Ukbased Emso ties up with Eight Capital to invest in distressed debt
emerging markets hedge fund Emso Asset Management Ltd, which manages $5.8 billion in assets worldwide is entering India’s growing corporate restructuring market. Mumbaibased distressed assets investor Eight Capital Management LLC, which was co-founded in 2005 by former Deutsche Bank and JP Morgan executive Ravi Chachra, will be its local partner.
When contacted, an Emso spokesperson said that the partnership will target the $140 billion stressed assets undergoing insolvency proceedings under India’s new bankruptcy law. The spokesperson, however, did not disclose the size of the proposed fund.
One person familiar with the development said that the partnership will target 10-15 transactions in the distressed assets space with deal sizes up to $50 million. A request for comment to Eight Capital remained unanswered till press time.
“Investments will be made through a combination of equity and debt instruments,” said the person cited above. “The investments will happen through an India-based Alternate Investment Fund (AIF).”
Emso was founded in 2000 by Mark Franklin, a former Salomon Brothers partner, who also had a stint in Citigroup. In 2013, Emso underwent change of ownership following an employee buyout led by Franklin and became an independent, fully employee-owned asset management company.
MUMBAI:London-headquartered