Investment Strategies

The team utilizes a fundamental valuation approach to illiquid asset classes in order to achieve consistent and attractive returns in any market environment

Team

Jupiter Peak has one of the strongest and longest-tenured teams of investment professionals in the industry, with expertise across a broad range of asset classes

THE FIRM

Founded in 2016, Jupiter Peak specializes in opportunities that do not fit clearly into traditional private equity, private credit, or secondary strategies

Jupiter Peak Capital is an independent investment manager dedicated to providing capital solutions across special situation opportunities

THE FIRM

Who We Are

Founded in 2016, Jupiter Peak Capital is an independent investment manager dedicated to providing capital solutions across special situation opportunities. Prior to founding Jupiter Peak Capital, the four senior investment professionals had worked together since 2011 at a previous firm where they raised and invested three dedicated funds in the same strategy.

The Firm seeks to make investments at a discount to intrinsic value to achieve strong risk-adjusted returns over a shorter holding period as compared to more traditional private capital investment managers. Our ability to identify and execute attractive opportunities in difficult-to-value asset classes is driven by the team’s extensive history of investing in illiquid assets. Utilizing our direct private equity and credit investment backgrounds, we apply a fundamental valuation approach with an emphasis on downside protection.

Investment Principles

Solutions Oriented

  • Jupiter Peak Capital primarily seeks to solve the problem caused by the mismatch between short-term liabilities and long-term assets commonly associated with hedge funds and private capital funds
  • The team excels at navigating complex situations which are difficult to manage and require specialization
  • Our approach to finding attractive opportunities allows us to invest across the capital structure in various industries and asset classes which has afforded us a reputation as a flexible capital solutions provider

Structuring Expertise

  • Jupiter Peak Capital leverages its experience in balancing considerations from various parties, including sellers, deal intermediaries, investment managers, company management teams, and lawyers, to efficiently structure and close transactions
  • The team’s skill set offers unique insight and capabilities to effectively restructure or recapitalize funds and assets
  • We believe the complexity of deal structuring coupled with smaller transaction sizes often dissuades our competition from participating in the types of investments that we find attractive

Valuation Approach

  • The Firm targets consistent and attractive returns in any market environment
  • The team capitalizes on its direct private equity and credit investing background to perform detailed due diligence with an emphasis on a bottom-up asset-level valuation approach
  • Jupiter Peak Capital focuses on ensuring capital preservation while often providing the ability to participate in upside potential

Portfolio Management & Investment Monitoring

  • Our approach to manage investments and make key decisions is centered around a strategy to build a balanced and diversified portfolio
  • Jupiter Peak Capital employs an active investment monitoring practice, which is designed to allow the team to affect outcomes by utilizing advisors, industry relationships, and fund contacts
  • The team focuses on additional value-creation levers beyond its initial entry price while it seeks to effectuate faster returns of capital

Reputation

  • Jupiter Peak Capital aims to act as a trusted investor-partner by working with the fund manager or underlying company management to be constructive, value-added investors
  • The founding members have been working together since 2011 with a focus on opportunistic, special situations investing
  • The team has successfully completed over 250 transactions

Solutions Oriented

  • Jupiter Peak primarily seeks to solve the problem caused by the mismatch between short-term liabilities and long-term assets commonly associated with hedge funds and private capital funds
  • Flexible capital allows the Firm to invest across the capital structure in various industries and asset classes
  • Interact routinely with managers / management to drive value-added initiatives

Structuring Expertise

  • The Jupiter Peak team is experienced in structuring highly negotiated investments with a focus on ensuring capital preservation while also providing the ability to participate in upside potential
  • The team has spent the past decade balancing considerations from counterparties, deal intermediaries, investment managers, fund administrators, and lawyers and has developed a reputation as a flexible capital solutions provider
  • The team believes that the complexity of the structure and smaller size often dissuade competition from participating in the types of investments that Jupiter Peak finds attractive

Underwriting Experience

  • Direct private equity and credit investment experience is a hallmark of the team 
  • Offer unique insight and capabilities to effectively restructure or recapitalize funds and assets
  • Utilize network of long-standing relationships
  • Target consistent and attractive returns

