Investment Philosophy



  • Fundamental Credit Research
  • Stress Testing Framework of all Severe Credit Environments
  • Aversion to Binary Investment Risks
  • Avoidance of Liquidation Risk
  • Review of Valuations, Catalysts and Technical



  • Asset and Liability Matching and Minimal Borrowed Money Leverage
  • Idiosyncratic, Granular and Uncorrelated Risks
  • Diverse Portfolios
  • Low Credit Impairments and Losses
  • Active Portfolio Management

Credit Strategies

At Napier Park, we follow a set of principles, which create visible outcomes in how our portfolios are constructed and managed.

Diversified Credit Strategies - Flagship

Potentially access reliable returns well above Fixed Income with Sub-Equity volatility profiles as CIO Jonathan Dorfman rebalances across sub-strategies

Opportunistic Credit SMA

Reserved exclusively for our largest investors, we tailor each account to address client specific Fixed Income requirements. Customized reporting is available

US Mortgages & Consumer

Capitalize on the value harvested across ABS sectors by blending macro trends with intensive bottoms-up analysis

European Credit

Take advantage of attractive fundamental or catalyst-driven high-yield European corporate credit opportunities with the team recognized as “Best-in-Class” by numerous industry groups and publications


Benefit from a team focused on finding the most attractive risk-adjusted opportunities across the CLO landscape

US Single Name & Credit Derivatives

Seeks to monetize market dislocations and benefit from complex credit opportunities as our investment team combines deep fundamental research and analysis with complex, high-yielding, products to deliver superior risk-adjusted returns

Special Opportunities

Seeking attractive risk-adjusted returns by melding highly technical analysis with deep industry relationships to uncover value and superior returns

Associated Risks Disclosures

This site and its content do not constitute an offering and are meant only to provide a broad overview for discussion purposes. All information provided herein is subject to change. If and when and investment opportunity is structured, you must obtain and carefully read the related Offering Memorandum, which will contain the information needed to evaluate the potential investment and provide important disclosures regarding risks, fees and expenses. All information provided herein is qualified in its entirety by the applicable Offering Memorandum and the related subscription agreement.

As further described in the offering documents, an investment in alternative investments is speculative and not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks may include:

  • loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices;
  • lack of liquidity in that there may be no secondary market for the fund and none is expected to develop
  • volatility of returns;
  • restrictions on transferring interests in the fund;
  • potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized;
  • absence of information regarding valuations and pricing;
  • complex tax structures and delays in tax reporting;
  • less regulation and higher fees than mutual funds; and
  • advisor risk.

Individual funds will have specific risks related to their investment programs that will vary from fund to fund.

Risk factors are described in more detail in the offering materials, which should be carefully reviewed prior to making a decision to invest. Napier Park, its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Napier Park and its affiliates. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Past performance does not guarantee future results.

While some information used in this site has been obtained from various published and unpublished sources considered to be reliable, neither Napier Park nor any of its affiliates guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use.

Strategies Team

Jonathan Dorfman

Managing Principal and Chief Investment Officer
Opportunistic Credit

Jonathan Dorfman

Managing Principal and Chief Investment Officer
Jon Dorfman is a Managing Principal 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 Co-Head of the Global Investment Grade Credit Group and Head of Global Credit Derivative and Asset Swap Trading 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.

Serhan Secmen

Global Head of CLO Management Platform
Serhan Secmen is a Senior Managing Director and Head of Global CLO Platform 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 Citi Capital Advisors in August 2008, Serhan was a CLO trader at Lehman Brothers. 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 Napier Park, Serhan has assisted in the development of multiple proprietary analytics systems and has been influential in the various strategies and methodologies for analyzing CLOs and other structured products. Since 2006, Serhan has also been involved in various industry forums and networks, including the investor roundtables for Moody's, S&P, and Fitch Ratings. He frequently appears as a speaker at multiple industry conferences and panels. 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.
European Credit

Michael Micko

Head of European Credit
Michael Micko is a Senior Managing Director and the Head 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.
US Mortgages & Consumer

Rajesh Agarwal

Head of US Mortgages & Consumer
Rajesh Agarwal is a Senior Managing Director and Portfolio Manager of US Mortgages & Consumer 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 Citi Capital Advisors 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.
US Leverage Loans & Research

Daniel Slotkin

Global CLO Portfolio Manager
Daniel Slotkin is a Senior Managing Director and Global CLO Portfolio Manager at Napier Park. 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 Citi Capital Advisors’ 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 worked as a credit analyst. He earned his Bachelor of Arts degree from the University of Florida.
US Single Name & Derivatives

Ram Putcha

Head of US Single Name & Credit Derivatives
Ram Putcha is a Senior Managing Director and Head of the US Single Name & Credit Derivatives 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 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 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 tenure 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 an 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.
Special Opportunities

Craig Henick

Head of Special Opportunities
Craig Henick is a Senior Managing Director and the Head of Special Opportunities at Napier Park. Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in 2006, Mr. Henick 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 commencing in January 2005. Previously, Mr. Henick 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, Mr. Henick managed municipal positions at JP Morgan and Lehman Brothers. Mr. Henick received a BS in Economics from the Wharton School at the University of Pennsylvania.