Gates Capital Management

What Gates Capital Management does

Gates Capital Management is an SEC-registered investment adviser founded in 1995/1996 by Jeff Gates (formerly a Director at Schroder & Co. and high yield analyst at Kidder, Peabody & Co.) and headquartered at 1177 Avenue of the Americas in New York. The firm manages the ECF Value Funds family, applying an event-driven, cash-flow-oriented, credit-focused investment process across event-driven equities (spinoffs, restructurings, recapitalizations, special situations) and credit instruments (distressed securities and bank debt). The strategy targets the best risk/reward relationships within a company's capital structure on the long side and the worst on the short side, with risk management through position limits, options protection, and market hedges.

The firm serves qualified institutional and private investors globally — including pension plans, endowments, foundations, family offices, wealth advisors, fund-of-funds, and high-net-worth individuals — subject to qualified-investor minimums of $5M (individuals) or $25M (institutions). Funds offer quarterly or annual liquidity depending on share class; the firm does not provide separately managed accounts or sign side letters with preferential terms. Implied 13F AUM is approximately $3.8 billion, derived from a $149.99M position in TIC Solutions representing 3.95% of 13F AUM as of February 2026.

Distribution is entirely direct and relationship-based: a gated website with a prospective investor questionnaire, a dedicated Client Services team ([email protected]), and a Head of Business Development (Paul Lucas, joined 2024) handle institutional outreach, supported by monthly investor updates, quarterly letters, and fund-of-funds placement networks. Operational infrastructure is built on tier-1 service providers including SS&C (onshore and Cayman administration), Ernst & Young (audit), UBS Securities and Citi Global Markets (prime brokerage and custody), ACA Compliance Group (compliance), ACA Aponix (cybersecurity), DLA Piper and Schulte Roth & Zabel (US legal), and Harney Westwood & Riegels (offshore legal).

Name

Gates Capital Management

Legal name

Gates Capital Management, Inc.

Website

https://gatescap.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Gates Capital Management is a New York-based, SEC-registered event-driven alternative asset manager that advises the ECF Value Funds for qualified institutional and private investors globally, applying a credit-focused, cash-flow-oriented process across equities and distressed credit.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Event-Driven Credit Opportunities (Defaulted/Non-Performing Loans, Trade Claims) (FSAHACAK)

akta.pro secondary industry

Event-Driven / Catalyst Credit Funds (FSANAKAD)

Keywords

• Event-driven investing
• Alternative asset management
• Hedge fund management
• Distressed credit investing
• Value investing funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Alternative Asset Management Fees: Gates Capital Management generates revenue by advising on a family of alternative investment funds for institutional and qualified private clients. Revenue is derived from management fees and performance fees charged on fund assets under management, consistent with standard hedge fund / private fund economics.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Gates Capital Management is an event-driven alternative asset manager that advises on the ECF Value Funds family of funds for institutional and qualified private clients globally. The firm employs a systematic, cash flow-oriented, credit-focused investment approach across event-driven equities (spinoffs, restructurings, recapitalizations, special situations) and credit instruments (distressed securities and bank debt), with funds offering quarterly or annual liquidity depending on share class.

Product overview

Gates Capital Management is an event-driven alternative asset manager operating a family of funds — specifically, the ECF Value Funds — for institutional and qualified private investors globally. The firm employs a systematic, cash flow-oriented, credit-focused investment approach across event-driven equities (spinoffs, restructurings, recapitalizations, special situations, and credit-focused equities) and credit instruments (distressed securities and bank debt). The funds report performance monthly, with liquidity offered quarterly or annually depending on share class. The firm does not provide separately managed accounts or sign side letters with preferential investor terms.

Differentiator

Problem solved

Functional benefit

Brands

• ECF Value Funds: A family of event-driven value funds managed by Gates Capital Management for qualified investors, offering quarterly or annual liquidity depending on class selection.

Products and services

• ECF Value Funds The ECF Value Funds are a family of event-driven value funds managed by Gates Capital Management for qualified institutional and private investors. The funds apply a systematic, cash flow-oriented, credit-focused investment approach across event-driven equities (spinoffs, restructurings, recapitalizations, special situations) and credit instruments (distressed securities and bank debt). Multiple share classes offer quarterly or annual liquidity. Funds are available only to qualified investors meeting minimum portfolio thresholds ($5M for individuals, $25M for institutional investors).

