Brigade Capital

Brigade Capital Management, LP
Private
Industry Private Equity
Founded 2006
Headquarters New York City, USA
London, UK
Tokyo, Japan
Key people
 Patrick W. Kelly, CEO
Donald E. Morgan III, CFA
Products Leveraged buyout, Distressed securities, Growth capital
Total assets $18 billion
Website www.brigadecapital.com

Brigade Capital Management, LP (Brigade Capital) is a private equity firm focusing on leveraged finance and investing in equity and fixed income markets.[1] The hedge fund invests primarily in the finance, healthcare, utilities and energy sectors.[2]

History

Founded in 2006 by Patrick W. Kelly and Donald E. Morgan III, the firm is headquartered in New York City with offices in London and Tokyo.[3][4][5] In March 2017, Brigade Capital won Firm of the Year from Absolute Return Awards, an award given to the world’s best-performing hedge funds.[6][7]

Controversies

In 2015, Brigade Capital was one of several hedge funds involved in and negotiating on behalf of the Ad Hoc Group, a collection of funds holding a portion of bonds from Puerto Rico’s Government Development Bank.[8][9] The actions of the Ad Hoc Group likely hastened the New York City Employees’ Retirement System's (NYCERS) decision to pull its pension from hedge funds; Tish James, trustee for NYCERS, stated that “a significant number of NYCERS retirees are Puerto Rican, and if they were to know we were investing in hedge funds that had a [negative] financial impact on Puerto Rico, they would support the divesting from those hedge funds."[10]

In 2017, the hedge fund was allegedly defrauded by Craig Carton of WFAN (AM) along with co-conspirators Michael Wright and Joseph Meli, who reportedly ran a Ponzi scheme falsely claiming access to millions of dollars of concert tickets at face value through non-existent agreements with concert promoters.[6][7]

References

  1. ↑ Keller, Laura (10 January 2017). "Brigade Capital Said to Return 23% in 2016 as Credit Roars Back". Bloomberg. Retrieved 19 October 2017.
  2. ↑ Herbst-Bayliss, Svea (22 December 2015). "Hedge fund Brigade's credit fund suffers fresh losses in November". Reuters. Retrieved 19 October 2017.
  3. ↑ McDonald, Duff (4 September 2007). "The Running of the Hedgehogs". New York. Retrieved 19 October 2017.
  4. ↑ Levy, Rachael (17 March 2017). "'I think it benefits everybody': Hedge fund managers are cheering Trump". Business Insider. Retrieved 19 October 2017.
  5. ↑ "'Brigade Capital Management". Retrieved 19 October 2017.
  6. 1 2 Dickey, Jack (6 September 2015). "WFAN Host Craig Carton Allegedly Defrauded New York-Based Brigade Capital Management". Sports Illustrated. Retrieved 19 October 2017.
  7. 1 2 Brooks, Dave (11 September 2015). "SEC Scrutinizes $2 Million Wire Transfer Between WFAN's Craig Carton, Hedge Fund and Barclays Center". Billboard. Retrieved 19 October 2017.
  8. ↑ "Puerto Rico's Development Bank Reaches a Deal With Major Creditors". Fortune. 3 May 2016. Retrieved 19 October 2017.
  9. ↑ Delevingne, Lawrence (30 June 2015). "Investors scramble to avoid Puerto Rico losses". CNBC. Retrieved 19 October 2017.
  10. ↑ Celarier, Michelle (28 April 2016). "Activists Have Declared War on Hedge Funds — and They Might Be Winning". New York. Retrieved 19 October 2017.


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