MORGAN CREEK-EXOS SPAC+ FUND

Learn about SPACs and the Morgan Creek-Exos SPAC+ Fund with Mark Yusko and Exos' Michael Bissmeyer

April 29, 3 pm

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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

SPAC table Exos capabilities

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 Materials

Market Commentary
SPAC+ Presentatation

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

SPAC #Edge Podcast

A podcast covering the latest trends and developments in SPACs

Interview with Brady Dougan, CEO and Founder, Exos Financial

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.

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