About the Morgan Creek-Exos SPAC+ Fund
In a world of zero or negative interest rates, investors may be forced to take additional risk (equity, credit, illiquidity, etc.) to meet their return objectives. These additional risks are often highly correlated and can lead to significant losses as interest rates rise.
The Morgan Creek-Exos SPAC+ Fund (the "Fund") seeks to capitalize on the differentiated nature of SPACs to deliver a consistent return, an attractive risk profile, and the potential for upside, all while relying on a portfolio of Treasury bills or other cash-like collateral in trust in an effort to preserve capital.
- We view the Fund as a total return-oriented vehicle and as a fixed income alternative from a risk perspective.
- The Fund holds a diversified portfolio of SPACs and related derivatives.
A Collaboration with SPAC Specialists
The Fund is a collaboration between Morgan Creek Capital Management and Exos Financial, the Fund's Sub-Advisor. Exos, a new institutional finance platform, was founded by Brady Dougan, the former CEO of Credit Suisse. In addition to asset management, Exos operates a number of businesses including investment banking, sales & trading, wealth management, and M&A advisory.
Exos' Experience Across the SPAC Ecosystem
Meet the Exos Team
Dewey Tucker
Read About Dewey
Portfolio Manager
Philippe Hatstadt
Read About Philippe
Head of Risk
Michael Bissmeyer
Read About Michael
Head of Trading
Brady Dougan
Read About Brady
CEO & Founder
Strategy
| Seeks to maximize the value of portfolio options inherent in SPAC-related securities in order to drive upside. |
| Seeks to add incremental return via a proprietary algorithmic market making strategy. |
| Seeks to protect downside via the cash-like collateral held in trust by the underlying SPACs. |
| Targets 2x leverage with the ability to increase to 4x when market conditions warrant. |
| After acquisition is announced, the Fund sells out of the position to capture price appreciation driven by the deal. |
| If a deal is not reached, the Fund puts the shares back and receives the original investment plus Treasury interest. |
Fund Terms
|
Liquidity Monthly with 30 days notice |
|
Management Fee 1% |
|
Incentive Fee 20% above Treasury Bill return |
|
Domicile Delaware LP with Cayman Feeder |
|
Cash Custodian Northern Trust |
|
Prime Broker Cantor Fitzgerald |
|
Administrator SS&C GlobeOp |
|
U.S. Counsel Thompson Hine LLP |
|
Offshore Counsel Mourant Ozannes |
|
Auditors KPMG |
Learn More
To learn more about the Morgan Creek-Exos SPAC + Fund, including being added to our distribution lists, or to speak to a member of our team, please complete this form. We look forward to hearing from you.