Portfolio Management & Investment Monitoring

  • Jupiter Peak employs an active investment monitoring practice, which is designed to allow the team to affect outcomes by utilizing advisors, industry relationships, and fund contacts
  • Focus on additional value-creation levers beyond the initial entry price and seek to effectuate faster returns of capital

Trusted Counterparty

  • The founding members have been working together since 2011 with a focus on opportunistic special situations since 2008
  • Completed over 250 transactions since 2008

Meet the Team

The founding members of Jupiter Peak Capital utilize over 65 years of combined investment experience with extensive direct private equity and credit investing expertise. Our team consists of investment professionals with expertise across a broad range of disciplines – distressed securities and assets, control and non-control private equity investing, real assets, structured products, and illiquid credit investments.

Our backgrounds allow Jupiter Peak Capital to execute a differentiated investment strategy tailored around a fundamental valuation approach to stranded, mature, and illiquid assets.

Curt Futch
Managing Partner & Founder

Curt Futch is the Managing Partner at Jupiter Peak Capital. Curt founded the firm in 2016. He previously served as a Managing Director and Senior Portfolio Manager at Crestline Investors and was responsible for co-managing Crestline's Opportunistic Strategies Group. Before Crestline, he was a Member of the Credit Group at Q Investments, where he focused primarily on private transactions. He also served as a Vice President with the BNP Paribas Merchant Banking Group, which is a provider of capital for leverage buyouts, strategic acquisitions, leveraged buildups, and recapitalizations. Additionally, Curt was an Associate and subsequently a Vice President at Thomas Weisel Capital Partners LLC, a private equity firm focused on buyouts, buildups, and late stage growth investments. Prior to Thomas Weisel Capital Partners, Curt was an Associate at Montgomery Securities’ High Yield and Convertible Debt Group. He began his career working as an investment banking Analyst at BancAmerica Securities.

Curt is on the Board of Managers at Deepwater Wind, LLC and the Board of Directors at Encell Technology, Inc. He is also on the advisory board of several funds managed by Vine Alternative Investments Group and Healthcare Royalty Partners. Curt graduated magna cum laude with a B.A. from Vanderbilt University.

Curt Futch
Managing Partner
Matt McCutchen
Partner

Matt McCutchen is a Partner at Jupiter Peak Capital. He previously served as a Director and Associate Portfolio Manager at Crestline Investors focusing on all investment and management aspects of the Recovery Funds. Before Crestline, he was a Vice President at Prophet Equity where he was responsible for investment analysis. Prior to Prophet Equity, he was a Senior Associate at ComVest Group where he was responsible for investment analysis. Matt began his principal investing career at Sun Capital Partners where he served as a Senior Associate and was responsible for investment analysis. Matt began his career in New York City, working in the investment banking division of Citigroup.

Matt graduated with a M.S. and B.S. in Accounting from the University of Florida.

Matt McCutchen
Partner
Andrew Bernstein
Principal

Andrew Bernstein is a Principal at Jupiter Peak Capital. He previously served as an Associate and subsequently Vice President at Crestline Investors. Before Crestline, he served as an Analyst and subsequently an Associate at Berkshire Capital Securities. Prior to Berkshire Capital Securities, he was an Analyst at Milestone Advisors where he provided corporate finance advisory services to middle-market financial service institutions. Andrew began his career at BearingPoint where he served as Senior Management Analyst.

Andrew graduated with an M.P.A. in Professional Accounting from the University of Texas at Austin and a B.S.B.A. in Finance and Accounting from Washington University in St. Louis.

Andrew Bernstein
Principal
William Wennerth
Principal

William Wennerth is a Principal at Jupiter Peak Capital. He previously served as an Associate and subsequently Vice President at Crestline Investors. Before Crestline, he was an investment banker in Citigroup’s middle-market M&A group where he focused on mergers, divestitures, acquisitions, leveraged buyouts, and recapitalizations. William began his career as an Analyst in the global industries investment banking group at Bank of America.

William graduated with an A.B. in Economics with honors from the University of Chicago.

William Wennerth
Principal
Kevin Hirt
Vice President

Kevin Hirt is a Vice President at Jupiter Peak Capital. He previously served as an Associate at Crestline Investors. Prior to joining Crestline, he worked at Brown Brothers Harriman & Co. as member of BBH Capital Partners, focused on private equity middle-market buyouts and growth equity investments. Prior to Brown Brothers Harriman & Co., he was an Analyst at Bank of America Merrill Lynch.

