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Leadership Team

The Napier Park Global Capital leadership team is comprised of seasoned professionals across each of our investment asset classes as well as individuals with extensive experience in administration and operations. Our objective is to foster an environment of entrepreneurialism combined with a team-minded approach to problem solving.

Napier Park Management
Jonathan Dorfman
Senior Managing Partner and Chief Investment Officer

Jon Dorfman is a Senior Managing Partner and CIO of Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Jon was previously Co-CEO and CIO of CCA. He was a co-founder of Carlton Hill Global Capital ("CHGC"), a specialized asset management firm that was acquired by Citi in 2007. Prior to establishing CHGC in 2005, Jon spent 20 years at Morgan Stanley in the Fixed Income Division. He worked in Tokyo and London for 17 years and served as a Managing Director for 8 years. While at Morgan Stanley, Jon held numerous senior management positions including Global Risk Manager (Principal Risk Taking) – Global Corporate Credit Group, Co-Head of the Global Investment Grade Credit Group, Head of Global Credit Derivative and Asset Swap Trading, and Head of European Credit Derivative and Asset Swap trading. Jon spent the first 10 years of his career at Morgan Stanley as a member of the Global Derivative Products Group. Among the innovators and early risk takers in the credit default swap, credit index (Tracers and CDX) and tranched risk credit markets, Jon served as an ISDA committee member responsible for the first standardized credit default swap contract. Jon earned a BSE degree, magna cum laude, from the Wharton School of Business at the University of Pennsylvania in 1984.

Napier Park Management
John P. Havens
Chairman

John Havens is the Non-Executive Chairman of Napier Park Global Capital (“Napier Park”) and joined the firm in January 2014. Most recently, John was President and Chief Operating Officer of Citigroup Inc. (NYSE: C), and was instrumental in stabilizing the firm in the wake of the 2008 financial crisis. Previously, he served as Chairman of Citigroup Alternative Investments LLC following Citigroup’s 2007 acquisition of Old Lane LP, a multi-strategy hedge fund and private equity fund he co-founded in 2006. Prior to his tenure at Citigroup, John was with Morgan Stanley for almost two decades, ultimately ascending to the role of global head of the institutional equity division and a member of the firm’s management committee. John joined Morgan Stanley in 1986 as a principal in institutional equity and began his career as a trader of convertible securities at Kidder Peabody. John earned his AB degree from Harvard University in 1979.

Client Relations
Don Leitch
Head of Client Relations

Donald Leitch is Head of Client Relations at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Don has over 25 years of experience within the financial services industry. Prior to joining CCA in 2009, Don consulted on business development for Bracebridge Capital, a $4 billion fixed income arbitrage hedge fund based in Boston, MA. Prior to that, Don enjoyed a 23 year career at Morgan Stanley where he held multiple roles within their Fixed Income Division and broader Institutional Securities Group. This included six years in Japan heading their international Japanese Government Bond sales team, eight years co-heading their Emerging Markets Debt business and eight years heading their firm wide hedge fund relationship management team and co-heading their hedge fund investment banking efforts. In the latter capacity, his team delivered private transactions to hedge funds and worked on other permanent capital and M&A transactions. Don earned a BS in Finance from New York University.

Corporate Credit Strategies
Ram Putcha
Chief Investment Officer of Corporate Credit Strategies

Ram Putcha is a Managing Director and the lead Portfolio Manager for the Strategic Credit Fund at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in March 2012, Ram spent close to four years as the Head of Relative Value/Credit Strategies at Citi Principal Strategies (“CPS”). At CPS, Ram ran over $500mm of trading capital in a proprietary trading portfolio that focused on relative value. In addition to credit long/short trades, the portfolio also focused on tranches, options and cross asset trades (such as equity vs. credit). Before his various roles at Citi, Ram was a Partner at Old Lane, a multi-strategy hedge fund that launched in April 2006 with over $4 billion in AUM. While at Old Lane, Ram was in charge of the firm’s credit strategies business. In this role, Ram oversaw two distinct portfolios: one that focused on loans and high yield, and another other that focused on relative value trading across asset classes with an emphasis on finding mispriced opportunities in credit and equity products (including cash bonds, CDS, equities vs. credit, options and tranches). Prior to joining Old Lane at its inception, Ram worked at Morgan Stanley for over 20 years in a variety of roles, including as a market maker in corporate credit for over 15 years and as a risk manager for the investment grade corporate bond business. In the final two years of his tenor at Morgan Stanley, Ram was the head of Morgan Stanley’s proprietary credit trading and capital structure arbitrage groups. In the early part of his career in Wall Street, Ram worked at DLJ futures for two years as a interest rate analyst. He graduated in 1980 from Yale University with a MBA. His undergraduate degree was in engineering from Birla Institute of Technology, India.

