Selected experience · Project DHPreserving 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
Transaction case study · End-of-life fund
Avoiding a forced sale of residual positions
An APAC private-equity fund has reached the end of its term. Three positions remain — one performing but illiquid, one stressed and one tied up in a dispute. A fire sale would crystallise heavy losses for Limited Partners.
The residual positions are transferred into an appropriate regulated structure, releasing the existing GP to close the fund and return capital on schedule. Trident drives the restructuring of the stressed company, establishes a sale or value-creation strategy for the illiquid asset and pursues recovery on the disputed position.
Each position is managed on its own timetable, with restructuring, sale and recovery routes applied according to the circumstances of the asset.
Existing GP released
The residual positions are separated from the fund wind-down so the existing GP can close the vehicle and return capital.
Remaining value protected
Performing, stressed and disputed assets are not forced through the same exit timetable or sold simply to achieve closure.
Positions monetised
Restructuring, sale and recovery strategies are applied according to the circumstances of each position.
Forced sale avoided and each asset realised via channels designed to maximise value and upside to Limited Partners.
Past performance is not indicative of future results. Performance figures shown for Project DH are based on ADM Capital internal calculations.