Kevin graduated with a B.S. in Business Administration from Loyola University Chicago

Kevin Hirt
Vice President
Jessie Councilman
Vice President

Jessie Councilman is a Vice President at Jupiter Peak Capital. She previously served as Vice President, Associate, and Analyst at Goldman Sachs where she focused on corporate strategy, business development, financial control, risk management, and derivative operations. Jessie most recently operated as the Chief of Staff for Global Derivatives, Securities, and Clearing. Before which, she served as a Controller for Credit, Funding and Debt Valuations as well the Americas Operations Manager for Foreign Exchange.

Jessie graduated summa cum laude with a Bachelor of Business Administration from the University of New Mexico.

Jessie Councilman
Vice President
Sujan Dhoju
Analyst

Sujan Dhoju is an Analyst at Jupiter Peak Capital. He previously served as an Analyst at Goldman Sachs in the Listed Derivatives Group.  

Sujan graduated with an M.S. in Finance from the University of Utah and a B.S. in Finance and Economics from Linfield College.

Sujan Dhoju
Analyst
Jesse Redding
Analyst

Jesse Redding is an Analyst at Jupiter Peak Capital.  

Jesse graduated with a B.A. in Political Economy from the University of California, Berkeley.

Jesse Redding
Analyst

INVESTMENT STRATEGIES

Jupiter Peak Capital focuses on special situations that do not fit clearly into traditional private equity, private credit, or secondary strategies. We are constantly utilizing a top-down and bottom-up approach to identify investment themes, market dislocations, and compelling opportunities.

Liquidity Solutions

We believe competing objectives and misaligned incentives exist between and amongst asset managers and investors which create impediments to solving liquidity and value maximization. These opportunities are generally illiquid, mature fund positions or assets trapped in long-lived fund structures where fresh capital offers the potential for an attractive return over a shorter duration. Our focus is industry agnostic but centered on four primary investment opportunities.

The Jupiter Peak team worked together for over five years at Crestline Investors managing a combined $1.4 billion of AUM across three funds (the “Recovery Funds*”).

Recovery Fund I:     2009 vintage-year fund with total commitments of approximately $191 million

Recovery Fund II:   2011 vintage-year fund with total commitments of approximately $405 million

Recovery Fund III: 2013 vintage-year fund with total commitments of approximately $747 million

*Past performance is not necessarily indicative of future results. Past investment experience and performance presented herein represents the investment history of Curt Futch while employed at Crestline Investors. The investment history represents the accounts managed by Mr. Futch from 2008 to 2016 at Crestline Investors, more commonly known as the “Recovery Funds”. Mr. Futch was responsible for managing the historical funds and was also a member of the investment committee with respect to such historical funds. Ultimate investment responsibility with respect to the historical funds herein are held by such historical fund’s respective investment committees. Actual results may differ materially from those reflected or contemplated in the data presented here. Jupiter Peak Capital has no operating history.

Focused On Four Types of Investment Opportunities

Case Study
Fund Interest
$30 Billion Hedge Fund Manager
OVERVIEW
  • In early 2014, a preeminent global hedge fund manager with over $30 billion in total AUM ran two tender processes to provide a liquidity solution to its (i) onshore and (ii) offshore investors in a $1 billion illiquid fund
  • Due to the existing relationship between the team and the manager, coupled with existing knowledge of the underlying assets, the team was able to acquire 100% of the onshore interests as well as a portion of the offshore interests
Investment Details*
LIQUIDITY SOLUTION:

Manager and investor solution by acquiring fund interests in tender process and secondary trades

SITUATION OVERVIEW:
  • Type: Hedge
  • Strategy: Special Situations
  • Geography: 90% North America, 10% RoW
INVESTMENT DATE:

Investments were made in tranches at various stages

TOTAL ACQUIRED NAV:

Approximately $150 million

INVESTED CAPITAL:

$100+ million

*Past performance is not necessarily indicative of future results. Case studies are presented for illustration purposes only and are not intended as a prediction, representation, projection, or guarantee of the performance of any Jupiter Peak Capital fund.  The information above occurred while team members were employed at Crestline Investors.

