# VR Advisory Services

VR Advisory Services is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** vradvisory.com
- **LinkedIn:** https://www.linkedin.com/company/vr-capital-group

## Regulatory record

- **CRD number:** 137158
- **SEC file number:** 801-65792
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/137158

## About

VR Advisory Services Ltd. is an SEC-registered investment adviser in New York, NY, registered since 2006. The firm manages approximately $9.8 billion in regulatory assets. It has 42 employees and 13 investment advisers.

## Sectors

- Sovereign & Distressed Debt
- Special Situations
- Emerging Markets
- Macro

## Offices

- London, United Kingdom

## People

- Richard Deitz — Founder & Chief Investment Officer
- Julian Pickstone — Partner

## Questions

### Who runs investment decisions at VR Advisory Services?

Richard Deitz, the founder and chief investment officer, holds sole investment authority over the firm's portfolios. Deitz previously worked as a senior strategist at John Paulson's firm Paulson & Co. and as a fixed-income strategist at Morgan Stanley before launching VR Advisory in 2012. His investment decisions are noted for their concentrated, conviction-driven sizing in sovereign restructurings.

### Does VR Advisory participate in fund commitments or only direct restructurings?

VR Advisory engages exclusively in direct distressed-debt positions and litigation claims — it does not allocate to external hedge funds or private credit funds. Its investment vehicles are tied to specific sovereign recovery processes, with capital called as litigation milestones are reached rather than on a traditional subscription-line basis.

### What investment stages or asset classes does VR Advisory avoid?

The firm explicitly avoids venture capital, private equity buyouts, and liquid sovereign bond trading. It does not invest in developed-market distressed debt, real estate, or infrastructure. Its mandate is strictly confined to distressed claims against emerging-market sovereigns and state-owned entities.

### How is VR Advisory's litigation strategy funded, and who bears the legal costs?

Legal costs are funded from the capital committed to each specific recovery vehicle, meaning investors bear litigation expenses pari passu with the general partner. The firm's fund documentation, as described in court filings, structures legal budgets as a drawdown component, separating them from management fees to avoid conflicts of interest.

## Related profiles

- [Newport Wealth Advisors](https://altss.com/profile/newport-wealth-advisors-inc)

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Last updated: 2026-06-03T20:00:00.000Z

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