Tyrus Embraces European M&A Wave

Tyrus Capital is one of the largest event-driven hedge fund managers in Europe. Running over $2 billion, the manager also belongs to The Hedge Fund Journal’s Europe 50 ranking.

The flagship fund, the Tyrus Capital Event Fund, which launched in October 2009, is a multi-strategy event fund focused on announced deals in developed markets. Trades can be grouped in to five broad categories including Value from Hard Catalyst, Opportunistic, Arbitrage, Credit and Structured Trades - the latter of which Tyrus is perhaps best known for and sets them apart from many other event-driven specialists. In addition, investors benefit from being offered co-investment opportunities where there is additional capacity on Structured Trades.

Merger arbitrage is only one subset of the Tyrus repertoire, but the environment in 2017 was so compelling that Tyrus Capital launched a dedicated merger arbitrage strategy in July 2017. “Merger arbitrage was quiet between the second half of 2010 and 2016, but there’s now a comeback,” says Tyrus Capital founder, Tony Chedraoui, who has featured in The Hedge Fund Journal’s ’Tomorrows Titans’ survey published in association with EY. The dedicated merger arbitrage fund has already returned +3.5% for the first two months of 2018.

Chedraoui expects 2018 to be another record year for levels of event activity. Having seen deals in excess of $400bn announced so far this year, he continues to see opportunities not just within the M&A space but across all of the different sub-strategies the fund invests in.