A List of Event Driven Hedge Funds
Information such as a list of event driven hedge funds or investment funds can be difficult to obtain. Lists of this type are rarely found on the internet. When they are, they are often part of a subscription service. Merger Arbitrage Limited has produced the following list of Event Driven Hedge Funds which have a bias towards merger arbitrage to assist traders and researchers learn more about the players in this niche industry. For the sake of completeness, we have also included prominent event driven investment funds in the list.
Links to individual fund websites are included when possible. We appreciate any comments from our readers but please be aware information is constantly evolving and updates to this list of event driven hedge funds are frequent. Performance data should be available from the fund website where investors can compare the relative merits of each potential investment. Fund composition data should also be available and may be tweeted periodically on X by MAL via an SEC form 13F-HR filing at @MergerArbLimited.
Event driven investment (EDI) strategies such as merger arbitrage attempt to profit from the occurrence of pricing inefficiencies caused by a corporate event. However, more recently this definition has expanded to include additional events and special situations that can significantly affect the company’s operations. Event driven trading itself falls under the category of Alternative Investments. This type of trading is a common mainstay amongst hedge fund strategies.
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A List of Event Driven Hedge Funds A-C
- Abrax Merger Arbitrage Fund Ltd
- CUSIP 0001714275
- A merger arbitrage strategy that seeks to exploit opportunities arising from late-stage M&A situations by
managing a portfolio of equities and using leverage to maximise returns.
- Accendo Capital SICAV, SIF Class A
- Accendo Capital’s strategy is to invest in listed Northern European companies where shareholder value is created through active ownership.
- Allianz Merger Arbitrage Strategy
- The fund aims to exploit price inefficiencies on the equity market that occur in the course of acquisitions, mergers and other corporate transactions.
- Alpine Merger Arbitrage Fund
- Merger arbitrage also includes event-driven situations, such as: Stocks with activist investor-driven catalysts, Bidding wars, Hostile bids, Majority shareholder buyouts, Recapitalizations and partial tenders, Spin-offs and restructurings
- AQR Diversified Arbitrage Fund
- The Fund seeks to exploit mispricing’s in markets through a diversified investment approach across merger arbitrage, convertible arbitrage and a suite of event-driven strategies.
- Avenue Capital Group
- Avenue Capital is a global investment firm with a focus on distressed and event-driven strategies, including merger arbitrage.
- Arrowgrass Merger Arbitrage Fund International Ltd
- CUSIP 0001669247
- We aim to deliver consistent risk-adjusted returns throughout the economic cycle while focusing on capital preservation. Our investment process combines top-down and bottom-up analysis to identify relative value and event driven opportunities and is supported by comprehensive risk management and an institutional-quality infrastructure.
- Axar Onshore Fund LLC
- The firm seeks attractive prices relative to intrinsic value and invests in event-driven situations with clear catalysts and asymmetric return potential.
- Balyasny Asset Management
- CUSIP 0001218710
- BAM’s Merger Arbitrage team finds investment opportunities using a sophisticated research process to determine the probability of a successful M&A transaction, while identifying price inefficiencies in the market.
- Bantleon Event Driven Equities
- the fund invests in various company-specific event categories which are largely market neutral and relatively low-risk, e.g. merger arbitrage and squeeze-outs
- Bardin Hill Investment Partners (formerly known as Halcyon Capital Management)
- CUSIP 0001616416
- Bardin Hill is a global investment management firm with core competencies in credit strategies, including distressed, stressed, and performing credit, as well as litigation-driven investing, merger arbitrage, and event-driven equities.
- Baupost Group
- Baupost Group, led by Seth Klarman, is an event-driven hedge fund focusing on distressed debt, value investing, and merger arbitrage.
- BlackRock Global Event Driven Fund
- a fundamentally-driven investment process focused on a broad spectrum of catalyst based investment opportunities. These catalysts range across a broad spectrum and include, but are not limited to, announced mergers and acquisitions, company offers, spinoffs and split-offs, financial and strategic restructuring and management changes
- Bridgewater Associates
- Bridgewater Associates, known for its systematic approach, may engage in event-driven strategies, including merger arbitrage, as part of its investment process.
- Camelot Event Driven Fund
- The Fund seeks to achieve capital appreciation by investing in the securities of companies where corporate events are expected to unlock value.
- Candriam
- CANDRIAM has been offering innovative and diversified investment solutions for more than 20 years in bonds, equities, absolute performance strategies, asset allocation and – more recently – real estate
- Canyon Partners
- We focus our investments on securities characterized by complexity, transitioning buyer bases, events, restructurings, and other forms of disruption that can disconnect prices from fundamental value.
