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Bailey McCann, Opalesque New York for New Managers:

New York-based Oval Capital Management is in market with a new distressed real estate and non-performing loans strategy. The firm looks for non-performing mortgage notes backed by commercial and residential real estate.

Oval Capital managing partner Oleg Langbort tells Opalesque New Managers that the firm is targeting $25-50 million for its first fund and has already done approximately $8 million in transactions over the past six years.

The management team, which includes Langbort and managing director Igor Vidrevich has experience with real estate debt investing, property management and renovation as well as buying and selling properties. Vidrevich joined the firm from Morgan Stanley, where he worked in the Securitized Products Group. Langbort previously worked in alternative investments for Banco Santander.

Oval takes a high touch approach buying non-performing debt and rehabilitating the underlying asset. In some cases, that could mean fully renovating a property in order to sell at a profit. The portfolio can hold a mix of commercial and residential real estate with the proportion of each varying based on the market environment. "For most private equity and hedge funds, owning the asset would be their worst nightmare. We think that you can't manage from afar, often our best case scenario is to own the asset and ......................

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