Top 50 Credit Hedge Funds for 2023

2023 Top 50 Credit Hedge Funds Overview

The 50 largest credit hedge funds worldwide manage a little over $1.18 trillion in assets.

Field Street Capital Management, with over $297 billion USD in assets is the largest credit hedge fund in the United States, as well as the world as a whole. Capula Investment Management and Cerberus Capital Management, with $118 billion and $80 billion in AUM respectively, rank second and third among the biggest fixed income / credit hedge funds.

About three fourths of the world’s largest credit hedge funds are based in the United States.

What are credit/fixed income hedge funds?
A credit hedge fund is a type of hedge fund that invests in debt securities, such as bonds, loans, and credit default swaps. Credit hedge funds use a variety of strategies to generate returns, including:

Relative value credit fund: These funds identify mispricings between different debt securities and take positions to profit from these mispricings.
Event-driven credit fund: These credit hedge funds invest in companies that are undergoing significant events, such as mergers and acquisitions, bankruptcy, or restructuring.
Distressed debt credit: These credit funds invest in debt securities of companies that are in financial distress.

Top 50 Credit Hedge Funds for 2023

List of the 50 biggest credit and fixed income hedge funds for 2023, ranked by assets under management (AUM)

Rank Fund Name City Country AUM ($ Millions) Strategies

1 Field Street Capital Management New York United States $297,961 Credit, Global Macro

2 Capula Investment Management LLP London United Kingdom $118,360 Absolute Returns, Credit

3 Cerberus Capital Management New York United States $80,581 Credit, Real Estate, Private Equity

4 III Capital Boca Raton United States $57,116 Credit

5 GoldenTree Asset Management New York United States $51,980 Credit, Absolute Returns, Real Estate

6 Element Capital Management New York United States $48,491 Global Macro, Credit

7 Symmetry Investments Hong Kong Hong Kong $36,435 Credit

8 Apollo Capital New York United States $32,680 Managed Futures, Credit

9 Anchorage Capital Group New York United States $32,324 Credit, Event Driven, Long/Short

10 Benefit Street Partners New York United States $27,535 Credit

11 Marathon Asset Management New York United States $26,228 Credit, Emerging Markets, Distressed Assets

12 Beach Point Capital Management Santa Monica United States $19,097 Multi Strategy, Credit

13 BFAM Partners Hong Kong Hong Kong $18,965 Multi-Strategy, Credit

14 Algebris Investments London United Kingdom $17,877 Credit, UCITS, Emerging Markets

15 MJX Asset Management New York United States $17,314 CDO, Credit

16 Waterfall Asset Management New York United States $15,492 MBS, Credit

17 Onex Credit Partners Toronto Canada $15,200 Credit

18 Knighthead Capital Management, LLC New York United States $14,734 Long/Short, Credit, Event Driven

19 Bayview Asset Management Coral Gables United States $14,700 Credit

20 BlueMountain Capital New York United States $14,408 Long/Short, Credit

21 Diameter Capital Partners New York United States $13,360 Credit

22 MSD Capital New York United States $13,055 Credit, Global Macro

23 Hildene Capital Management Stamford United States $12,924 Distressed Assets, Credit

24 Napier Park Global Capital New York United States $11,677 Credit

25 Aristeia Capital Greenwich United States $11,417 Absolute Returns, Credit, ESG

26 Tennenbaum Capital Partners Santa Monica United States $11,354 Multi Strategy, Credit

27 Ellington Management Group Old Greenwich United States $10,543 ABS, Credit

28 Saba Capital New York United States $9,703 Credit

29 Redwood Capital Management Englewood Cliffs United States $9,396 Credit

30 CSOP Asset Management Hong Kong Hong Kong $9,195 Credit, Emerging Markets

31 400 Capital Management LLC New York United States $9,115 Credit

32 LibreMax Capital New York United States $8,846 Distressed Assets, Credit

33 Tilden Park Capital Management New York United States $7,690 Multi Strategy, Credit

34 Paris France $7,620 Credit, Event Driven, Real Estate

35 Oak Hill Advisors New York United States $7,580 Credit, Distressed Assets

36 Atalaya Capital Management LP New York United States $7,510 Credit, Special Situations

37 Axonic Capital LLC New York United States $7,414 Long/Short, Credit

38 Blue Mountain Capital Partners London United Kingdom $7,100 Managed Futures, Credit

39 Sagard Holdings Manager LP Toronto Canada $6,536 Multi-Strategy, Credit, Real Estate

40 HPS Investment Partners New York United States $6,350 Credit

41 Deer Park Road Corp Steamboat Springs United States $6,114 Distressed Assets, Credit, Long/Short

42 Fir Tree Partners New York United States $4,981 Credit

43 Elementum Advisors Chicago United States $4,469 Credit, Distressed Assets, Insurance

44 Birch Grove Capital New York United States $3,802 Credit

45 Gates Capital Management New York United States $3,793 Event Driven, Credit, Fixed Income

46 Nantahala Capital Management Darien United States $3,539 Equity, Credit

47 Ionic Capital Management New York United States $3,486 Credit

48 Coolabah Capital Institutional Investments Pty Limited Sydney Australia $2,970 Long/Short, Credit

49 Tikehau Capital Paris France $2,360 Credit, Special Situations