- Cerberus
- Cerberus Capital Management, L.P. is an American private equity firm, specializing in distressed investing.
- Cevian Capital
- Cevian Capital is a Swedish investment firm founded in 1996 by Christer Gardell and Lars Förberg, both of whom serve as managing partners. Backed by Carl Icahn, it is the largest activist investment firm in Europe.
- Cheyne Capital
- Cheyne’s Event Driven team invests in event-driven situations in European equities, including merger arbitrage, share class arbitrage and holding company arbitrage. The strategy is market neutral, seeking to generate pure alpha with minimal market sensitivity.
- Citadel
- Citadel, a global financial institution, operates a diverse set of strategies, including event-driven approaches such as merger arbitrage.
- Copper Street Capital, Berkshire, U.K.
- Copper Street is an alternative investment firm focused on capturing event-driven opportunities within the financial services sector.
A List of Event Driven Hedge Funds D-J
- Davidson Kempner
- The firm employs a bottom-up, fundamental method of investing with an event-driven focus and seeks to deploy capital in the best risk-adjusted investment opportunities.
- D. E. Shaw
- D. E. Shaw group, a global investment and technology development firm.
- Driehaus Event Driven Fund
- The Event Driven strategy employs an array of trade strategies that seek to deliver superior risk adjusted returns, while exhibiting low correlation and less volatility relative to major asset classes/event driven indices.
- DuPont Capital
- Pending mergers that will generate a stable and consistent source of absolute return with low volatility and minimal correlation to broader equity and fixed income markets. A specific focus on definitive transactions.
- Effissimo Capital, Singapore
- Effissimo Capital Management Pte. Ltd. provides financial planning and investment advisory services.
- EJF Capital
- EJF Capital is engaged in event-driven strategies, including merger arbitrage, with a focus on financial and regulatory catalysts.
- Elliott Management
- Known for event-driven strategies, Elliott Management engages in merger arbitrage, distressed securities, and activism.
- Eminence Capital
- Eminence Capital is a hedge fund with a focus on event-driven strategies, encompassing merger arbitrage and activism.
- Empyrean Capital Partners
- Empyrean’s event-oriented multi-strategy investment philosophy means our investment team has expertise in a variety of special situation strategies, including equity, credit, convertible, and capital structure arbitrage.
- EQMC Development Capital Fund PLC
- The aim of the fund is to achieve an absolute return over the medium term through strategic minority investment in equity and/or equity related securities of companies whose market capitalization is generally below €1.5 billion, which are listed on European stock exchanges or markets.
- Farallon Capital
- Farallon Capital Management is a global institutional asset management firm known for its event-driven investment strategies, including merger arbitrage.
- Fidelity
- Invests in event-driven opportunities such as corporate reorganizations, deletions from a market index or changes in capital structure.
- Gabelli Enterprise Mergers & Acquisitions
- The advisor intends to invest primarily in equity securities of companies believed to be likely acquisition targets within twelve to eighteen months.
- Gates Capital Management
- An event-driven alternative asset manager advising on a family of funds for institutional and private clients globally.
- Geode Capital Management
- Multi-Asset Class – A systematic and arbitrage-driven approach that is applied to liquid transparent markets.
- Glenview Capital
- Glenview Capital Management employs an event-driven approach, including merger arbitrage, within its broader investment strategy.
- GS Special Situations
- Across strategies, the group focuses on leveraging its deep industry knowledge and fundamental credit, distressed, corporate, and asset valuation techniques to create attractive risk adjusted returns.
- Greenlight Capital
- Led by David Einhorn, Greenlight Capital is known for its event-driven strategies, including merger arbitrage and value-oriented investing.
- GSO Capital
- A credit-focused alternative asset manager, GSO Capital Partners may incorporate event-driven strategies, including merger arbitrage, within its investment approach.
- HGC Investment Management
- Strategies within the Arbitrage Fund include Special Purpose Acquisition Company (SPAC), Traditional Merger Arbitrage and Subscription Receipts
- HG Vora Capital Management
- An SEC-registered investment adviser focused on value and event driven investments.
- Highbridge Capital
- A global alternative asset management firm, Highbridge employs event-driven strategies, including merger arbitrage, across various market conditions.
- Highland Capital Management Merger Arbitrage Fund
- Invest in publicly announced mergers to capture the spread between the current price of a target company and the announced offer price for that company
- Hound Partners
- Hound Partners engages in event-driven investing, including merger arbitrage, seeking to capitalize on opportunities across global markets.
- James Alpha Advisors
- Attempts to provide investors with an event-driven alternative allocation vehicle by investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.
