Bardin Hill Investment Partners LP (“BHIP” or the “Firm”) is an investment advisory
services firm that, together with its relying adviser affiliates, focuses primarily on public
and private credit and event-driven strategies. BHIP, a predecessor entity of which has been
registered with the SEC since 1997. This brochure contains information with respect to
BHIP and all of its relying advisers (collectively, “Bardin Hill,” or “we”). Bardin Hill
provides investment advisory services to a variety of private investment funds, managed
accounts, and collateralized loan obligation investment vehicles. Bardin Hill’s regulatory
assets under management are estimated to be $6,132,538,157 as of December 31, 2022.
BHIP’s principal owners are Bardin Hill Management Partners LP, NGI Strategic Holdings
(A) LP and Cairo Management Holdings, L.P. Each of NGI Strategic Holdings (A) LP and
Cairo Management Holdings, L.P. owns a passive minority interest in the Firm. Bardin Hill
Management Partners LP is privately owned by ten active partners who average 22 years
of industry experience. Jason Dillow is Chief Executive Officer and Chief Investment
Officer of the Firm and the sole indirect principal owner of the Firm. Bardin Hill draws on
the skills and experience of approximately 63 partners and other employees (referred to
collectively as “Employees), approximately 28 of whom are investment professionals. The
Firm’s Executive Committee includes Jason Dillow, Suzanne McDermott, Jacob Fishelis,
Philip Raciti, John Cashwell. In addition, Jason Dillow, John Greene, Pratik Desai and,
with respect to arbitrage positions, Gian Maria Magrini are Portfolio Managers with respect
to BHIP’s advisory activities.
Bardin Hill is based in New York, NY.
Relying Advisers
BHIP directly or indirectly owns controlling stakes in all of its relying advisers, which fall
into the following categories:
1. Bardin Hill Arbitrage Management LP (“BHARB”) and its subsidiaries listed
below;
2. Bardin Hill Loan Management LLC (“BHLM”) and its direct and indirect
subsidiaries listed below; and
3. Bardin Hill Long Duration Recoveries Management LP (“BHLDR”).
BHARB’s subsidiaries seek to identify structural market inefficiencies and situations
where their research suggests the risk is less asymmetric than for similar strategies,
particularly with respect to merger arbitrage opportunities. Specifically, Bardin Hill
Arbitrage UCITS Management LP (“BHAUM”) provides advisory services using this
strategy to UCITS portfolios and Bardin Hill Arbitrage IC Management LP (“BHAIM”)
provides advisory services using this strategy to Investment Company Act of 1940
portfolios (though note that BHAIM is separately registered as an investment adviser with
the SEC and makes its own Form ADV filings). BHAUM and BHAIM are both wholly
owned subsidiaries of BHARB. Gian Maria Magrini is the Portfolio Manager, and Ryan
Khan is the Associate Portfolio Manager, for BHARB and its subsidiaries. The sole limited
partner of BHARB is BHIP, and Bardin Hill Investment Partners GP LLC is its general
partner.
Bardin Hill Loan Management
BHLM’s subsidiaries specialize in providing investment management services to
investment vehicles which invest primarily in performing credit assets. Philip Raciti is the
Portfolio Manager, and Sean Kadden is the Associate Portfolio Manager, for BHLM and
its subsidiaries.
Most of BHLM’s subsidiaries control the management of the collateral supporting certain
debt obligations issued by collateralized loan obligation vehicles. The collateral generally
consists of debt obligations, secured
and unsecured claims, any equity securities acquired
as part of a unit consisting of both a debt obligation and an equity security, and certain
derivative instruments. The BHLM subsidiaries perform numerous administrative and
advisory functions with respect to the collateral, including selecting the portfolio of
collateral and instructing an independent trustee with respect to acquisitions, dispositions,
or reinvestments of proceeds of the collateral.
BHIP owns approximately 99% of the BHLM interests participating in profits and losses
with respect to the investment advisory activities of BHLM’s subsidiaries. BHLM also has
two special members providing capital in connection with establishment of collateral
obligation vehicles. The BHLM subsidiary relying advisers providing services to
collateralized loan obligation vehicles are (i) Halcyon Loan Investors LP, Halcyon Loan
Advisors A LLC and Bardin Hill Performing Credit Management LLC (each principally
or wholly owned by BHLM), and (ii) each of Halcyon Loan Advisors 2012-1 LLC,
Halcyon Loan Advisors 2012-2 LLC, Halcyon Loan Advisors 2013-1 LLC, Halcyon Loan
Advisors 2013-2 LLC, Halcyon Loan Advisors 2014-1 LLC, Halcyon Loan Advisors
2014-2 LLC, Halcyon Loan Advisors 2014-3 LLC, Halcyon Loan Advisors 2015-2 LLC,
Halcyon Loan Advisors 2018-1 LLC and Halcyon Loan Advisors 2018-2 LLC (each a
wholly owned subsidiary of Bardin Hill Loan Advisors LP, which is wholly owned by
BHLM).
Halcyon Loan Investment Management LLC, wholly owned by BHLM, provides
investment advisory services to managed accounts focusing primarily on senior bank loan
investments.
Bardin Hill Long Duration Recoveries Management
BHLDR focuses on non-market correlated investments in litigation-oriented situations,
liquidations, and other special opportunities (which can include private and illiquid
positions) of a non-market correlated nature, in each case, with a long-term investment
horizon. The members of the Investment Committee of BHLDR are John Greene and Jason
Dillow. The sole limited partner of BHLDR is BHIP, and Bardin Hill Investment Partners
GP LLC is its general partner.
Advisory Clients
Bardin Hill’s advisory clients fall into three categories:
1. Private funds sponsored and controlled by Bardin Hill for a variety of investors or
one or more specific investors (referred to as the “Bardin Hill Funds”);
2. Collateralized loan obligation investment vehicles (referred to as the “CLOs”); and
3. Managed accounts for institutional investors or funds sponsored by unaffiliated
institutions (referred to as the “Managed Accounts”).
Bardin Hill tailors advisory services to the individual needs and specified investment
mandate of its advisory clients. For commingled Bardin Hill Funds, we adhere to the
investment strategy set forth in each Private Placement Memorandum and/or other
operating documents of such Bardin Hill Funds. For each Managed Account, as well as for
single investor Bardin Hill Funds, we enter into advisory and/or operating agreements that
contain a description of the investment objective and mandate, as well as investment
guidelines and restrictions agreed upon with those advisory clients. For CLOs, we adhere
to the investment strategy and portfolio guidelines and restrictions set forth in the relevant
CLO’s offering memorandum.
We do not participate in wrap fee programs. We manage Bardin Hill Funds, Managed
Accounts and CLOs on a discretionary basis, except as may be limited in the relevant
advisory client’s advisory agreement.