Hedge Fund Makes Bold Bet on Argentina Debt and Equities

Source: The Street
By: Carleton English
05.20.2016

After spending more than a decade shut out of credit markets and with a volatile history of economic prosperity and often collapse, Argentina may be the next investment play. At least according to Maglan Capital.

The New York-based event-driven hedge fund, which specializes in distressed situations, is launching the Maglan Argentina Opportunities Fund. The new fund, which launches in July and has a $100 million cap, will focus on equity and debt of small- and mid-cap Argentine corporations as well as companies that do business in the South American country.

It is a bold bet, but David Tawil of Maglan Capital doesn't shy away from bold moves. Prior to founding Maglan in 2011 he was an investment banker at Credit Suisse, where he focused on leveraged finance. Before that, he was an attorney focusing on bankruptcy and workout situations at Davis Polk & Wardwell.

"I get the best out of myself when my feet very close to the fire; I rise to the occasion. Also, I can't handle bureaucracy," Tawil said about his career path in an interview with Real Money on Thursday.

Perhaps this is why he is placing so much faith in Argentina's new president, Mauricio Macri, who is tasked with turning around a country plagued by decades of economic turmoil and corruption. Before being elected president, Macri served as Buenos Aires' mayor. Faith in Argentina's economic prospects appears to be growing as the country's $16.5 billion debt offering last month was met with high investor demand.

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