Anchorage Capital Group, L.L.C.

Anchorage Capital Group, L.L.C. is a New York-based registered investment adviser founded in 2003. The firm manages private investment funds across the credit, special situations, and illiquid investment markets of North America and Europe, with a particular focus on defaulted and leveraged issuers. Anchorage is known for its expertise in distressed securities and has a reputation as one of the world's most prominent vulture funds. The firm's investment strategies include capital structure arbitrage, curve and paired trades, and directional investment strategies such as total return, reorganization, liquidation, and direct loan investments. Anchorage's team comprises over 100 employees, including investment professionals and support staff.

The firm's assets under management were reported to be approximately $32 billion in 2022. Anchorage's offices are located in New York, London, Luxembourg, and Sydney, reflecting its global investment reach. The firm's leadership includes Chairman and Co-Founder Kevin Ulrich, who also serves as the portfolio manager for the Legacy Funds, and President and Partner Natalie Birrell, who manages the firm's day-to-day operations.

Anchorage's investment approach combines bottom-up fundamental research with active trading, focusing on a wide range of assets across the credit spectrum and throughout a company's capital structure, including performing loans and bonds, distressed debt, special situations, and structured credit. The firm primarily invests in both the U.S. and Europe, seeking to capture attractive opportunities across the corporate credit spectrum.

Anchorage's values emphasize intellectual honesty, ethics, discipline, collaboration, partnership, and innovation, fostering a culture of mutual respect and high ethical standards. The firm is a signatory to the Principles for Responsible Investment, reflecting its commitment to responsible investment practices.