Corporate Credit Strategies
Serhan Secmen
Structured Credit Portfolio Manager

Serhan Secmen is a structured credit Portfolio Manager for Corporate Credit Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in August 2008, Serhan was a CLO trader at Lehman Brothers, where he traded structured credit products including CLOs, CBOs, and LCDOs in the primary and secondary markets. At Lehman Brothers, Serhan traded all parts of the capital structure ranging from Equity to AAA's. His team managed and hedged the negative basis trades on the CLO AAA's. Apart from his role as a trader, Serhan also structured and restructured CLOs and LCDOs. Prior to his post at Lehman Brothers, he spent several years in Texas as a project manager focusing on special project financing. During his tenure at CCA, Serhan has assisted in the development of multiple propriety analytics systems, and been influential in the various strategies and methodologies for analyzing CLO's and other structured products. Since 2006, Serhan has also been involved in various industry forums and networks, including the investor roundtables for Moody's and S&P. He is also a member of the Turkish Finance Network, a professional organization for Traders and Investors of Turkish background. Serhan holds an MBA degree from Wharton School of Business, an MS degree from Texas A&M University, and a BS degree from Bogazici University in Turkey.

Distressed Debt Strategies
Herbert E. Seif
Senior Advisor to Distressed Debt Strategies

Herb Seif is a Senior Advisor to, and until March 2014 was a Managing Director and a co-Portfolio Manager of, Distressed Debt Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in November 2008, Herb Seif was a Managing Member of Epic Asset Management. Herb was formerly a Managing Director of UBS. Herb became a Managing Director of UBS in 1998 when UBS AG merged with SBC and a Managing Director of SBC in 1994 when SBC consummated its acquisition of the O’Connor Partnerships. Herb joined O’Connor in 1980 and three months later was named General Partner of O’Connor. During his tenure at O’Connor, he established and led the development of the firm’s risk arbitrage and special situations business. In 1987, Herb was named a Co-Managing Partner of O’Connor and held that title until 1989, when he became Senior Partner and Chairman of the Executive Committee of O’Connor. Prior to joining O’Connor, he was President of Herbert E. Seif and Company. Herb has a BA in Economics and Political Science from Brooklyn College.

Event Driven Strategies
Mukesh Patel
Head of Event Driven Strategies

Mukesh Patel is a Managing Director and the lead Portfolio Manager of Event Driven Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA, Mukesh was a Partner at Old Lane where he oversaw several equity strategies and served on the firm’s Investment Committee since inception in 2006. Prior to Old Lane, Mukesh worked at Morgan Stanley for over 20 years where he managed Morgan Stanley’s Global Risk Arbitrage and Special Situations business. In this capacity, Mukesh expanded the business geographically to trade globally, and diversified the product range to include trading other events (such as spinoffs and distressed situations), and to include making other fundamentally based relative value and directional investments. At Morgan Stanley, Mukesh managed over 25 people across these strategies in the US, Europe and Asia. Mukesh began his tenure at Morgan Stanley as an Analyst in the M&A department. Mukesh graduated from the University of Pennsylvania with a BS Economics (Wharton) and a BA in Psychology in 1979 and from Stanford University with an MBA in 1983.

