Top 50 Largest Credit Hedge Funds – 2023
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 Largest Credit Hedge Funds – 2023
Ranked by assets under management (AUM). Click any column to sort. Fund names link to detailed profiles.
| Rank | Fund Name | City | Country | AUM | Strategy |
|---|---|---|---|---|---|
| 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 |
| 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 |
Key Statistics
- The 50 largest credit hedge funds worldwide manage a little over $1.18 trillion in assets.
- 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 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
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