- JPMorgan Asset Management (JPMorgan Merger Arbitrage Fund)
- Managed by JPMorgan Asset Management, this fund specializes in merger arbitrage, seeking to capitalize on corporate events.
A List of Event Driven Hedge Funds K-O
- Kensington Capital Partners
- Kensington Capital Partners is involved in event-driven investing, including merger arbitrage, with a focus on risk-adjusted returns.
- Kellner Merger
- The Advisor’s investment technique, sometimes referred to as “merger arbitrage,” is a highly specialized investment approach designed to profit from the successful completion of Merger Transactions.
- King Street Capital
- King Street Capital Ltd. follows a long/short credit strategy with a focus on distressed and event driven situations.
- KL Event Driven UCITS Fund
- The Fund seeks to achieve its investment objective primarily through the application of a risk arbitrage
investment strategy, but may also avail of other special event-driven situations
- The Fund seeks to achieve its investment objective primarily through the application of a risk arbitrage
- Laffitte Risk Arbitrage
- The fundamental analysis focus on 5 main topics: competition, financing, shareholders approval, regulatory approval and a complete review of the merger agreement.
- Lutetia Capital
- European leader in arbitrage and risk premia strategies, Lutetia Capital’s investment process is supported by a proprietary research program, and combines quantitative and qualitative approaches to deliver resilient and uncorrelated returns.
- Luxor Capital, New York
- Luxor Capital Group, LP operates as an investment management company. The Company offers asset management, investment strategies, financial planning, and advisory services.
- Lyxor / Tiedemann Arbitrage Strategy Fund
- An event might include a tender offer, merger, liquidation, recapitalization, spinoff, proxy contest, exchange offer, leveraged buyout or bankruptcy. The strategy seeks to maximize risk-adjusted returns by investing in complex deals with wide price spreads.
- Marathon Asset Management
- Marathon Asset Management specializes in event-driven strategies, including merger arbitrage and distressed investing, across various sectors.
- Maverick Capital
- Maverick Capital employs a multi-strategy approach, including event-driven investing with a focus on merger arbitrage and special situations.
- Maxam Diversified Strategies Fund
- The investment objective of the Maxam Diversified Strategies Fund is to maximize long term returns through multiple market cycles. We employ an active, opportunistic and flexible investment strategy with an emphasis on catalysts and special situations.
- Mason Capital Management
- Mason Capital Ltd principally employs three event-driven investment strategies: merger arbitrage, distressed securities, and special situations.
- Melqart Asset Management (UK) Limited
- A London based alternative investment management firm.
- Millennium Management
- Millennium Management is a global hedge fund known for employing diverse strategies, including event-driven approaches like merger arbitrage.
- Moab Capital Partners
- Moab’s investment approach spans a broad opportunity set including arbitrage, equity restructuring, special situations, credit and distressed strategies.
- MontLake Abrax Merger Arbitrage UCITS Fund
- Nineteen77 Global Merger Arbitrage Ltd
- CIK 0001643061
- Nineteen77 Global Merger Arbitrage Master Limited is a hedge fund operated by Ubs Oconnor Llc
- Oceanwood Capital, London
- Oceanwood is a European-focused investment manager specialising in catalyst-driven investment opportunities across the capital structure
- Omni Partners, London
- Omni Event follows an actively managed global event-driven approach, which John Melsom, the CIO, has been refining through nearly two decades of event-driven investing
A List of Event Driven Hedge Funds P-S
- Paulson & Co.
- Focuses on event-driven investment strategies like distressed credit, merger arbitrage, and bankruptcy reorganisations and restructurings.
- Pentwater Capital, Evanston, Ill.
- Pentwater Capital Management LP is a private investment firm focused on investing in event driven strategies with expertise across the capital structure
- Pershing Square Capital, New York
- Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman
- Petrus Advisers Special Situations Fund
- We manage the Petrus Advisers Special Situations Fund (SSF), an active long/equity fund focused on liquid and listed investment companies, and the Petrus Advisers Special Situations UCITS Fund.
- Pictet
- Pictet Alternative Advisors is involved in event-driven and alternative strategies, including merger arbitrage, to achieve consistent returns.
- Polygon Investment Partners
- The strategy is founded on a diversified, catalyst-driven portfolio that exhibits a low correlation to European equity markets.
- Quaker Event Arbitrage
- Quaker Event Arbitrage Fund invests in “special situation” securities resulting from merger and capital structure arbitrage, and engages in short-selling, which involves special risks, requiring special investment expertise
- Redwood Capital Management
- Redwood Capital Management focuses on event-driven investing, including merger arbitrage, aiming for attractive risk-adjusted returns.