FUND INTEREST

  • Create exit opportunities for “tired investors” in long-lived fund interests
Case Study
Case Study
Fund Restructuring
$175 Million Tender Opportunity
OVERVIEW
  • In late 2013, the team participated in a tender process to provide liquidity to investors in a ~$250 million fund managed by a reputable fund manager with over $20 billion of AUM
  • The manager initiated the process by inviting a select group of potential acquirers to participate
  • After several weeks of diligence, the team was selected as the exclusive counterparty to provide a solution for over 1,500 investors in the fund
Investment Details* 
LIQUIDITY SOLUTION:

Manager and investor solution by acquiring interests of a fund in wind-down

LIQUIDITY SOLUTION:
  • Type: Hedge
  • Strategy: Special Situations
  • Geography: 75% North America, 25% RoW
INVESTMENT DATE:

Investments were made in tranches at various stages

TOTAL ACQUIRED NAV:

Approximately $85 million

INVESTED CAPITAL:

$80+ million

*Past performance is not necessarily indicative of future results. Case studies are presented for illustration purposes only and are not intended as a prediction, representation, projection, or guarantee of the performance of any Jupiter Peak Capital fund.  The information above occurred while team members were employed at Crestline Investors.

FUND RESTRUCTURING

  • Provide customized, negotiated, and highly structured solutions for both manager and investor 
Case Study
Case Study
Direct Asset
Direct Asset Purchase Originating from Fund Relationship 
OVERVIEW
  • In late 2015, the team capitalized on an existing relationship stemming from a previous fund interest investment to purchase a minority equity stake in an offshore wind development company majority-owned and managed by a preeminent global hedge fund
  • The company was one of the last remaining investments held in a side-pocketed hedge fund vehicle of a separate co-investor in the asset who originally contacted the majority investor in the company to help identify potential acquirers so the fund could be wound-down
  • The majority investor reached out to the team on an exclusive basis to pursue the transaction
Investment Details*
LIQUIDITY SOLUTION:

Manager solution which provided liquidity to a minority partner

LIQUIDITY SOLUTION:
  • Type: Equity
  • Strategy: Offshore Wind Farm
  • Geography: 100% North America
INVESTMENT DATE:

December 2015

TOTAL EQUITY ACQUIRED:

Approximately $5 million

INVESTED CAPITAL:

$2.5+ million

*Past performance is not necessarily indicative of future results. Case studies are presented for illustration purposes only and are not intended as a prediction, representation, projection, or guarantee of the performance of any Jupiter Peak Capital fund.  The information above occurred while team members were employed at Crestline Investors.

DIRECT ASSET

  • Purchase underlying assets including equity, debt, real assets, or structured securities 
  • Target both control and non-control situations
Case Study
Case Study
Fund / Asset-Level Financing
Senior Secured Note to a Special Purpose Vehicle of an Evergreen Fund
OVERVIEW
  • In 2015, the team was approached directly by a private equity sponsor focused on financial services with whom the team had an existing professional relationship
  • The private equity sponsor sought capital to support an SPV. The team provided a SPV loan whereby the proceeds of the loan were used by the SPV to satisfy outstanding redemption requests from a group of investors
  • The SPV loan was structured as senior secured note to the SPV which was collateralized by all shares owned by the SPV
Investment Details*
LIQUIDITY SOLUTION:

Manager solution which provided capital to ensure stability of an investment and redeem existing investors

SITUATION OVERVIEW:
  • Type: Senior Secured Note
  • Strategy: Special Situations
  • Geography: 100% North America
INVESTMENT DATE:

August 2015

TOTAL LOAN FACE AMOUNT:

Approximately $15 million

INVESTED CAPITAL:

$10+ million

*Past performance is not necessarily indicative of future results. Case studies are presented for illustration purposes only and are not intended as a prediction, representation, projection, or guarantee of the performance of any Jupiter Peak Capital fund.  The information above occurred while team members were employed at Crestline Investors.

FUND / ASSET-LEVEL FINANCING

  • Make loans to or preferred security investments in a fund secured by all assets or a select subset of assets with preferred features
  • Lend directly to a specific asset of a fund depending on asset quality and unique circumstances
Case Study

Contact

1389 Center Drive
Suite 380
Park City, UT 84098
Phone: (435) 315-2800
Email: