Sector developments and company hires

Litigation finance fund formed
Tetragon and its diversified alternative asset management business TFG Asset Management have entered into an agreement with Brandon Baer to invest in his newly-created company, Contingency Capital. The company – which is expected to formally launch on 1 November - is a multi-product global asset management business that will sponsor and manage litigation finance-related investment funds.

Baer formerly worked at Fortress Investment Group, where he was a partner and md in the credit funds business. He was also the co-founder and co-head of its legal assets group.

TFG Asset Management will receive a significant minority equity interest in Contingency Capital and Tetragon will provide Contingency Capital with working capital and a US$50m commitment to its first commingled investment fund, with Tetragon retaining the option to invest further amounts. TFG Asset Management will also provide Contingency Capital with operating infrastructure, such as risk management, investor relations, financial control, technology and compliance/legal matters.

Fortress and Contingency Capital have entered into co-investment arrangements, pursuant to which Fortress may invest up to US$500m in Contingency Capital's opportunities. Contingency Capital has also entered into arrangements with a large fixed income asset manager relating to up to US$900m of additional co-investment opportunities.

In other news…

Asia Pacific
Walkers has added Shamar Ennis as a partner in its finance and corporate group in Hong Kong. Ennis relocates from the firm's Cayman office, having previously been seconded to Hong Kong for two years in 2014. She has a broad range of experience in corporate and finance advising on Cayman Islands and British Virgin Islands law aspects of leveraged and acquisition financings, structured finance, fund finance and general corporate lending transactions.

EMEA
BlueBay has hired Adam Phillips as head of developed markets special situations, a newly created position. Phillips is to further enhance global leveraged finance strategies, building out BlueBay’s capabilities within stressed and distressed credit and lead launches of new special situations investment strategies. He will also manage the firm’s existing event-driven credit strategy, alongside Duncan Farley and Tim Leary.

Phillips is based in London and reports to Mark Dowding, cio. He joins from Blantyre Capital, where he was head of investments.