A registered investment adviser, established in 1982. It currently manages over US$ 25 billion of capital on a discretionary basis. The firm is an experienced investor in a wide range of securities and asset classes, including domestic and foreign bonds and stocks; securities, bank debt and trade claims of companies in financial distress; real estate-related debt and equity, including direct ownership of property; residential and commercial mortgage-backed securities; structured vehicles, including CLOs and CDOs; private equity investments; and other illiquid investments.