AlbaCore Capital

AlbaCore Capital is a European investment firm and solutions provider, focusing on private debt and opportunistic credit investments

The experienced team at AlbaCore Capital (“AlbaCore”) focuses on credit investments across capital structures and European jurisdictions. We aim to generate attractive risk-adjusted returns and alpha over the cycle in primary and secondary markets. We provide bespoke solutions to our partners with speed and certainty of execution.

AlbaCore is an organisation built on core values and a partnership approach with investors and counterparties.

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About Us

AlbaCore Capital is a European investment firm and solutions provider, focusing on private debt and opportunistic credit investments. We rely on a fundamental research and relative value approach to drive capital preservation and attractive upside.

At AlbaCore, we focus on the long term. We take a partnership approach with our investors and counterparties to provide bespoke solutions.

AlbaCore formed in 2016 to focus on European credit markets. AlbaCore’s core investment team consists of David Allen, Chief Investment Officer, Bill Ammons, Portfolio Manager, and Deborah Cohen Malka, Deputy Portfolio Manager, who previously worked together in the Canada Pension Plan Investment Board’s Principal Credit Investments business in London. The senior management team is completed by Matthew Courey, Chief Operating Officer, and Safraz Zavahir, General Counsel. Mr. Allen has also worked together with Mr. Courey at Morgan Stanley as part of the High Yield research team awarded a #1 ranking by Institutional Investor Magazine in 2002.

AlbaCore announced a seed investment of €500 million from The Public Sector Pension Investment Board (“PSP Investments”), one of Canada's largest pension investment managers, in November 2016.

AlbaCore has a dedicated team of senior investment professionals with experience across a wide range of asset classes and geographies. The team has diverse skill sets and expertise, and members of the investment team have worked in many areas of finance including in M&A banking, restructuring advisory, distressed investing, private debt, private / public equity, leveraged finance, CLOs, High Yield trading, risk management, and legal, regulatory and compliance oversight.

With its investment team based in London, AlbaCore is an independent organisation managed by its founding partners. We have built an institutional platform with an entrepreneurial spirit, focusing on our responsibilities as a fiduciary and long-term strategic partner for our investors.

AlbaCore Capital LLP has seconded individuals (David Allen, Bill Ammons, Matthew Courey and Deborah Cohen Malka) to Mirabella Financial Services LLP, which is authorised and regulated by the Financial Conduct Authority as an Alternative Investment Fund Manager. All references to investment management activities pertain to the secondees roles when acting in their capacity for Mirabella Financial Services LLP.

For the period pending Central Bank of Ireland authorisation of Albacore Capital Limited, AlbaCore Capital LLP (“AlbaCore Capital”) has entered into agreements with Mirabella Financial Services LLP (“Mirabella FS”) and Mirabella Advisers LLP (“Mirabella Advisers”). Under these agreements, certain AlbaCore Capital individuals are seconded to Mirabella FS to provide portfolio management services to the AlbaCore fund and Mirabella FS acts as the alternative investment fund manager of the fund. Albacore Capital acts as the appointed representative of Mirabella Advisers. All references to positions held by AlbaCore personnel will be true as of the date of authorisation by the Central Bank of Ireland.

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Our Approach

Values

Values

Every role at AlbaCore is staffed by hardworking, enthusiastic, and creative team players. We have built a community environment that encourages our employees to grow with the business and develop a long term career with the company.

Partnership Approach

Partnership Approach

Our partnership approach involves reputational integrity, quick turnaround time, lack of conflicts, straightforward negotiation and loyalty. The team can also restructure deals to specifications and provide solutions to companies with complicated structures or in challenging markets. This makes AlbaCore an early call in many situations which fit our credit profile.

Sourcing Edge

Sourcing Edge

Our investment team has a trusted network of partners and recognised expertise in originating, arranging, and structuring transactions on our own, developed while sourcing multiple billions of euros of transactions over the last 20+ years.

Deep Experience in the Credit Markets

Deep Experience in the Credit Markets

AlbaCore has a dedicated team of senior investment professionals with expertise in many areas of finance including M&A, restructuring advisory, distressed investing, private equity, public equity, leveraged finance, CLOs, investment banking, High Yield trading, risk management, buyside investing, and legal, regulatory and compliance oversight.

Proven and Repeatable Investment Process

Proven and Repeatable Investment Process

The proprietary investment process has been developed over the last 20+ years and focuses on capital preservation and structuring upside with tangible catalysts. Our process is driven by a rigorous fundamental research approach. The process allows the portfolio team to quickly assess each opportunity to identify relevant value drivers and ESG considerations, design or assess the appropriate capital structure and evaluate a comprehensive risk and return profile for each investment.

