Where We Fit in the Distressed Landscape

Twin Haven Utilizes a “Ready to Own” Investment Strategy

Investment Style Short term trading Intermediate horizon opportunistic Fundamental value with long-term approach Possible Restructuring
Restructuring Likely
Control only
Investment Approach Invest for leverage-enhanced yield and control default risk Invest for leverage enhanced yield, price appreciation and minimized default risk Invest when implied valuation is attractive Invest when control is highly probable and valuation is attractive
Risk/Return Profile Annualized return/volatility IRR & multiple
Targeted Return / Multiple of Capital <——————————————– Lower Higher——————————————–>
Liquidity Quarterly liquidity Semiannual and annual liquidity 1-2 year lockup Hybrid PE structure:
2 year investment period /
2 year distribution period / limited carve out
PE structure – drawdown/distribution
Twin Haven’s Positioning Within the Distressed Landscape
  • Invest when Ready to Own – actively pursue influence/control when opportunities present themselves.
  • Invest at valuations (typically 3x-6x cash flow) where debt returns are attractive and possible reorganized equity returns are even more attractive.
  • Focus on both IRR and multiple of called capital.
  • Align fund terms with liquidity associated with the underlying investments (i.e., hybrid private equity fund structure).
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