Asian distressed debt specialist ADM Capital today runs $1.7 billion in assets under management, a 47-strong team and offices in five cities. Clearly, Asia has proven fertile hunting ground for the deep-value, event-driven credit opportunities that are at the heart of ADM's strategy since Robert Appleby and Chris Botsford co-founded the firm in 1998.
There are three open-ended funds - Galleus I, with a bias towards more liquid, short-term investments; Galleus II, a managed-account platform, where investors can invest in both liquid and quasi-private equity situations; and Gladius, a European fund - as well as the closed-end Maculus Fund. The latest additions, also closed-end, are the CEECAT Recovery fund, investing in central and eastern Europe, central Asia and Turkey, and the Kazakhstan Capital Restructuring Fund, which completed its first close this month.
"Debt is in our DNA," says Appleby. "And in debt you can house all the covenants to...