Event Driven Strategies
Rajeev
Narang

Event Driven Strategies Portfolio Manager

Rajeev Narang is a Portfolio Manager of Event Driven Strategies, which he co-founded in 2008, at Napier Park Global Capital. Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors, in February 2013. Prior to joining CCA, Mr. Narang managed an event driven portfolio for Old Lane, a multi-strategy hedge fund that launched in April 2006 with over $4 billion in AUM. While at Old Lane, he worked closely with Messrs. Patel, Queen, and Keating. Before joining Old Lane at its inception, Mr. Narang was a member of the investment team at Rockbay Capital, an event driven hedge fund, since 2003. Previously, Mr. Narang worked for Morgan Stanley where he joined in 1998. His most recent position at Morgan Stanley was Vice President in the Mergers and Acquisitions department primarily focused on advising technology companies. He previously worked at Merrill Lynch in its Mergers and Acquisitions department and Oppenheimer in its Financial Institutions Group. Mr. Narang graduated from the University of Pennsylvania with a BS Economics (Wharton) and a BA in International Relations in 1993, and from the University of Chicago with a MBA in 1998. He serves as a member of the Board of Directors and Treasurer of the Children’s Museum of Manhattan.

Financial Partners
Steve Piaker
Co-Head of Financial Partners

Steve Piaker is a Managing Director and a Co-Head of Financial Partners at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in 2011, Steve was a Managing Partner at CCP Equity Partners, a fund initially sponsored by Conning & Company and Swiss Re, where he led negotiated investments in financial services businesses. Steve joined CCP Equity Partners’ predecessor fund Conning Capital Partners in 1994 from Conseco Inc., where he was involved in forming Conseco's private equity funds. Prior to Conseco, Steve was a founding member of the financial institutions group within GE Capital Corporation's leveraged buyout division. Steve began his career with Chase Manhattan Corp and is a Chartered Financial Analyst. Steve received a BA from the University of Rochester and an MBA from Duke University's Fuqua School of Business.

Mortgage Strategies
Rajesh Agarwal
Head of Mortgage Strategies

Rajesh Agarwal is a Managing Director and the lead Portfolio Manager of Mortgage Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in March 2008, Rajesh was a Managing Partner and Portfolio Manager in HSPI, LP formerly affiliated with Halcyon from 2006-2008. Prior to joining Halcyon from 2004-2006, Rajesh was a Senior Analyst at Merrill Lynch Investment Managers (“MLIM”), where he served as lead analyst for asset selection across residential housing sectors (Prime/Alt-A/Sub-Prime) and CDOs for three high-grade CDO deals launched and managed by MLIM. Prior to joining ABS/MBS research, he worked in the Global Markets and Investment Banking group at Merrill Lynch from 1998-2004. From 1996-1998, Rajesh was a Senior Engineer at Simulation Sciences, Inc., where he developed simulation algorithms used by the chemical industry. Rajesh received a Ph.D. in Chemical Engineering and an MS in Chemical Engineering, both from the University of Texas at Austin.

Napier Park Management
James M. O’Brien
Senior Managing Partner

Jim O’Brien is a Senior Managing Partner of Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Jim was previously Co-CEO of CCA. Jim was a co-founder of Carlton Hill Global Capital (“CHGC”), a specialized asset management firm that was acquired by Citi in 2007. Prior to establishing CHGC in 2005, Jim spent 19 years at Morgan Stanley in the Fixed Income Division. He worked in London for 5 years and served as a Managing Director for 12 years. Over the course of his career at Morgan Stanley, Jim held numerous senior management positions including Co-Head of the Global Corporate Credit Group, Co-Head of the Global Investment Grade Credit Group, Head of Global Cash Corporate Trading, Head of Global Credit Research and Head of European Corporate Bond and ABS trading. He spent his first eight years at Morgan Stanley in the US International Sales and Product Management Group. Jim began his career in the Unit Investment Trust Division of Merrill Lynch. Jim earned a BS degree in Finance from Seton Hall University in 1982.

Napier Park Management
Michael Williams
Chief Operating Officer

Michael Williams is a Managing Director and Chief Operating Officer of Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Michael was previously theChief Operating Officer for CCA responsible for Operations, Finance, Human Resources and IT for the CCA platform as well as Chief Financial Officer for Market Strategies. Prior to joining CCA in 2007, he was the CFO of Carlton Hill Global Capital (“CHGC”), where he helped launch the firm in 2006. Prior to CHGC, he worked for five years as a Principal in charge of middle office services for credit derivative and structured financial products at Bank of America Securities and he had another five years of similar experience as a Vice President with JPMorgan Chase. As a Director at Barclays Capital, he oversaw certain risk management and product control operations with respect to interest rate and credit derivative products. Michael began his career as a global swap trade analyst for Merrill Lynch. Michael earned a BS degree in Finance from Providence College.

