Key Takeaways
- • Shiprock Capital Management is launching a new hedge fund in 2026, expanding its debt trading capabilities beyond its current distressed debt and special situations focus.
- • The firm hired Alex Williamson, former head of emerging market debt at Deutsche Bank, to lead debt strategy development for the new fund.
- • Shiprock, co-founded in 2023 by Andrey Pavlichenkov (ex-VR Capital) and Simon Milledge (ex-GML Capital), has grown from $80 million in launch capital to approximately $200 million under management with a reported 24% gain in the year to August.
- • The new fund will focus on emerging market debt and special situations trading, leveraging Williamson's expertise in debt markets and the firm's existing track record in distressed securities.
- • Shiprock has simultaneously strengthened its operational infrastructure, hiring Fiona Stockings for investor relations and Max Matveev as a portfolio manager, signaling scaled institutional growth.
Summary
Shiprock Capital Management, a London-based hedge fund specializing in distressed debt and special situations trading, is preparing to launch a new hedge fund in 2026 as part of a broader expansion strategy. According to a letter to investors reviewed by Bloomberg News, the firm has hired Alex Williamson, Deutsche Bank's former head of emerging market debt, to build out the company's debt trading capabilities and lead the new fund's strategy.
The expansion comes as Shiprock demonstrates substantial performance momentum. Since its founding in early 2023 by Andrey Pavlichenkov (formerly of VR Capital) and Simon Milledge (formerly of GML Capital), the fund has grown from $80 million in initial capital to approximately $200 million in assets under management. The fund posted a 24% gain in the year to August, driven by winning trades in emerging market and special situations positions.
Williamson's appointment represents a significant talent acquisition for the firm. His tenure as head of emerging market debt at a major global bank brings institutional expertise and market relationships that Shiprock aims to leverage in its new fund. The emerging market debt focus aligns with the parent fund's investment thesis, which has demonstrated strong performance in this sector.
Beyond the fund launch and Williamson hire, Shiprock has strengthened its operational and investment infrastructure through parallel hires. Fiona Stockings joined as head of investor relations, bringing over 20 years of industry experience, while Max Matveev was added as a portfolio manager. These additions suggest the firm is building institutional capacity to support its growth trajectory and pending fund launch.
The new fund launch reflects Shiprock's strategy to scale its AUM and differentiate its product offering. By carving out a dedicated emerging market debt vehicle under Williamson's leadership, the firm is positioning itself to tap institutional capital interested in this specialized fixed income space while maintaining its core distressed and special situations competencies.
The expansion comes as Shiprock demonstrates substantial performance momentum. Since its founding in early 2023 by Andrey Pavlichenkov (formerly of VR Capital) and Simon Milledge (formerly of GML Capital), the fund has grown from $80 million in initial capital to approximately $200 million in assets under management. The fund posted a 24% gain in the year to August, driven by winning trades in emerging market and special situations positions.
Williamson's appointment represents a significant talent acquisition for the firm. His tenure as head of emerging market debt at a major global bank brings institutional expertise and market relationships that Shiprock aims to leverage in its new fund. The emerging market debt focus aligns with the parent fund's investment thesis, which has demonstrated strong performance in this sector.
Beyond the fund launch and Williamson hire, Shiprock has strengthened its operational and investment infrastructure through parallel hires. Fiona Stockings joined as head of investor relations, bringing over 20 years of industry experience, while Max Matveev was added as a portfolio manager. These additions suggest the firm is building institutional capacity to support its growth trajectory and pending fund launch.
The new fund launch reflects Shiprock's strategy to scale its AUM and differentiate its product offering. By carving out a dedicated emerging market debt vehicle under Williamson's leadership, the firm is positioning itself to tap institutional capital interested in this specialized fixed income space while maintaining its core distressed and special situations competencies.
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