Palmerston Capital Management

What Palmerston Capital Management does

Palmerston Capital Management LLP is a London-based credit-focused alternative asset manager that operates a single investment product, the Palmerston Credit Fund, launched in January 2014. The firm was established in 2013 by a team of experienced market professionals and targets institutional investors seeking exposure to the liquid end of the credit spectrum, emphasizing intensive fundamental bottom-up research, strong risk discipline, and capital preservation. The firm is authorised and regulated by the Financial Conduct Authority (registration number 597266), is classified as a small and non-interconnected (SNI) MIFIDPRU investment firm, is a collective portfolio management investment firm subject to the AIFM Remuneration Code, and is a member of the Alternative Investment Management Association (AIMA).

The firm's investment approach is described as intensive fundamental bottom-up research driving investment decisions, supported by a robust operational platform and a rigorous investment process that aims to balance performance with capital preservation. Beyond the disclosed research methodology and traditional fund-operations infrastructure, no proprietary technology stack, patents, AI/ML tooling, or proprietary data assets are disclosed in the input data. The firm holds no subsidiaries, has no parent company, and has not disclosed any external private equity or venture capital backing.

Palmerston generates revenue as a credit-focused alternative asset manager through management fees and performance fees on the Palmerston Credit Fund, distributed via private placement mechanisms typical of hedge fund and alternative investment structures to qualified institutional investors. Pricing is not publicly disclosed and would be detailed in private offering documentation. The firm is headquartered in London (8th Floor, Savoy Strand, 105-109 Strand, London WC2R 0AA), employs 11-50 staff, and reported total staff remuneration of £14,107,711 for the financial year ending 31 March 2023 (fixed component £2,171,181; variable component £11,934,530), with the very high variable-to-fixed ratio (~85%) indicating meaningful performance fee income aligned with fund returns.

Name

Palmerston Capital Management

Legal name

Palmerston Capital Management LLP

Website

https://palmerstonllp.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Palmerston Capital Management LLP is a London-based credit-focused alternative asset manager operating the Palmerston Credit Fund for institutional investors. Founded in 2013, the firm employs intensive fundamental bottom-up research and is FCA-authorized (597266) and AIMA-member.

Ownership category

akta.pro rank

Product category

Credit-Focused Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Strategy — Single-Manager, Multi-PM (FSAHAFAB)

Keywords

• Credit asset management
• Alternative investments
• Credit fund management
• Bottom-up research
• Liquid credit investing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Alternative Asset Management Fees: Palmerston Capital Management generates revenue as a credit-focused alternative asset manager, charging management fees and potentially performance fees on the Palmerston Credit Fund to investors.

Core offering

Palmerston Capital Management LLP is a credit-focused alternative asset manager based in London that operates the Palmerston Credit Fund, targeting the liquid end of the credit spectrum through intensive fundamental bottom-up research. The firm manages a single flagship fund for professional investors, balancing investment performance with capital preservation via strong risk discipline, a rigorous investment process, and a robust operational platform.

Product overview

Palmerston Capital Management operates as a single-product credit-focused alternative asset manager. The firm offers one core investment product: the Palmerston Credit Fund, which launched in January 2014. The fund targets liquid credit opportunities and relies on intensive fundamental bottom-up research, strong risk discipline, and a rigorous investment process. The firm also maintains a robust operational platform supporting the fund's operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Palmerston Credit Fund A credit-focused alternative investment fund targeting the liquid end of the credit spectrum, employing intensive fundamental bottom-up research to drive investment decisions while maintaining strong risk discipline and capital preservation. Designed for professional and institutional investors seeking diversified liquid credit exposure.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Alternative Investment Management Association (AIMA)moderateOthersPalmerston Capital Management is a member of the Alternative Investment Management Association, demonstrating commitment to industry standards, best practices, and professional development in alternative investment management.

Scale indicators4 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• Ares Management Credit: Global alternative asset manager with a large credit franchise spanning liquid credit, private credit, and structured credit. Comparable to Palmerston in offering credit-focused alternative strategies to institutional clients but at significantly greater scale and product breadth.
• Man Group: London-listed global alternative asset manager offering credit, discretionary, and quantitative strategies to institutional clients. Comparable to Palmerston in offering institutional credit alternative strategies, though with broader strategy mix and substantially larger scale.
• M&G Investments Credit: London-based asset manager with a sizeable credit franchise serving institutional and retail clients. Comparable to Palmerston in credit management focus and London domicile but with a much broader product range and distribution footprint.
• KKR Credit: Major alternative asset manager with a substantial global credit business across liquid and private credit strategies. Comparable to Palmerston in the credit alternatives institutional market but operating at vastly greater scale and product breadth.

Direct peers

• CQS: London-based alternative asset manager with a significant credit strategy franchise serving institutional investors. Comparable to Palmerston as a UK-domiciled credit-focused alternatives manager with institutional fund offerings.
• Cairn Capital: London-based credit-focused alternative asset manager running multi-strategy credit funds for institutional investors. Direct competitor to Palmerston in the European liquid credit hedge fund space with comparable institutional client base and research-driven investment approach.
• TwentyFour Asset Management: London-based fixed income and credit specialist managing institutional credit strategies with a strong fundamental research process. Highly comparable to Palmerston as a boutique London credit manager targeting institutional investors.
• BlueBay Asset Management: London-headquartered credit specialist manager offering fixed income and credit alternative strategies to institutional clients. Closely comparable to Palmerston in focus, geography, and institutional client base, though larger in AUM scale.
• BlueCrest Capital Management: London-based alternative asset manager offering discretionary credit and macro strategies to institutional investors. Comparable to Palmerston as a UK-domiciled boutique alternative manager focused on discretionary investment processes.

Regional players

• ICG (Intermediate Capital Group): London-listed alternative asset manager with significant credit and credit-adjacent strategies for institutional investors. Comparable to Palmerston in the European credit alternatives market, though primarily focused on private credit rather than liquid credit.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

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 Palmerston Capital Management