Creative Structuring

Creative Structuring

AlbaCore’s investment team is recognised in the market as having the expertise and temperament to create bespoke solutions for companies, focusing on structuring deals that fit a particular company or owner’s requirements while satisfying our desire to protect capital and to create upside through convexity.

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Press

  • Creditflux: Tuna fishing with a harpoon is a lot like picking credits Creditflux 1 June 2017
  • Alt-Credit Intelligence: Is the price of risk too low today? Alt-Credit Intelligence 16 May 2017
  • Private Debt Investor: New kid on the block Private Debt Investor 4 May 2017
  • Bloomberg: Credit & Rates Strategy Brief Q&A Bloomberg 14 March 2017
  • PSP Investments Commits €500 million in newly-created European credit platform AlbaCore investpsp.com 1 November 2016
  • Canada’s PSP to Invest $550 Million in New European Credit Fund Bloomberg 1 November 2016

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Senior Management Team

David Allen

David Allen

Managing Partner,
Chief Investment Officer
Bill Ammons

Bill Ammons

Founding Partner and
Portfolio Manager
Deborah Cohen Malka

Deborah Cohen Malka

Deputy Portfolio Manager
 
Matthew Courey

Matthew Courey

Founding Partner and
Chief Operating Officer
Safraz Zavahir

Safraz Zavahir

Founding Partner,
General Counsel and CCO
David Allen

David Allen

Managing Partner,
Chief Investment Officer

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Prior to founding AlbaCore Capital, Mr. Allen managed Canada Pension Plan Investment Board’s European Principal Credit Fund and was a member of the Investment Committee. Mr. Allen was also a Partner, Investment Committee member and Senior Portfolio Manager at GoldenTree Asset Management, where he established and ran the firm’s European presence. Mr. Allen spent a decade with Morgan Stanley in New York and Hong Kong, working across M&A and investment banking before specialising as a High Yield media analyst.

Mr. Allen graduated from the University of California, Berkeley, where he was an all-conference rower and earned a Bachelor of Arts in Economics.

David Allen

Bill Ammons

Founding Partner and Portfolio Manager

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Mr. Ammons has 13 years’ experience in leveraged finance markets, most recently working with Mr. Allen at CPP Investment Board. He was responsible for deal sourcing, structuring and arranging, as well as active portfolio management, also serving on the Real Estate Debt Investment Committee. Previously, Mr. Ammons worked at Bank of America Merrill Lynch in the Restructuring and Leveraged Finance teams, and in Wachovia’s Leveraged Finance team.

Mr. Ammons holds a Master of Accounting and a Bachelor of Science in Business Administration with Distinction from the University of North Carolina at Chapel Hill.

Deborah Cohen Malka

Deborah Cohen Malka

Deputy Portfolio Manager
 

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Ms. Malka has 9 years of financial services and investment experience in the High Yield, Private Debt, Private Equity and Corporate Finance markets working most recently with Mr. Allen and Mr. Ammons at CPP Investment Board. She was responsible for deal sourcing, execution and active portfolio management. Prior to that, Ms. Malka worked as an associate in the investment team of CCMP Capital Advisors, a private equity firm, and at Goldman Sachs International‘s Investment Banking Department focusing on Mergers & Acquisitions, Corporate Finance and IPOs.

Ms. Malka holds a Master in Management with a major in financial engineering from ESCP Europe.

Matthew Courey

Matthew Courey

Founding Partner and
Chief Operating Officer

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Mr. Courey has over 15 years’ experience within High Yield credit markets, most recently as head of Credit Suisse’s High Yield bond trading team. Prior to that, Mr. Courey was at Morgan Stanley where he worked in the High Yield media research team with Mr. Allen, before becoming an Executive Director in the fixed income credit business, trading all parts of the capital structure.

Mr. Courey graduated summa cum laude from The Wharton School at the University of Pennsylvania, with a Bachelor of Science in Economics and a minor in French. He is Vice Chairman of the Board of Seeds of Peace, an international nonprofit that focuses on leadership development in conflict regions.

Safraz Zavahir

Safraz Zavahir

Founding Partner,
General Counsel and CCO

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Mr. Zavahir has over 15 years of experience in legal and compliance work in corporate finance and credit markets. Prior to joining AlbaCore, he served as European Head of Corporate Legal and Compliance for Davidson Kempner Capital Management, a $25 billion asset manager. Previously, he worked as European Counsel and Head of Compliance for Millennium Capital Partners, a $30 billion hedge fund.

Mr. Zavahir graduated from the University of Otago, New Zealand, with a Bachelor of Commerce in Finance and a LLB with honours. He was admitted as a Solicitor in England and Wales in 2002.

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