Corporate Credit Strategies
Fred Hoffman
Head of Corporate Credit Strategies

Fred Hoffman is a Managing Director and the lead Portfolio Manager for the Synthetic Portfolio Equity strategy at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA, Fred was a partner and lead portfolio manager at Carlton Hill Global Capital. Fred has been working in the fixed-income markets since 1986 when he joined Prudential Insurance as a research analyst. He then became a programmer for Gifford Fong Associates. Following the merger of Equitable Capital and Alliance Capital (1992), Fred worked for 12 years at Alliance Bernstein and was a Senior Portfolio Manager for the credit portfolios. Fred also ran the credit trade desk at Alliance from 2002-2004. Fred has managed almost all sectors of the fixed-income marketplace including ABS/MBS, Municipal Bonds, Interest Rate Products and Credit. Between 2004 and 2006, he was Deputy Chief Investment Officer of Northstar Financial Services of Hamilton, Bermuda. Fred holds an MA in Econometrics from Fairleigh Dickinson University and a BA in Economics and Computer Science from Rutgers College, Rutgers University.

Corporate Credit Strategies
Daniel Slotkin
Head of Leveraged Loans

Daniel Slotkin is a Managing Director and the Portfolio Manager for Napier Park’s loan funds which include Collateralized Loan Obligations (CLOs) and managed accounts. Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Daniel Slotkin joined Citi in 1991 and prior to joining CCA’s Leveraged Loan Investments team in 1998, Daniel worked in the Airlines Asset Distribution Department, Capital Markets Origination, Leveraged Loan Structuring and in the Relationship Management areas of Citi’s corporate bank. During his tenure in Leveraged Loan Investments, Daniel has led bank loan trading, portfolio strategy, loan workouts and also worked as a credit analyst covering consumer products, environmental services, supermarkets and drug stores sectors. He earned his Bachelor of Arts degree from the University of Florida.

Distressed Debt Strategies
James J. Duplessie
Head of Distressed Debt Strategies

James Duplessie is a Managing Director and Portfolio Manager of Distressed Debt Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in November 2008, James Duplessie was a Managing Member of Epic Asset Management. James was formerly an Executive Director of United Bank of Switzerland (“UBS”). James became an Executive Director of UBS when UBS AG merged with Swiss Bank Corporation (“SBC”) and an Executive Director of SBC when SBC consummated its acquisition of the O’Connor Partnerships. During his tenure at O’Connor, James led the expansion of the firm’s proprietary investment activities in bankruptcies and restructurings. Prior to joining O’Connor in 1991, James was an investment banker at Robert Fleming Inc., and, before that at Plaza Securities, where he identified, structured and negotiated mergers, acquisitions and restructurings. James is the President of The Coral Reef and Marine Science Foundation, an affiliate of Lizard Island Research Station, Australia. James has a BA in Economics from Washington and Lee University, an MBA from Tulane University, and a JD from Wake Forest University.

European Credit Strategies
Michael Micko
Head of European Credit Strategies

Michael Micko is a Managing Director and the lead Portfolio Manager of European Credit Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Michael joined CCA in August 2004, bringing approximately 15 years of relevant experience to the team. Prior to joining CCA, Michael headed high yield at Mellon Newton Investment Management. Previously, Michael was an investment banker at Deutsche Bank and Bankers Trust International focusing on Leverage Finance, and he also held the role as Treasurer of a listed corporate high yield issuer. Michael has a MBA from The Richard Ivey School in Canada (1991), has attended London Business School, and holds ME (Industrial Engineering) (1988) and BS (Electrical Engineering) (1987) degrees from the University of Alberta, Canada.

