TCW Distressed Strategy

Alternative Products Division

TCW Distressed strategy is designed to take advantage of the regular mispricings of the obligations of entities that are experiencing or are expected to experience distress.

Investment Team

  • Sara Tirschwell, CFA
  • Todd Solomon
  • Mahir Vora
  • Sean O'Sullivan

Overview

TCW Distressed strategy makes opportunistic investments in companies that are experiencing, or are expected to experience distress. We take a value-oriented approach to distressed investing by identifying opportunities where there is a material discrepancy between price and value. Our philosophy is that, by limiting AUM and concentrating our portfolio, we are able to be appropriately selective, create a knowledge advantage and maintain flexibility.  As such, our portfolio will typically hold a majority of invested capital in a small number of concentrated positions and we expect to manage no more than $3 billion in the strategy.

Distressed Strategy

The strategy aims to identify value early by taking a view on both the current value and the direction of the future value of a company or estate. We then use our extensive resources to conduct fundamental analysis focused on examining the capital structure, corporate structure, counterparty relationships, contractual entitlements and an estimation of the timeline of procedural events. Armed with that knowledge, our team then employs value-enhancing strategies to maximize returns.

Experienced Team

Experience and relationships matter in the distressed space due to the importance of a) synthesizing behavioral, legal, and process elements with financial analysis, and b) the necessity of negotiations to optimize outcomes. Our veteran team is made up of senior professionals with extensive relationships and broad experience in a variety of industries, transactions, and jurisdictions.

Investment Team

  • Photo: Sara Tirschwell, CFA
    Sara Tirschwell, CFA
    Managing Director

    Ms. Tirschwell joined TCW in 2016 as a Portfolio Manager in the TCW Distressed group. She was formerly a Managing Director at Davidson Kempner Capital Management, a hedge fund manager specializing in distressed debt and event-driven strategies, where she worked from 2004 to 2014. Prior to that time, Ms. Tirschwell held positions as Head of Bank Loan Trading at Imperial Capital, Co-Head of Distressed Bank Loan Trading at Nationsbanc Montgomery Securities/Bank of America, Head of Bank Loan Trading at Libra Securities, Bank Loan Trader at Amroc and Research Analyst/Bank Loan Trader at R.D. Smith & Company/Argo Partners. Ms. Tirschwell earned her BA in Economics from Rice University. She is a CFA charterholder.

  • Photo: Todd Solomon
    Todd Solomon
    Vice President

    Mr. Solomon joined TCW in 2017 as the Director of Research for the TCW Distressed group. He brings the firm nearly 20 years of industry experience as a former Director of Research and Portfolio Manager at Halcyon Capital Management LLC. During his tenure, he focused primarily on special situation and distressed debt investing in addition to being a member of the firm’s Investment Management and Risk Management Committees. Mr. Solomon began his career at Chase Manhattan Bank in the Private Placement Group. He continued to foster his professionalism with instrumental roles having previously served as Senior Research Analyst at Triage Capital Management and specializing in M&A as well as Corporate Finance at Salomon Smith Barney in the Global Communications Group. He earned a BA with a concentration in Managerial Economics from Union College along with an MBA from Columbia Business School. Mr. Solomon is a frequent guest speaker on investing at Columbia Business School and various industry forums.

  • Photo: Mahir Vora
    Mahir Vora
    Vice President

    Mr. Vora joined TCW in 2016 as a Senior Analyst for the TCW Distressed group. Mahir was born and grew up in Mumbai, India. Most recently, he was a Managing Director in the New York office of Davidson Kempner Capital Management LLC where he focused on distressed credit and equity investments mainly in financial services. Prior to that, he worked at Endicott Management Company, a New York-based investment manager focused on financial services companies. Mahir began his 20-year career at Goldman Sachs where he worked in the Investment Banking and Investment Management divisions. Mr. Vora holds a BSc with Distinction from Cornell University and an MBA with Honors from The Wharton School at the University of Pennsylvania.

  • Photo: Sean O'Sullivan
    Sean O'Sullivan
    Vice President

    Mr. O’Sullivan joined TCW in 2017 as an Analyst with the TCW Distressed group. He previously served as Vice President at PointState Capital and MidOcean Credit Partners where he covered bonds, leveraged loans, and distressed debt. He began his career as a Research Analyst at Solus Alternative Asset Management with a focus on high yield credit and distressed opportunities. Mr. O’Sullivan earned a BA in Finance from the Sellinger School of Business at Loyola University Maryland. He is a CFA charterholder.

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