Quantifiable outcome

• TIC Solutions investment: 14,836,121 shares, $149.99M position (3.95% of 13F AUM). The position was built through a single additional purchase of 6,594,086 shares valued at ~$73.41M, demonstrating significant deployment capacity.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• SS&C Financial Services LLCcoreOthersOnshore fund administrator for Gates Capital Management. Located at One South Road, Harrison, NY 10528. Provides fund administration services including NAV calculations, investor reporting, and transaction processing.
• SSC&C Fund Services (Cayman) LimitedcoreOthersOffshore administrator for Gates Capital Management's Cayman-domiciled funds. Located at Gardenia Court, Camana Bay, Grand Cayman, KY1-9003. Provides fund administration services for offshore fund structures.
• Ernst & Young LLPcoreOthersAuditor for Gates Capital Management. Located at One Manhattan West, 395 9th Ave, New York, NY 10001. Provides annual audit services for the firm's funds and operations.
• UBS Securities LLCcoreOthersPrime broker and custodian for Gates Capital Management. Located at 1285 Avenue of the Americas, 9th Floor, New York, NY 10019. Provides securities lending, trade execution, and custodial services.
• Citi Global Markets Inc.coreOthersPrime broker and custodian for Gates Capital Management. Located at 390 Greenwich Street, 3rd Floor, New York, NY 10013. Provides securities lending, trade execution, and custodial services.
• ACA Compliance GroupcoreOthersCompliance consultant for Gates Capital Management. Located at 1370 Broadway, 12th Floor, New York, NY 10018. Provides regulatory compliance advisory services.
• ACA AponixsupportingOthersCybersecurity consultant for Gates Capital Management. Located at 1370 Broadway, 12th Floor, New York, NY 10018. Provides cybersecurity risk management and advisory services.
• DLA Piper LLP (US)coreOthersUS legal counsel for Gates Capital Management. Contact: John Grady, One Liberty Place, 1650 Market Street, Suite 4900, Philadelphia, PA 19103. Provides legal advisory services for US fund operations.
• Schulte Roth & Zabel LLPcoreOthersLegal counsel for Gates Capital Management. Contact: Daniel F. Hunter, 919 Third Avenue, New York, NY 10022. Provides legal advisory services including hedge fund formation, regulatory, and transactional matters.
• Harney Westwood & RiegelscoreOthersOffshore legal counsel for Gates Capital Management. Contact: Philip Graham. Provides legal advisory services for Cayman Islands fund structures and offshore operations.
• Bank of America Merrill LynchsupportingOthersAgent bank for Gates Capital Management. Located at One Bryant Park. Provides banking services including credit facilities and trade finance for the firm's fund operations.

Scale indicators3 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Silver Point Capital: Distressed credit and special-situations hedge fund manager with strong institutional LP base. Closely aligned with Gates Capital's emphasis on senior-secured claims, distressed securities, and credit-focused event-driven investing.
• Marathon Asset Management: Established event-driven credit and special-situations manager with institutional focus. Directly comparable to Gates Capital in its credit-oriented, capital-structure-aware approach across distressed and event-driven opportunities.
• Strategic Value Partners: Distressed and special-situations credit manager with global institutional reach. Comparable in distressed-securities, capital-structure investing and similar service-provider infrastructure.
• Mudrick Capital Management: Event-driven and distressed-credit manager pursuing special situations, restructurings, and credit opportunities. Closely comparable in strategy mix and target institutional client base.
• Antara Capital LP: Event-driven hedge fund manager with credit and equity special-situations focus. Direct comparable given Paul Lucas's prior BD leadership at Antara — reflecting overlap in target LP base and event-driven DNA.
• Fir Tree Partners: Event-driven and special-situations hedge fund investing across credit and equities. Directly comparable to Gates Capital in opportunistic, capital-structure-aware approach to corporate dislocation.
• Taconic Capital Advisors: Multi-strategy event-driven and special-situations manager with strong institutional relationships. Comparable in event-driven mandate mix and institutional distribution focus.
• Sandell Asset Management: Event-driven and special-situations hedge fund manager focused on corporate restructurings and value-oriented situations. Comparable mid-sized franchise with institutional LP focus.

Broad incumbents

• Centerbridge Partners: Larger multi-strategy alternative manager with significant distressed-credit and special-situations franchises. Operates in the same event-driven universe but with broader product breadth and greater AUM scale.
• Oaktree Capital Management: Large alternative manager with leading distressed-credit and special-situations franchises. Broader incumbent with overlap in distressed and event-driven credit strategies, though substantially larger and more diversified.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Gates Capital Management