- Sculptor Capital Management (formerly known as Och-Ziff Capital Management Group)
- Merger Arbitrage – Selective approach to pursuing traditional merger arbitrage as well as less-followed corporate actions. Focus on investments with favorably skewed payoff profiles, often with wide gross spreads — not “rate of return” arbitrage
- Senator Investment Group
- A long/short, event-driven firm providing services to pooled investment vehicles.
- Sinclair Capital LLP
- Sinclair Capital LLP provides investment management services. The Company offers its services in the United Kingdom and Luxembourg.
- SilverPepper Merger Arbitrage Fund
- Disciplined and intensive research process looking for off-the-beaten-path resources that can inform their view on the probability of mergers being completed at the right price, and at the right time.
- Silver Point Capital
- Focused on distressed and event-driven investing, Silver Point Capital integrates merger arbitrage into its broader investment approach.
- Solus Alternative Asset Management, New York
- The Company invests in corporate capital structure and senior secured debt to equity in both performing and non performing companies.
- Soros Fund Management
- Founded by George Soros, this firm historically engaged in event-driven strategies, including merger arbitrage and macro investing.
- Strategic Value Partners, Greenwich, Conn.
- SVP Global invests in distressed debt, private equity, and event-driven opportunities in North America and Europe.
A List of Event Driven Hedge Funds T-Z
- Taconic Capital, New York
- Taconic Capital is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns over multiple market cycles.
- Third Point
- Third Point employs an event-driven, value-oriented investment style. The Firm seeks to identify situations where we anticipate a catalyst will unlock value.
- TIG Advisors
- Event-Driven Global Merger Arbitrage Strategy – This strategy focuses on 0-30 day events within the merger process. The team looks to uncover complicated situations where their primary research process provides an edge and generates alpha.
- Trian Fund Management, New York
- Trian seeks to invest in high quality but undervalued and underperforming public companies and to work collaboratively with management teams and boards to help companies execute operational and strategic initiatives designed to drive long-term sustainable earnings growth for the benefit of all shareholders
- Union Square Park Partners, LP
- The Partnership combines an opportunistic, event-driven investment approach with a value philosophy, focusing on companies undergoing changes in their operations, management, and/or capitalization.
- Vanguard Alternative Strategies Fund
- It seeks to generate returns that have low correlation with traditional capital markets and that collectively are expected to have lower volatility than the overall U.S. stock market
- Viking Global Investors
- Viking Global Investors is a global investment firm with a focus on event-driven strategies, including merger arbitrage.
- The Water Island Diversified Event-Driven Fund
- Our investment team employs multiple investment strategies such as merger arbitrage, convertible arbitrage, and capital structure arbitrage.
- WCM Alternatives
- The Fund typically attempts to generate profits by capturing price movements generated by specific events. This may include investing in companies that are involved in publicly announced mergers, acquisitions, asset sales or other divestitures, restructurings, re-financings, recapitalizations, reorganizations or other special situations.
- Westchester Capital
- With a proven track record of identifying profitable event-driven opportunities and a primary emphasis on preservation of capital, Westchester Capital Management has been an industry leader for over 30 years.
- Wexford Capital
- Wexford Capital LP is involved in event-driven investing, including merger arbitrage, with a focus on energy, natural resources, and real estate.
- Whitebox Advisors
- Whitebox Advisors is involved in event-driven investing, including merger arbitrage, across various asset classes.
- York Capital Management
- Takes an event-driven investment approach.
And Finally...
Readers are advised to fully research the positives and negatives of each of these funds BEFORE making any investment. MAL is not responsible for the accuracy of information contained in third-party website. Investors must therefore do their own due diligence when researching these funds.
Feel free to drop us a line with you own additions. Use the comments section below or see additional contact methods (if you wish to remain anonymous) on our Contact Us page. This list is a work in progress and as such will undergo frequent updating. In addition, please understand some information may quickly become obsolete.
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Further Reading
- Event Driven Hedge Funds and the Business Cycle: A predictive model by Karin Soosova investigates the independence of returns against the broader market.
- The Insiders’ Guide to Hedge Funds by Terrance J. O’Malley and Michael C. Neus provides a full unparalleled picture of all the key middle and back office functions at a typical hedge fund firm
- Hedge Funds: Structure, Strategies, and Performance by H. Kent Baker (Editor) & Greg Filbeck (Editor) dispels some common misconceptions of hedge funds, showing that they are not a monolithic asset class but pursue highly diverse strategies
- Visit our curated Investment Booklist page or our academic research list for our favourite books and papers relating to event driven investing
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