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Section 01 / Overview & Model
Executive Summary & Targets
Target Vehicle
Kawa Offshore Feeder Fund Ltd
Sponsor / GP
KAWA CAPITAL MANAGEMENT, INC.
GP Classification
Emerging
Emerging Status
Emerging Manager
account_balance Fund Terms & Fee Structure
Target Fund Size
N/A
Hard Cap
N/A
Management Fee
Min 1%
Carried Interest
20%
GP Commitment
N/A
Hurdle Rate
N/A
show_chart Target Economics & Fund Model
Gross vs Net IRR
-%
Gross
/
-%
Net
Gross vs Net MOIC
-x
Gross
/
-x
Net
Model Assumptions & Footnotes
- • Liquidity analysis assumes P&L impact of -1 to -2% of Fund performance and is not based on a scenario involving market stress.
- • The performance of the Fund’s Strategies and instrument types does not include an allocation of cash.
- • Component performance is net of: (i) estimated expenses, (ii) management fee of 2% per annum applied as a percentage of the Kawa Fund portfolio's total management fee, based on the component’s exposure relative to overall fund exposure, and (iii) modeled performance fees of 20%, applied to the standalone performance of each component, assuming a highwater mark based on the value of the component’s performance as of January 1.
- • Japan Scenario: 30-year rates move from 1.5% to 0%, currency moves 25%, AA spreads widen by 40 bps
- • Rate Shock 1994 Scenario: 30-year rates move from 6% to 8%, US dollar index loses 13%, AA spreads widen by 15 bps
- • 2008 Risk Selloff Scenario: 30-year rates move from 4% to 2.5%, US dollar index gains 19%, AA spreads widen from 200 to 370 bps
- • Reflation Scenario: 2yr Tsy+10bps / 10yr Tsy +25bps, IG -15bps / HY -45bps, US eq +18%, EUR/USD -10%, Commodities +4%
- • Disinflation Scenario: 2yr Tsy -15bps / 10 yr -70bps, IG +100bps / HY +230bps, SPX -29%, EUR/USD -5%, Comm +1%
- • Stagflation Scenario: 2yr Tsy +110bps / 10 yr +225bps, IG +100bps / HY +230bps, SPX -24%, EUR/USD +12%, Comm +7%
- • COVID 2020 Scenario: US 10yr -100bps, credit spreads +250bps, SPX -26%, EUR -8%
- • Portfolio Leverage expected range: 65% to 135%
- • Portfolio DV01 expected range: -7 years to +7 years
- • Component performance attribution assumes 2% per annum management fee and 20% performance fee
Section 02 / Leadership
GP Team & Core Principals
D
Daniel Amer
Managing Director
E
Emile Ernandez
Managing Director, Head of Structured Credit
H
Harlan Lam
Senior Director
M
Michael Aronovitz
Director
J
Jose Kliksberg
Director
J
Jonathan Wolgin
Director
R
Rohit Kar
Director
D
Daniel Ades
Chief Executive Officer, Chief Investment Officer & PM
A
Alexandre Saverin
Chief Risk Officer & PM
B
Bruno Piacentini
Chief Financial Officer & Chief Operations Officer
C
Cristina Baldim
Deputy Chief Executive Officer
J
Jeremy Traster
General Counsel & Chief Compliance Officer
L
Lando Kravetz
Chief Technology Officer
G
Gustavo Avellar
Managing Director, Finance
X
Xi Liu
Managing Director, Operations
L
Leticia Heleodoro
Managing Director HR & Corporate Services
F
Felipe Lemos
Head of Investor Relations
groups
+41 Extended Team Members
Supporting professionals, advisors, and staff
Section 03 / Strategy & Focus
Deployment & Portfolio Construction
explore Investment Strategy Focus
Primary Asset Class
Private credit / hedge fund
Target Industry Sectors
Structured credit
Asset-backed securities
Mortgage-backed securities
Fixed income
Real estate
Renewable energy
Municipals
Target Geographies
United states
Brazil
Canada
pie_chart Portfolio Construction
Target Deals
N/A
Target Ownership
N/A
Follow-On Reserve
N/A
Lead Status
Flexible
Initial Check Size
N/A
USD
Section 04 / Track Record
GP Prior Performance & Case Studies
history Prior Vehicles Performance
| Vehicle | Vintage | Fund Size | Gross IRR | Gross MOIC |
|---|---|---|---|---|
| The Kawa Fund | - | N/A | - | - |
lightbulb Strategic Case Studies
No case studies discovered.
Section 05 / Pipeline
Seed Assets & Warehoused Pipeline
work Pipeline & Warehoused Deals
No warehoused deals discovered.
Section 06 / Analyst Disclosures
Narratives & Legal Framework
description Analyst Slides Narratives
Investment Strategy and Process
"Kawa Capital Management's flagship multi-strategy credit fund targets high-single to low-double digit net returns by investing in harder-to-source, low-competition credit opportunities with historically low correlation to traditional benchmarks. To execute this, Kawa employs a disciplined, five-stage investment process that filters out the majority of researched ideas to focus capital on high-conviction, bespoke transactions. This asset-backed approach is supported by a robust risk management framework, high portfolio liquidity, and independent institutional-grade operational infrastructure."
Key Claims
- • Focuses on harder-to-source, limited-competition credit opportunities (esoteric ABS, single-asset financing) utilizing a disciplined five-stage sourcing and fundamental analysis process.
- • Demonstrates historically low correlation to mainstream indices since its 2007 inception, showing a 0.22 correlation to the S&P 500 and 0.05 to the Barclays US Aggregate Bond Index.
- • Maintains a highly liquid portfolio profile with 59.38% of NAV in Level 1 assets and a substantial average cash balance of 30% since inception to preserve dry powder.
- • Implements a strict risk mitigation framework, including a 4% intra-month drawdown trigger and a requirement for joint Portfolio Manager approval on all positions.
- • Supported by an independent valuation and pricing structure involving SS&C GlobeOp and Grant Thornton, resulting in zero material NAV restatements since inception.
auto_stories Cover Page Details
Fund Name
The Kawa Fund
Management Company
Kawa Capital Management
Fund Series
I
Vintage Year
2007
gavel Legal & Disclaimers
Legal Fund Name
Kawa Offshore Feeder Fund, Ltd.
Legal Adviser Name
Kawa Capital Management, Inc.
Domicile
Cayman Islands
Regulatory Exemptions
3(c)(7)