History
Highlights
Since its 1996 inception, Radcliffe has been a responsible steward of capital. We are disciplined in selecting and maintaining strategies where we have identified market inefficiencies, have the expertise to capitalize on those inefficiencies, and want to invest heavily ourselves.
The timeline below highlights key milestones in Radcliffe’s history.
1996
PIPEs Fund Launched
Radcliffe’s PIPEs strategy grew to be what we believe was one of the largest and most successful PIPEs strategies, then, after 6 years, we voluntarily returned capital when the strategy was no longer attractive.
1998
Partner and Director of Research
2002
Convertible Arbitrage Strategy Launched
The Convert Arb Strategy leveraged the team’s experience, beginning in 1988. After 8 successful years, the opportunity had diminished, and we returned capital. We continue to employ convert arb within our Multi-Strategy.
2008
Credit Opportunities Strategy Launched
The Credit Opportunity Strategy sought to capitalize on oversold HY bonds during the Great Financial Crisis by employing deep credit analysis, seeking bonds with strong credits even if market conditions remained weak. We returned capital with significant gains after 6 years when valuations normalized.
2009
Radcliffe’s flagship USD Strategy seeks to capitalize on persistent structural market inefficiencies of liquid bonds as they approach maturity. We employ deep credit analysis, seeking the trifecta of high yields, investment grade risk, and minimal duration.
2010
2012
2014
The BDC Bond Strategy invests in investment-grade rated bonds with high yields, often with more downside protection than AAA CLOs. The strategy’s success requires rigorous credit analysis, familiarity with the complex structure and regulation, and extensive relationships with BDC managers.
2016
2017
Building on our expertise in the USD Strategy, the Short Duration Strategy pursues a wider opportunity set, allowing us to include more of our favorite bonds with a slightly longer average maturity.
2020
Radcliffe SPAC Strategy Launched
As SPACs reemerged in 2019, Radcliffe built what may have been the largest levered SPAC Strategy, with a track record that reflected our arbitrage approach. We closed the strategy and returned capital when the risk/reward diminished. We invest in SPACs opportunistically within our Multi-Strategy.
2022
Radcliffe Multi-Strategy Launched
Multi-Strategy is our highest target return strategy. We seek to utilize time-tested research processes to identify Radcliffe’s best ideas across our existing strategies, and opportunistically in other areas including convert arb, SPACs, and long/short.
2023
Radcliffe Treasury Plus Strategy Launched
Building off the success of our USD strategy, the Treasury Plus Strategy seeks uncorrelated excess returns above a treasury index. Radcliffe’s USD strategy has been used as portable alpha by clients since 2013, and Treasury Plus is the first where we manage both the beta and alpha.
2024
Hedgeweek Best Fund Award for 2023
Radcliffe’s Ultra Short Duration Strategy was named winner of Hedgeweek US Award 2023 for best hedge fund in its category₁
2025
Radcliffe SPAC Strategy Re-Launched
Green shoots re-emerged within the SPAC market in early 2025 and Radcliffe re-launched the SPAC Fund which focuses on pre-merger SPACs, which benefit from Treasury-like downside and minimum returns, and is targeting 10-20% uncorrelated returns.
₁ The Best Credit Hedge Multi-Strategy Fund was awarded by Hedgeweek on October 26th, 2023, recognizing “excellence among fund managers and service providers in the US across a wide range of categories.” The Radcliffe Ultra Short Duration Fund won the award over a shortlist of five finalists chosen from a large pool of fund manager nominees provided by Bloomberg based on 12-month performance ending May 31, 2023. We provided no compensation for this award.