Providing liquidity and superior execution services in distressed and special situation markets worldwide.
Fulcrum is a boutique investment firm specializing in the trading and analysis of distressed and special situation investment opportunities. Fulcrum combines proprietary capital with an established sales, trading and advisory business to provide robust market liquidity on a worldwide basis.
We are a top-tier institution in the secondary market for distressed claims and other illiquid debt, having closed nearly $30 billion in trades since inception. As specialists in illiquid and distressed instruments, we regularly provide creative and bespoke solutions to our counterparties.
Our distressed trading activities focus on the financial obligations of leveraged and financially troubled corporations and sovereigns, with an emphasis on entities that are involved in a workout, restructuring or liquidation.
Our special situation activities focus primarily on private market transactions involving illiquid investment opportunities available in event-driven and inefficient trading environments.
Due to the firm’s extensive network we have the ability to participate in most situations regardless of size, complexity or geographic scope.
Fulcrum transacts in syndicated, bi-lateral and club deal senior secured bank loans with an emphasis on inefficient markets and misunderstood capital structures.
Fulcrum transacts in secured and unsecured debentures with an emphasis on private placements, physical settle and other illiquid bond related instruments.
Fulcrum transacts in insolvency claims worldwide with an emphasis on trade, lien, secured, priority and rejected contract claims. Fulcrum is creative with its structuring and focuses on large and complex transactions.
Fulcrum transacts in special situation and post-reorganization equities with the ability to clear physical settle securities and exchange traded securities on most international and regional exchanges.
Fulcrum transacts in distressed and broken down structured products with an emphasis on inefficient markets and misunderstood structures.
Fulcrum transacts in private note instruments on a pre-restructuring or post-restructuring basis with a particular emphasis on mid-cap insolvent corporates. Testing Testing Testing. Fulcrum transacts in limited partner and shareholder interests of various troubled investment funds.
We have the capacity to facilitate complex transactions end-to-end starting with counterparty identification/engagement and ending with trade closing and legal settlement.
Mr. Hamilton has over 14 years of experience in the global distressed market. Prior to founding Fulcrum, he was a Managing Director and Head of Private Debt Trading for APS Capital Corp., a distressed investment boutique focusing on trade claims and bank debt research, sales and trading. Mr. Hamilton started his career at Akin, Gump, Strauss, Hauer and Feld, LLP working in the firm’s corporate and securities section. He attended San Jose State University on a Division I baseball scholarship and graduated summa cum laude with a degree in Administration of Justice and a concentration in Finance. He is also a graduate of UC Hastings Law School where he earned his J.D. Mr. Hamilton serves on the Board of Directors of CASA of Travis County, a non-profit that serves and advocates for abused and neglected children.
Mr. Horrigan has over 20 years of experience in the global distressed market. Prior to founding Fulcrum, he was a Senior Vice President on the Credit Sales and Trading desk at APS Financial. Prior to joining APS, Mr. Horrigan worked in the Mortgage Strategies group at PaineWebber. He earned his MBA from the University of Texas and graduated with honors from the Michigan Technological University with a Bachelor of Science in Mechanical Engineering. Prior to beginning his career in finance, Mr. Horrigan worked as an Aerospace Structural Design Engineer for both General Dynamics and NASA.
Timothy C. Bennett joined Fulcrum in 2017 after nearly fourteen years of law firm experience. Most recently, he was senior counsel with Seyfarth Shaw and the leader of that firm’s Global Distressed, Illiquid and Special Situations Trading practice. Prior to that role, he was an associate in the New York office of the global law firm Clifford Chance. His representative transactions included the acquisition and sale (including by way of auction) of bankruptcy claims, distressed notes, terminated derivative contracts, loan portfolios, shares of restricted stock, interests in liquidating funds, settlements, litigation claims and trades for bank debt of domestic and foreign borrowers under both LSTA and LMA documentation. He regularly analyzed credit agreements, indentures and related documentation, bankruptcy case filings, ISDA agreements, and corporate filings - all in furtherance of advising clients in the development and implementation of their trading and investment strategies. Additionally, Mr. Bennett has broad experience in general corporate, finance and bankruptcy law matters. Mr. Bennett received his JD and MBA (Finance) from Seton Hall University and his BA (History) from The College of the Holy Cross, and is admitted in New York and Massachusetts.
Mr. Castelino serves as Managing Director and Senior Executive Officer at Fulcrum Capital (Dubai) Ltd. Mr. Castelino has over 11 years of institutional investment experience. Prior to joining Fulcrum, Mr. Castelino allocated capital across public equity, fixed income and hedge fund asset classes for the duPont Trust, a private foundation. Prior to his service at the foundation, Mr. Castelino worked for Highland Capital Management, an alternative investment manager where he focused on investing capital in the real estate equity and debt markets. He began his career at Wachovia Securities (Wells Fargo Securities) as an investment banking analyst focused on the origination and securitization of structured products. Mr. Castelino received his M.B.A. with distinction from the Mendoza College of Business at the University of Notre Dame.
Mr. Liptak has over 18 years’ experience in the global distressed and special situations market. Prior to joining Fulcrum, Mr. Liptak headed up the Asian distressed and special situations trading desks for Citigroup and Banc of America based in Hong Kong and was responsible for strategy and all capital commitments for the Asia market focusing on distressed / stressed credit products, private equity, NPL portfolios and rescue financings. Prior to coming to Asia in 1998, Mr. Liptak worked in New York for UBS (’97 to ’98) on the Global High Yield / Distress trading desk. Mr. Liptak began his career at CS First Boston (’93 to ’97) on the US High Yield desk conducting high yield research. Mr. Liptak holds a B.S. degree in Accounting and Finance from University of South Carolina and a M.B.A. from the University of Notre Dame.
Mr. King serves as Director of Research at Fulcrum. Prior to joining Fulcrum, Mr. King was a senior analyst at Beach Point Capital Management LP, a credit hedge fund focused on stressed/distressed opportunities, where he invested across the capital structure and participated on creditor committees. Before Beach Point, Mr. King was an analyst at Monarch Alternative Capital LP, where he analyzed and invested in distressed/event-driven opportunities. Prior to Monarch, Mr. King worked in the Recapitalization and Restructuring group at Jefferies & Company, where he helped guide numerous debtors and creditor committees through restructurings as a financial advisor. Mr. King graduated with a degree in Economics from Harvard University.
Mr. Shepherd serves as the Director of Securities Trading. Mr. Shepherd has over 17 years of experience in EM Credit trading markets. Prior to joining Fulcrum, Mr. Shepherd headed up the Asian credit trading operations at BGC Partners (a division of Cantor Fitzgerald). There he was responsible for flow trading of both Asian and Australasian securities, focusing on High Yield and Distressed products, as well as credit default swaps and both onshore RMB and Dim Sum credit products. Prior to Asia, Mr. Shepherd worked in London for Cantor Fitzgerald on the Emerging Market and Brady Bonds desk, covering Eastern European and LATAM credit.