Event Driven Strategies
Derrick
Queen

Event Driven Strategies Portfolio Manager

Derrick Queen is a Portfolio Manager of Event Driven Strategies, which he co-founded in 2008, at Napier Park Global Capital. Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors, in February 2013. Prior to joining CCA, Mr. Queen managed an event driven portfolio for Old Lane, a multi-strategy hedge fund that launched in April 2006 with over $4 billion in AUM. While at Old Lane, he worked closely with Messrs. Patel, Narang, and Keating. Before joining Old Lane at its inception, Mr. Queen held various portfolio management and equity research responsibilities for both merger arbitrage and value-driven strategies. Throughout his investment career, he has conducted bottoms-up, fundamental research on public and private companies. Mr. Queen began his investment career in 1993 at Bankers Trust Company (subsequently acquired by Deutsche Bank), where he eventually became a Portfolio Manager. There, he helped manage approximately $1 billion in diversified portfolios of private and institutional client assets. In 2000, he joined US Trust, where he performed proprietary research on companies in the technology sector. The following year, he joined Jennison Associates, an institutional asset manager with more than $100 billion of assets under management. At Jennison, Mr. Queen covered the technology and professional services sectors, generating investment ideas for a fund with over $50 billion in assets. During this time, he was ranked as one of the top analysts in his sector by Institutional Investor Magazine. Following Jennison, Mr. Queen worked at Ritchie Capital Management LLC as a Portfolio Manager, where he co-managed the firm’s $200 million event-driven equity strategy. Prior to his investment career, Mr. Queen worked in international television media for CBS Sports, ABC Sports and Sports Illustrated, starting in 1989. In this capacity, he produced and directed segments for televised sporting events, including the 1992 Winter Olympic Games in Albertville, France, and ABC’s Wide World of Sports. Mr. Queen received his BA from the University of Pennsylvania in 1989, and his MBA from Columbia University in 1998, where he received an Award of Excellence.

Financial Partners
Manu Rana
Co-Head of Financial Partners

Manu Rana is a Managing Director and a Co-Head of Financial Partners at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in 2007, Mr. Rana was a Managing Director of Old Lane, where he led negotiated investments in financial services businesses. Mr. Rana joined Old Lane from Lazard Alternative Investments, where he was a Managing Director of the firm and a Principal of Lazard Technology Partners. At Lazard, Mr. Rana was responsible for equity and debt investments in financial- and related business, as well as information services investments. Mr. Rana started at Lazard in 1994, initially in its financial institutions investment banking group and, from 2000 on, he worked at Lazard Alternative Investments. Prior to Lazard, Mr. Rana was a member of A.T. Kearney’s financial institutions practice. Mr. Rana received a BA from Columbia University.

India Infrastructure Strategies
Hari Aiyar
Chairman and Managing Director of SV India

Mr. Aiyar is currently Chairman and Managing Director of SV India, the sub-advisor to the Old Lane India Opportunities Fund. In 1990, he started his career as a financial analyst in the investment banking division of Morgan Stanley. From 1991-1993, Hari played a key role in the establishment of Corporate Finance Coverage for Indian corporations and government agencies and completed the first Global Depository Receipt offering for an Indian company. After graduating from Harvard Business School, Hari re-joined Morgan Stanley in proprietary trading in New York to manage Emerging Markets Special Situations. In 1999, Hari formalized the governance structures relating to private equity investing, founded and subsequently headed up the Strategic Trading Initiatives and Investments Group (SII), a major profit center for the Equity Division that is still in operation. Until he left in 2005, he was engaged in over 40 transactions for 20 companies and designed the strategy for Morgan Stanley’s investments in electronic markets and exchanges, financial software and asset managers. Hari earned his AB in 1990 magna cum laude from Columbia University and his MBA with Distinction from Harvard Business School in 1995.

Municipal Investment Strategies
Craig Henick
Head of Municipal Investment Strategies

Craig Henick is a Managing Director and a Co-Portfolio Manager of Municipal Investment Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in mid-2006, Craig was a senior portfolio manager for Citigroup’s Municipal Proprietary Trading Desk where he co-managed a program of approximately $20bn in municipal bonds, including the $14bn Citibank TOB since January of 2005. Previously, Craig was a member of the team of Citigroup’s municipal secondary trading desk when it achieved a No.1 ranking in Institutional Investor’s 2004 survey. Prior to joining Citigroup in 2003, Craig managed municipal positions at JP Morgan and Lehman Brothers. Craig received a BS in Economics from the Wharton School at the University of Pennsylvania.