Illid Partners identifies opportunities where capital structure, governance, and stakeholder incentives have drifted out of alignment. Repricing wholesale-discounted assets by decomposing them back into their constituent units — that is our point of departure.
We pursue clarity of transactions over their volume, and every decision begins with the validation of downside scenarios. A good deal is not the outcome of good luck — it is the outcome of a coherent structure.
Due diligence is the work of falsifying conclusions, not justifying them. We operate FDD, LDD, TDD, and ODD as independent tracks, with downside scenarios reviewed as the default case.
The essence of a transaction lies in structure, not price. Through capital stack reordering, redefinition of priority claims, and tax·legal structural coherence, we produce different outcomes from the same asset.
We pursue clarity of transactions over their volume. Decisions are made quickly, yet capital allocation remains conservative; unverified assumptions never enter the deal.
All transactions proceed under confidentiality. We hold our obligation to the counterparty above any obligation to demonstrate outcomes to the public.
We capture moments where quality assets are temporarily mispriced — through macro cycles, sector dislocations, or capital market tightening. By separating controllable variables (capital structure, governance) from uncontrollable ones (market conditions), we bet only on the former.
The essence of distressed capital lies in claim structure, not in the asset itself. We multiply recovery paths through discounted purchases of senior secured debt, DIP financing, and pre-packaged restructuring plans (P-Plans).
Court-supervised reorganization is a last resort, not a first choice. Through out-of-court workouts and voluntary agreements, we restore capital structure while preserving reputation and operational continuity.
Value-up is not an ex-post outcome but a variable to be engineered at the moment of acquisition. Through 100-day plans, KPI-linked incentives, and board reconstitution, we make structural improvement visible from the first quarter.
The first page of every quarterly report begins with downside scenarios.
Key LPs receive priority access to no-fee, no-carry co-investment opportunities.
The general partner commits meaningful firm capital alongside our LPs.
We publish DPI and MOIC as our primary metrics, not IRR.
Liquidity problems are not solved by time. Worse, the wrong capital accelerates their exhaustion.
Illid Partners is not a firm that supplies capital to companies in crisis — we are a partner that redesigns the capital structure itself, enabling the company to advance to its next stage.
From the first meeting through closing, a partner with decision-making authority engages directly. Terms never erode through committee.
Contact, review, and negotiation remain entirely outside public view. Disclosure scope and timing are co-designed.
The price of crisis is never used as negotiation leverage. Options for owner retained equity and management continuity are considered first.
We design the conclusion of a transaction before its inception. Clean exits are ensured with creditor, employee, and counterparty relationships composed in place.
The schedule below is indicative; depending on the nature of the deal, stages may be compressed or run in parallel. Actual timing is agreed upon with the counterparty's situation as the primary consideration.
IR materials, quarterly reports, and co-investment access for existing LPs and qualified institutional investors.
Confidential 1:1 contact on liquidity, succession, carve-out, and workout situations. Response within 72 hours of NDA execution.