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...