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Bailey McCann, Opalesque New York for New Managers:

US-based Advantage Capital Management is the latest entrant into the special situations/M&A fund cohort. The firm launched in 2011, after proving itself as a managed account. Now, Irvin Schlussel, Founder and Portfolio Manager at Advantage is focused on building his fund and a business by taking advantage of the frothy M&A market.

"So far we've more than doubled the fund size since launch," he tells Opalesque. The fund is up 27.9% since launch in December as well.

Advantage looks at a variety of special situations, merger arbitrage opportunities and corporate events for its investment strategy. The primary area of corporate action the firm focuses on is bankruptcy and corporate restructurings. More specifically, Schlussel and his team have developed an expertise with understanding Chapter 11 bankruptcies, sitting on creditor committees and finding opportunities in the dislocations bankruptcy can create.

In the current market, with M&A activity being at record highs, Schlussel explains that investment opportunities aren’t hard to come by. "I think if you look at this M&A cycle we are seeing merger arbitrage spreads that we haven't seen in quite awhile, that's a solid opportunity set for us."

"I'd expect you'll see sort of more classical distressed opportunities in the next few y......................

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