Founded 1997 by Bolland, Barnes & Moulton. Manages/advises £1.6bn AUM. 220+ transactions since inception, £5.5bn invested. Portfolio incl. DNA Payments (£100m, 2021), Apollo Group Holdings ($90m, 2021), Barons Eden (luxury spa, 2025), Incisive Media (debt-for-equity, 2015). Led by Dominic Slade. Latest fund (ASOF V, €1bn) focused European mid-market corporate special situations. Acquisitions through debt & equity structures.
Investment Focus
Investment Thesis
European mid-market special situations via debt & equity. Focus: distressed assets, undervalued businesses, turnarounds, carve-outs, restructurings. Stage: generally mature companies, not early-stage. Cheque ~£25-150m per transaction (historical range), upwards to £300m for platform acquisitions. Sectors: generalist incl. financial services, business services, hospitality. Geography: UK, Ireland, Germany, broader Europe. Avoids: typical VC/growth stage. Strength: restructuring expertise, board-level operational support.
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