David Matlin and Mark Patterson initiated the Global Distressed Securities Group at Credit Suisse in 1994, where their team made proprietary investments across a wide range of distressed opportunities globally – both in control and non-control situations. In 2001, Messrs. Matlin and Patterson launched MatlinPatterson Global Opportunities Partners L.P., their initial private equity fund to invest client capital in distressed-for-control situations, and simultaneously wound down their proprietary investment activities at Credit Suisse. This initial fund launch led to the formation of MatlinPatterson Global Advisers as an independent firm in 2002. The firm subsequently raised distressed-for-control private equity funds in 2003 and 2007, raising approximately $9 billion in aggregate commitments.
The firm broadened its investment mandate in 2007 with the launch of a non-control liquid trading strategy that effectively leveraged its expertise in fundamental analysis and corporate restructuring to capture opportunities in compelling non-control situations. Continuing along the spectrum of credit investing, MatlinPatterson Asset Management was formed in 2010 to expand the firm’s investment reach into other credit strategies including: securitized credit and senior credit. In late 2012, Allied World Assurance Ltd. (NYSE:AWH) became a strategic partner in the MatlinPatterson Asset Management business. At the end of 2014, Mr. Patterson retired from daily involvement in the asset management business. He remains Non-Executive Chairman of MatlinPatterson Asset Management. In 2016, MatlinPatterson formed Matlin & Partners Acquisition Corp. and priced a $300 million offering in early 2017.