50 Axiom Alternative Investments Paris France $2,116 Long/Short, Credit, ESG

Rank Country AUM ($ Millions) Strategies

Rank	Fund Name	City	Country	AUM ($ Millions)	Strategies
1	Field Street Capital Management	New York	United States	$297,961	Credit, Global Macro
2	Capula Investment Management LLP	London	United Kingdom	$118,360	Absolute Returns, Credit
3	Cerberus Capital Management	New York	United States	$80,581	Credit, Real Estate, Private Equity
4	III Capital	Boca Raton	United States	$57,116	Credit
5	GoldenTree Asset Management	New York	United States	$51,980	Credit, Absolute Returns, Real Estate
6	Element Capital Management	New York	United States	$48,491	Global Macro, Credit
7	Symmetry Investments	Hong Kong	Hong Kong	$36,435	Credit
8	Apollo Capital	New York	United States	$32,680	Managed Futures, Credit
9	Anchorage Capital Group	New York	United States	$32,324	Credit, Event Driven, Long/Short
10	Benefit Street Partners	New York	United States	$27,535	Credit
11	Marathon Asset Management	New York	United States	$26,228	Credit, Emerging Markets, Distressed Assets
12	Beach Point Capital Management	Santa Monica	United States	$19,097	Multi Strategy, Credit
13	BFAM Partners	Hong Kong	Hong Kong	$18,965	Multi-Strategy, Credit
14	Algebris Investments	London	United Kingdom	$17,877	Credit, UCITS, Emerging Markets
15	MJX Asset Management	New York	United States	$17,314	CDO, Credit
16	Waterfall Asset Management	New York	United States	$15,492	MBS, Credit
17	Onex Credit Partners	Toronto	Canada	$15,200	Credit
18	Knighthead Capital Management, LLC	New York	United States	$14,734	Long/Short, Credit, Event Driven
19	Bayview Asset Management	Coral Gables	United States	$14,700	Credit
20	BlueMountain Capital	New York	United States	$14,408	Long/Short, Credit
21	Diameter Capital Partners	New York	United States	$13,360	Credit
22	MSD Capital	New York	United States	$13,055	Credit, Global Macro
23	Hildene Capital Management	Stamford	United States	$12,924	Distressed Assets, Credit
24	Napier Park Global Capital	New York	United States	$11,677	Credit
25	Aristeia Capital	Greenwich	United States	$11,417	Absolute Returns, Credit, ESG
26	Tennenbaum Capital Partners	Santa Monica	United States	$11,354	Multi Strategy, Credit
27	Ellington Management Group	Old Greenwich	United States	$10,543	ABS, Credit
28	Saba Capital	New York	United States	$9,703	Credit
29	Redwood Capital Management	Englewood Cliffs	United States	$9,396	Credit
30	CSOP Asset Management	Hong Kong	Hong Kong	$9,195	Credit, Emerging Markets
31	400 Capital Management LLC	New York	United States	$9,115	Credit
32	LibreMax Capital	New York	United States	$8,846	Distressed Assets, Credit
33	Tilden Park Capital Management	New York	United States	$7,690	Multi Strategy, Credit
34		Paris	France	$7,620	Credit, Event Driven, Real Estate
35	Oak Hill Advisors	New York	United States	$7,580	Credit, Distressed Assets
36	Atalaya Capital Management LP	New York	United States	$7,510	Credit, Special Situations
37	Axonic Capital LLC	New York	United States	$7,414	Long/Short, Credit
38	Blue Mountain Capital Partners	London	United Kingdom	$7,100	Managed Futures, Credit
39	Sagard Holdings Manager LP	Toronto	Canada	$6,536	Multi-Strategy, Credit, Real Estate
40	HPS Investment Partners	New York	United States	$6,350	Credit
41	Deer Park Road Corp	Steamboat Springs	United States	$6,114	Distressed Assets, Credit, Long/Short
42	Fir Tree Partners	New York	United States	$4,981	Credit
43	Elementum Advisors	Chicago	United States	$4,469	Credit, Distressed Assets, Insurance
44	Birch Grove Capital	New York	United States	$3,802	Credit
45	Gates Capital Management	New York	United States	$3,793	Event Driven, Credit, Fixed Income
46	Nantahala Capital Management	Darien	United States	$3,539	Equity, Credit
47	Ionic Capital Management	New York	United States	$3,486	Credit
48	Coolabah Capital Institutional Investments Pty Limited	Sydney	Australia	$2,970	Long/Short, Credit
49	Tikehau Capital	Paris	France	$2,360	Credit, Special Situations
50	Axiom Alternative Investments	Paris	France	$2,116	Long/Short, Credit, ESG
Rank			Country	AUM ($ Millions)	Strategies

Want more details on more than 850 credit hedge funds?

Download the Fixed Income/Credit Hedge Funds List in Excel format with 40 columns of information on each fund.

Key Stats on Top 50 Credit Hedge Funds in 2023

38 of the top 50 credit hedge fund managers are based in the United States

3 of the top 50 fixed income hedge funds for 2023 are based in Hong Kong

3 of the 50 largest credit funds for 2023 are based in Hong Kong

The top 50 credit hedge fund companies in the world have $1.18 trillion USD in assets under management (AUM)

The average AUM of the top 50 credit hedge funds for 2023 is $23.7 billion USD

The median AUM of the top 50 hedge funds for 2023 is $11.4 billion USD / £5.3 billion GBP

The average number of employees at the top 50 credit hedge funds is 38

Get the full list of all credit hedge funds in Excel format

The Credit Hedge Fund List has 40 categories of detailed information on all the funds above plus overy 500 additional hedge funds based in London and the UK. Everything from website to emails to senior staff, hiring status, number of clients and more is included. And it’s delivered in Excel format for easy use with any spreadsheet program or contact management system.

View full details of the Credit / Fixed Income Hedge Fund List