The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 1, 2025
AIP Convertible Private Debt Fund targets senior secured convertible loans to North American small cap public companies under $100 million market cap, providing investors with downside protection and equity upside participation. The strategy focuses on $1-20 million facility sizes with 50% loan-to-value ratios, secured by first-ranking liens on critical assets. Fund performance has been strong with 22.81% average annual returns since inception, with approximately 58% of returns from equity upside and 42% from debt income. Recent sample investments include successful exits from mining sector companies, generating returns of 18.9% to 44% through combination of interest income and equity appreciation. The manager expects increased opportunity in 2024 as high yield debt becomes expensive and equity markets remain challenging for small cap companies. Current market dislocation in small caps creates attractive entry valuations while maintaining multiple exit strategies including cash flow repayment, refinancing, asset liquidation, and M&A activity. The fund provides monthly distributions of approximately 6% while preserving capital through senior secured structures.
AIP targets senior secured convertible private debt to small cap public companies, providing downside protection through collateral while capturing equity upside through conversion features, benefiting from market dislocation and M&A activity in undervalued small cap stocks.
Optimistic outlook based on expectation of market rebound and increased convertible debt financing activity. Manager believes current environment presents opportune timing for fund allocations given robust deal pipeline and improved risk/return metrics.
Moderate Conviction Bullish
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