Neuberger Berman, valuing Reorg at a reported $2.6 billion (per Bloomberg, 2022). The firm's structural differentiator is its content-to-terminal pipeline. Unlike generalist financial data platforms that aggregate broadly, Reorg focuses exclusively on credit documentation and court proceedings, producing original editorial that becomes a proprietary data set. This narrow aperture creates high switching costs for subscribers who rely on Reorg's parsing of covenant loopholes and docket filings — intelligence that cannot be replicated by a Bloomberg terminal or a general news feed.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
London, United Kingdom
Principals
Kent Collier
Founder & CEO
Sector focus
Frequently asked questions
What does Reorg actually track that Bloomberg or LexisNexis does not?
Reorg focuses on the structured text of credit agreements, bankruptcy dockets, and covenant packages. Its editors parse and summarize these documents in near-real time, flagging specific clauses, amendment activity, and creditor disputes. The signal — covenant erosion, aggressive add-backs, or lender-on-lender violence — is embedded in legal language that generalist platforms do not tag or interpret with the same speed.
Who owns Reorg and what is the governance structure?
Permira acquired a majority stake in 2018 at a reported $1.3 billion valuation and recapitalized the business in 2022 at a reported $2.6 billion, bringing in Neuberger Berman as a co-investor (per Financial Times, 2018; per Bloomberg, 2022). Founder Kent Collier retained a significant minority stake and continues as CEO, maintaining operational control.
How does Reorg source the underlying legal documents?
Reorg ingests filings directly from court docket systems and regulatory databases. Its editorial team — largely former restructuring lawyers and financial journalists — reads and summarizes these documents, often identifying signals before they appear in mainstream financial media. The firm does not rely on issuers or banks to voluntarily submit documents.
What asset classes does Reorg cover?
Coverage centers on distressed debt, leveraged loans, high-yield bonds, private credit, and special situations. The platform tracks restructuring activity across North America and Europe, with particular depth in Chapter 11 proceedings, out-of-court restructurings, and covenant disputes.
Is Reorg a single-family office or a subscription data business?
Reorg is a subscription data and intelligence business — not a family office. Its primary customer base is hedge funds, private credit funds, investment banks, and law firms. The firm generates recurring revenue through enterprise subscriptions rather than managing third-party capital.
Has Reorg made any acquisitions to expand its coverage?
Reorg has made targeted acquisitions to broaden its content footprint, including the purchase of Covenant Review in 2015, a firm known for deeply parsing credit agreement language. This acquisition cemented Reorg's reputation as the market leader in covenant analysis and brought additional legal expertise in-house.
What is Reorg's competitive moat?
The moat is threefold. First, the narrowness of the mandate — Reorg does not attempt to be a general market-data platform, so its editorial depth in credit documentation is hard to match. Second, switching costs are high because subscribers build workflows around Reorg's specific docket alerts and covenant summaries. Third, the Permira backing provides capital for expansion without pressure to dilute the product's specialized focus.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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