History
In 1994, David Matlin and Mark Patterson formed the Global Distressed Securities Group at Credit Suisse to invest proprietary capital across a wide range of control and non-control distressed opportunities on a global basis. In 2001, the Distressed Group launched its first private equity fund to invest client capital in distressed-for-control situations and wound down its proprietary investment activity. In 2002, David Matlin and Mark Patterson formed MatlinPatterson as an independent entity to succeed to this business and has since sponsored successor distressed-for-control funds in 2003 and 2007, raising approximately $9 billion in total capital commitments across these three funds, with the most recent Fund being a $5 billion Fund raised in 2007.
In 2007, David Matlin and Matlin Patterson formed an affiliate to leverage the distressed control expertise by offering a non-control liquid trading strategy. At the beginning of 2013, the control and non-control businesses were combined into a single investment management platform under the overall supervision of Mr. Matlin. This interdisciplinary approach, blending trading and private equity skills to invest in distressed opportunities, enables the Firm to flexibly source transactions under a variety of economic and financial environments.
Through several distressed debt cycles, MatlinPatterson and its investment professionals have invested over $14 billion of proprietary capital, distressed-for-control funds and non-control distressed funds in more than seventy-five control and 380 non-control distressed opportunities in more than twenty-five countries.
In December 2012, Allied World Assurance, a publicly traded insurance company, acquired a minority interest in the liquid credit business of MatlinPatterson. As part of the transaction, Allied World agreed to invest $500 million in MatlinPatterson’s funds.
The MatlinPatterson Group collectively represents the MatlinPatterson Distressed business and a full spectrum of credit focused investment strategies including (i) trading long and short positions in investment-grade credit instruments such as public and private corporate bonds, notes, loans, debentures, leverage loans, mortgages, convertible debt, governmental bonds, municipal securities and other evidences of indebtedness and derivatives based thereon, (ii) trading in structured mortgage-backed and asset-backed securities and (iii) senior bank debt collateral asset management services.
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