CASPIAN CAPITAL, LP

Thesis

Caspian Capital, LP, established in 1997 and formally Caspian Capital, LP in October 2010, is a New York-based investment advisory firm focused on alternative investment management, primarily in performing, stressed, and distressed corporate credit. The firm utilizes a flexible, opportunistic, and fundamentally driven strategy to achieve long-term capital appreciation and attractive risk-adjusted returns. Their investment thesis centers on credit-oriented opportunities, including opportunistic long-only credit, market-dislocation strategies, capital solutions, and custom client partnerships. They evaluate a broad range of asset classes such as bank loans, bonds, equities, and cash equivalents, with no fixed limitations on diversification by asset class. Caspian Capital emphasizes deep fundamental analysis, capital preservation, and capital solutions, and has also engaged in market-dislocation strategies through drawdown vehicles. As of December 31, 2025, the firm managed approximately $7.03 billion in discretionary Regulatory Assets Under Management (AUM). While primarily focused on U.S. corporate credit, some funds suggest an international scope. The firm's strategy targets later-stage credit opportunities, distressed debt, and capital solutions, rather than early-stage venture capital.

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