Brigade Capital
| Company type | Private |
|---|---|
| Industry | Alternative asset management, Investment management |
| Founded | 2006 |
| Founder | Patrick W. Kelly, Donald E. Morgan III |
| Headquarters | New York City , United States |
Area served | Global |
Key people | Patrick W. Kelly, Donald E. Morgan III |
| Products | Credit-oriented investment strategies, including long/short credit, distressed debt, capital structure arbitrage, long/short equities, structured credit |
| Website | www |
Brigade Capital Management, LP, widely recognized as Brigade Capital, operates as a global alternative asset manager with a focus on credit-oriented investment strategies. Employing a diversified approach across multiple strategies and asset classes, the firm concentrates on leveraged balance sheets and manages key strategies including long/short credit, distressed debt, capital structure arbitrage, long/short equities, and structured credit. Its investment portfolio primarily targets sectors such as retail, media, telecommunications, healthcare, finance, utilities, and energy, leveraging deep expertise in distressed securities, bankruptcy proceedings, and corporate restructuring.
History
Established in 2006 by Patrick W. Kelly and Donald E. Morgan III, Brigade Capital is based in New York City and maintains additional offices in London, Tokyo, and Sydney. The company earned recognition as Firm of the Year at the 2017 Absolute Return Awards due to its exceptional hedge fund performance.
In that same year, Brigade became a victim of fraud orchestrated by Craig Carton of WFAN (AM) along with accomplices who operated a Ponzi scheme centered around fraudulent concert ticket contracts.
On August 17, 2020, Citigroup initiated legal action against Brigade Capital to recover nearly $900 million that had been mistakenly disbursed to lenders of Revlon Inc., including Brigade and other creditors such as HPS Investment Partners. The funds were linked to loans extended to Revlon. While Citigroup contended that Brigade unlawfully sought to benefit from the erroneous payment, Brigade argued it had no obligation to return the money.
A federal court decision on February 16, 2021 determined that the lenders are not required to reimburse the mistaken payment. Nevertheless, a restraining order remains active to freeze the funds pending further legal review. Citigroup is currently pursuing an appeal of this judgment.
External links
- Brigade Capital Management, LP (official website)