We invest and manage capital in the gap between price and value
Sparta is a multi-strategy investment firm that positions capital into dislocations across the capital structure in both public and private markets. We apply expertise in event, activist, and special situations to know when price and value will converge and how to catalyse that outcome.
ABOUT
Skilled in convergence
STRATEGY
Built to capture diverse market dislocations
We leverage a multi-strategy, cross-capital structure investment approach, with an event-driven and active engagement focus across public and private markets in Europe, to generate a return stream for investors that is absolute, uncorrelated, and alpha-rich in nature.
Opportunistic
Our size, broad investment universe, and expertise across the capital structure enable dynamic and nimble trading
STRATEGIC
We constantly seek optionality across our trades to establish asymmetry and multiple routes to monetization
Persuasive
Proven ability to engage with management to catalyse change that unlocks value
UNEMOTIONAL
We place outsized emphasis on allocating capital to the best ideas, guarding against endowment bias
RESILIENT
The diversity of ideas we target and a commitment to capital preservation support cross-cycle performance
Meticulous
Our investment theses are built on rigorous bottom-up analysis and idiosyncratic hedging for precise trade expression
LEADERSHIP
Perspective is earned
Sparta is led by a closely-knit team of investment professionals from diverse backgrounds spanning investment banking, private equity, credit and M&A. Their rich but different perspectives combine to make sense of dislocations
FRANCK TUIL|FOUNDER, CIO & PM
Over 20 years of experience at Elliott leading some of the firm’s highest-profile European transactions across equity and credit in public and private markets.
He began his career in investment banking at Morgan Stanley in 1999 as an associate in the TMT M&A team leaving, to launch an internet start-up in B2B digital marketing.
Joined Elliott in 2001 when the firm was c. $2.0bn in AUM & was promoted to Portfolio Manager in 2004
Promoted to Senior Portfolio Manager in 2004 in recognition of the contribution made to the firm’s performance over the years. Responsibilities expanded in 2018 to include oversight and risk management of other PMs.
OLIVER HASLAM|HEAD OF RESEARCH
Over 20 years of experience in investment banking and event-driven investing.
After leaving banking at Merrill Lynch, joined Franck at Elliott as an analyst
Portfolio Manager roles at Citadel & Stark, where he was head of event driven equities, then Launch partner at Edoma, working on the investment team led by CIO & PM, Pierre-Henri Flamand
Ran an equity soft event book at Millennium from 2013 to 2017 then ran an equity event-driven book at Alliance Bernstein and member of the European leadership team
CEDRIC BOGHANIM|HEAD OF CREDIT
Over 20 years of experience in investment banking and special situations investing
Began his career in investment banking at Credit Suisse in 2001, leaving to join Sun Capital’s private equity team in 2007 before working with Michael Zaoui (prior Chairman M&A Morgan Stanley) in 09/10
Director in the Distressed Debt Trading group at Citigroup from 2010 to 2013
Principal at Apollo Global Management in the Opportunistic Credit Team from 2013 to 2017 then senior analyst at Makuria Investment Management from 2017 to 2020
ANTONIN JULLIER|HEAD OF TRADING & RISK MANAGEMENT
Over 20 years of experience in trading and risk management in both sell side and buyside roles
Began career at Goldman Sachs in trading and moved to the buyside in 2004, ran trading and risk management at 2 multi-strategy event-driven firms, Gandhara and subsequently as a founding partner of Talaris
Joined Citi in 2008 to lead the Equity Trading Strategy effort. In 2009 promoted to run cash trading then all of European trading in 2010
From 2011 to 2020 was Global Head of Equity Sales at Citi, a business of $3.0bn revenues and 600 people.
GILLES FRETIGNE|COO
26 years in capital markets and asset management, beginning his career in equity derivatives sales at Societe Generale and Commerzbank
Joined Goldman Sachs prime brokerage sales, and moved to Lehman Brothers prime brokerage sales
In 2006, joined Amber Capital, a NY based event-driven investment advisor. Recruited by the founder to set-up the European business
Promoted to Partner and European COO/CFO in 2007 and global COO/CFO in 2012. Director representing the investment manager at the funds’ boards.
SARAH MITCHELL|HEAD OF BUSINESS DEV & IR
18 years of experience in Investor Relations and Business Development, covering investors globally
Began career on the Merrill Lynch CDS desk before joining Sandell Asset Management in 2004
Moved to the Brevan Howard IR team from 2007-2011 leaving to join Paulson & Co. in 2011, responsible for European IR and Business Development
Joined Rokos Capital pre-launch, responsible for Global Marketing and IR from 2015-2017 before joining Avenue Capital Group from 2017-2020, responsible for European marketing (global distressed, special situations)
CULTURE
COLLABORATIVE,
BUT NOT INDECISIVE
BUT NOT INDECISIVE
While the unity of diverse skillsets fuels our unique insight into dislocations, we believe centralised decision making is key to successful implementation in dynamic
CURIOUS,
BUT NOT DISTRACTED
BUT NOT DISTRACTED
While understanding why the gap between value and price exists demands an enquiring state of mind, we believe research should be intentional and highly disciplined.
CONSIDERED,
BUT NOT RISK AVERSE
BUT NOT RISK AVERSE
While capital preservation is foundational to our philosophy and process, we believe courage in our convictions, expressed through concentration, is paramount.
MEDIA
Insight into Sparta
