SWP Investment Management

Steven W. Patterson is the founder and managing partner, and he functions as the lead portfolio manager for the firm's strategies. The investment process is centralized under Patterson, with a lean team supporting idea generation and trade execution. This concentrated decision-making structure is consistent across the firm's history since its 2003 launch.

SWP relies on a combination of sell-side trading-desk relationships, bankruptcy-court monitoring, and direct company outreach to source opportunities. The firm's relatively small asset base allows it to participate in middle-market restructurings and niche credit situations that are sub-scale for large institutional distressed funds. SWP does not operate a formal origination network but leverages Patterson's long tenure in credit markets to access trade-claim and secondary-market distressed paper.

SWP Investment Management operates as a registered investment adviser and functions primarily as a hedge fund manager, though its illiquid-credit holdings and special-situation focus blur the line between traditional hedge fund and private credit formats. It is not a family office and has historically managed capital for external institutional and high-net-worth investors alongside internal capital.

SWP has historically managed capital through a small number of pooled investment funds and separately managed accounts, all aligned to the same opportunistic credit mandate. The firm's Form ADV filings indicate it offers its core strategy in multiple structures, but the underlying investment approach does not vary across vehicles.

SWP invests across the corporate capital structure, including senior secured loans, high-yield bonds, trade claims, post-reorganization equity, and debtor-in-possession financing. The firm targets companies that are in or near financial distress, going through in-court or out-of-court restructurings, or that present catalyst-driven value opportunities in dislocated sectors.