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Experience

Relevant experience in complex situations.

The experience below belongs to the partner firms. It is presented to show the capabilities that sit behind the Evenflow proposition; it should not be read as the track record of a separate Evenflow fund or vehicle.

ADM CapitalSelected experience · Project DH

Preserving value through enforcement

A US$58m senior secured loan funded a Chinese media group’s acquisition of a renowned U.S. comic-IP publisher. When the borrower defaulted, ADM Capital issued a Notice of Default, appointed receivers over 93.7% of shares and replaced both boards. A Lazard-run sale process with the original U.S. founders re-aligned enabled a clean 100% exit.

Following completion of conditions precedent in March 2022, the transaction settled and ADM Capital’s investment was fully exited with a gross IRR of 22.0% and a 1.87x multiple.

22%Gross IRR
1.87xGross multiple
US$58mDeal size
2018–2022Hold period
Media / IPSector
Fully realisedOutcome
End-of-life fund scenario

Avoiding a forced sale of residual positions

Consider an APAC private equity fund that has reached the end of its term while three positions remain: one performing but illiquid, one stressed and one tied up in a dispute. An immediate fire sale could crystallise significant losses.

A possible route may involve transferring or managing the residual positions under an appropriate structure, allowing each asset to be addressed on its own timetable and through the most suitable recovery or realisation route.

Past performance is not indicative of future results. Performance figures shown for Project DH are based on ADM Capital internal calculations.

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