Anchorage Capital Advisors

Anchorage Capital Advisors, L.P. is an investment management firm established in 2022 as the successor to Anchorage Capital Group, L.L.C. The firm is headquartered in New York City with an additional office in London. It is led by Co-CIOs and Managing Principals Yale Baron and Thibault Gournay.

The predecessor, Anchorage Capital Group, was co-founded in 2003 by Kevin Ulrich and Tony Davis, both of whom previously worked at Goldman Sachs. In December 2021, Anchorage Capital Group announced it would close its flagship $7.4 billion credit fund and pivot to focus on structured finance and private credit. Ulrich stepped down as CEO to become chairman. Following this strategic shift, Anchorage Capital Advisors was formed. The new entity is primarily owned by Yale Baron and Thibault Gournay, with a minority stake held by Anchorage Capital Group, which is controlled by Kevin Ulrich.

Anchorage Capital Advisors provides discretionary investment advisory services to private investment funds and structured credit vehicles. The firm's business model centers on managing assets across a spectrum of credit-oriented products, including drawdown funds, collateralized loan obligations (CLOs), and customized funds for its clients, which are primarily pooled investment vehicles. The firm focuses on a wide range of assets within the credit spectrum, including performing loans and bonds, distressed debt, special situations, and structured credit. It primarily invests in the U.S. and European markets. As of August 2025, the firm has approximately $26.1 billion in assets under management and has raised over $4.5 billion in new capital since January 2022.

Keywords: credit investment, special situations, distressed debt, structured credit, asset management, private credit, collateralized loan obligations, investment advisory, alternative investments, performing loans, capital structure, European credit, U.S. credit, hedge funds, drawdown funds, investment funds, corporate credit, portfolio management, risk management, asset allocation