Covenant Review adds product development head to team

Covenant Review, a provider of indenture and loan agreement analysis, which is part of Fulcrum Financial Data, has hired Manish Aggarwal as head of new product development. Aggarwal is co-founder of Xtract Research, a covenant analysis platform that was later acquired by MergerMarket in 2010. FFD is backed by Leeds Equity Partners LLC.


NEW YORK, June 29, 2017 /PRNewswire/ — Covenant Review and Fulcrum Financial Data (“FFD”) are pleased to announce that Manish Aggarwal has joined as Head of New Product Development.

Covenant Review is known globally as The Authority on Bond and Loan Covenants. It began publishing research in 2006. Manish Aggarwal in 2005 co-founded Xtract Research, a covenant analysis platform, that was sold to MergerMarket in 2010, where he continued to work until the end of 2013.

Covenant Review Founder Adam Cohen praised Manish’s knowledge of the space: “I always admired Manish’s creative abilities as we competed against each other to create an entirely new category of covenant research. We fought to build businesses that would illuminate for investors the realities of their bond and loan contract rights. We are thrilled to have such an entrepreneur creating new products for fixed income professionals.”

Mr. Aggarwal said that he is “excited to be working with the Covenant Review team and build upon their leading covenant platform to offer additional value-added offerings to the fixed income market.”

Fulcrum Financial Data is the combination of four entrepreneurial companies that are leading providers of research, news, and data analytics in the credit information space. FFD is headed by Steve Miller, the founder and former CEO of Leveraged Commentary and Data (“LCD”), a subsidiary of S&P Global. Mr. Miller said, “FFD is an outstanding collection of four businesses still being run by the entrepreneurs that created them. Manish goes right to our DNA of continuing to innovate for the markets.”

The four FFD businesses are:
Covenant Review, (, which provides bond indenture and loan agreement analysis on a subscription basis. Covenant Review is led by its founder, Adam Cohen, who first developed subscription research covenant products and is regarded as the preeminent thought leader in covenant analysis;
CapitalStructure, (, which is a leading source of timely, accurate news, analysis and data on the sub-investment grade debt markets. CapitalStructure is led by its founder, Minaxi Kesra;
LevFin Insights, (, a subscription information service providing coverage of leveraged loan and high-yield bond markets. LevFin Insights was founded by the core former senior managers of Leveraged Commentary and Data: Marc Auerbach, Christopher Donnelly, Matthew Fuller, Kerry Kantin, and Robert Polenberg; and
PacerMonitor, (, is a unified, modern and full-featured platform for researching and tracking federal bankruptcy, district, and appellate court cases. PacerMonitor is headed by its founder Joe Rosen, who is a restructuring specialist.

Fulcrum was assembled by Leeds Equity Partners, LLC acquiring leading providers in their space and retaining the founders to continue to drive those businesses. The creation of Fulcrum began with the acquisition of Covenant Review in 2014, which was followed by acquisitions of CapitalStructure and PacerMonitor in 2015. Subsequently, in April 2016, Steve Miller joined to spearhead the holding company with his experience both as an entrepreneur and as an operator of a larger organization in the credit markets. In September, Shasha Dai, formerly Special Writer of The Wall Street Journal, joined Fulcrum as the New York Bureau Chief of CapitalStructure.

For additional information on Fulcrum Financial Data and its businesses, see:

About Leeds Equity Partners
Leeds Equity Partners, LLC, is a New York-based private equity firm focused exclusively on investing in the education, training and information services industries (the “Knowledge Industries”). The firm was founded by Jeffrey T. Leeds and Robert A. Bernstein in 1993 and has raised and managed more than $1.5 billion of capital across six funds.
For additional information on Leeds Equity Partners, see