What Caspian Capital does

Caspian Capital LP is a New York-based, privately held investment adviser founded in 1997 that focuses on performing, stressed, and distressed corporate credit. Its core offering is the Absolute Return Strategy, launched at inception and active for 28+ years, which has been progressively supplemented by Opportunistic Long-Only Credit, Market-Dislocation Strategies, Capital Solutions, and Custom Client-Driven Partnerships. The firm employs a fundamental investment approach refined through multiple credit cycles and targets sophisticated institutional clients seeking risk-adjusted returns across the credit quality spectrum.

The firm generates revenue through investment advisory fees structured as recurring mandates, with pricing negotiated privately rather than publicly disclosed. Its go-to-market is a direct enterprise field sales model, with the President leading business development and investor relations. Caspian's senior team is small (six C-suite executives) and includes Managing Partner Adam S. Cohen (ex-Goldman Sachs distressed), Partner and Co-Portfolio Manager David N. Corleto (ex-Goldman Sachs distressed trading), President T. Grey Perkins (ex-Mariner Investment Group), and operations, risk, and compliance leaders drawn from Soros Fund Management, Vanguard, and Apple.

The firm has disclosed a 22.58 percent stake in Bausch + Lomb Corporation valued at approximately $34.14 million as of Q4 2025, with an additional $21.39 million purchase in February 2026, making it Caspian's top disclosed holding. This indicates meaningful proprietary capital deployment alongside third-party advisory mandates. The firm does not disclose AUM, revenue, ownership structure, or AI/technology capabilities, and operates from a single Midtown Manhattan headquarters.

Name

Caspian Capital

Legal name

Caspian Capital LP

Website

https://caspianlp.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Caspian Capital LP is a New York-based investment adviser founded in 1997 that manages performing, stressed, and distressed corporate credit strategies for institutional clients, including an absolute return flagship, opportunistic long-only credit, market-dislocation, and capital solutions mandates.

Ownership category

akta.pro rank

Product category

Credit Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Corporate credit investing
• Distressed credit management
• Credit investment strategies
• Institutional asset management
• Alternative credit funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Advisory Fees: Caspian Capital LP generates revenue as an investment adviser serving institutional clients. The firm manages credit-focused investment strategies including absolute return, opportunistic long-only credit, market-dislocation strategies, and capital solutions. Revenue is derived from advisory fees charged to institutional clients for asset management services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Caspian Capital LP is a New York-based investment adviser that manages institutional client capital across performing, stressed, and distressed corporate credit. Since the 1997 inception of its absolute return strategy, the firm has expanded into opportunistic long-only credit, market-dislocation strategies, capital solutions, and custom client-driven partnerships, applying a fundamental investment approach refined through multiple credit cycles.

Product overview

Caspian Capital operates as a single-platform investment adviser offering multiple integrated credit investment mandates. The core offering is the Absolute Return Strategy (active since 1997), supplemented by Opportunistic Long-Only Credit, Market-Dislocation Strategies, Capital Solutions, and Custom Client-Driven Partnerships. These products share a unified fundamental credit investment approach refined through multiple credit cycles, targeting institutional clients seeking risk-adjusted returns across the credit quality spectrum from performing to distressed.

Differentiator

Problem solved

Functional benefit

Products and services

• Absolute Return Strategy Caspian's flagship investment strategy, in operation since 1997, focused on performing, stressed, and distressed corporate credit; designed for institutional investors seeking absolute return-oriented credit exposure across credit cycles.
• Opportunistic Long-Only Credit Long-only credit mandate targeting asymmetric risk-return opportunities across the corporate credit spectrum, for institutional investors seeking upside-oriented credit exposure without shorting.
• Market-Dislocation Strategies Investment approach that capitalizes on credit market dislocations and credit cycle inefficiencies, intended for institutional clients seeking to deploy capital during periods of market stress.
• Capital Solutions Customized capital provision to corporate issuers, including bespoke financing structures; designed for companies in transition and the institutional investors backing such financings.
• Custom Client-Driven Partnerships Tailored investment partnerships designed around specific institutional client requirements, blending Caspian's credit capabilities with bespoke mandate structures.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• PIMCO: PIMCO is a global asset manager with deep credit capabilities across investment grade, high yield, and distressed. As a much larger incumbent, it competes for the same institutional credit allocations but with broader product breadth than Caspian.
• Voya Investment Management: Voya manages institutional fixed income and credit strategies including leveraged finance, comparable to Caspian's performing and opportunistic credit mandates. Broader product suite but overlapping customer base.
• BlackRock Credit: BlackRock operates a large global credit franchise spanning IG, high yield, and direct lending, competing for the institutional mandates Caspian targets. Broader portfolio but overlapping client base.

Direct peers

• Marathon Asset Management: Marathon is a credit-focused asset manager spanning performing, stressed, and distressed corporate credit. The firm overlaps with Caspian across credit strategies and institutional distribution.
• Avenue Capital Group: Avenue Capital is a long-tenured distressed and special situations credit manager focused on institutional clients, with product breadth across stressed and distressed corporate credit. It is closely comparable to Caspian in mandate set, client type, and fundamental investing orientation.
• Oaktree Capital Management: Oaktree is one of the largest distressed and high-yield credit managers, with deeply comparable stressed/distressed corporate credit strategies and institutional client base. Its fundamental credit approach and multi-cycle track record overlap directly with Caspian's stated mandates.
• Centerbridge Partners: Centerbridge manages distressed and special situations credit funds for institutional clients, with a fundamental value orientation. Its strategy and institutional LP base are directly aligned with Caspian's.
• Apollo Credit: Apollo's credit segment runs direct lending and opportunistic credit strategies, including performing to distressed corporate credit, serving institutional investors. Comparable business model and target market to Caspian.
• Cerberus Capital Management: Cerberus runs stressed and distressed credit as part of a multi-strategy platform serving institutional investors. Its credit arm is functionally comparable to Caspian's mandate set.

Others

• Mariner Investment Group: Caspian's President T. Grey Perkins previously co-headed US Institutional Business Development at Mariner (2002-2012), where he worked closely with Caspian. The historical channel partnership makes Mariner a thematically connected ecosystem participant rather than a head-to-head credit competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/caspian-capital-lp

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caspian Capital