Siguler Guff hired Ray Miller and Prashant Rai to its credit platform. Miller and Rai will work under the leadership of Michael Apfel, who joined the firm as managing director and head of credit in December 2019. Miller joined from MHR Fund Management, where he worked as a principal, while Apfel previously worked at Mangrove as an investment analyst.
Siguler Guff, a multi-strategy private equity investment firm with over $14 billion of assets under management, announced today that the Firm has further strengthened its credit investment platform with the hiring of Ray Miller and Prashant Rai. Messrs. Miller and Rai will work closely with the broader Siguler Guff credit team under the leadership of Michael Apfel, who joined the Firm as a Managing Director and Head of Credit in December 2019. Siguler Guff’s credit-related strategies include special situations, distressed, and other niche credit strategies.
Siguler Guff’s credit platform has raised over $7 billion of committed capital, and has been investing in opportunistic credit-related strategies for approximately 20 years, realizing attractive risk-adjusted returns for its clients across multiple economic cycles.
In making the announcement, Mr. Apfel said, “We see significant opportunities for our credit-related strategies given the enormous dislocation that is reshaping many industries as corporate debt levels rise and EBITDA declines. We are, therefore, pleased to welcome Ray Miller and Prashant Rai to the firm, each of whom bring differentiated credit expertise that will be highly additive to the firm and our investors. Over the last several months, Siguler Guff has continued to expand its credit-related investment platform and we are well situated, with extraordinary resources, to evaluate and execute on a host of attractive investments spread across our focused strategies. This includes esoteric and overlooked opportunities within the credit universe.”
Drew Guff, Managing Director and Founding Partner of Siguler Guff, said, “We believe this is a moment in time to further build and leverage our global, integrated credit platform. Our firm is well positioned to source and execute attractive investment opportunities. The expertise of our professionals and our long-standing track record of investing through multiple economic cycles and within diversified credit strategies over the past two decades is compelling.”
Bios of Ray Miller and Prashant Rai
Ray Miller joins Siguler Guff as a Principal. He brings to the firm approximately 15 years of public and private investment experience across special situations, distressed, and credit strategies. Prior to joining the Firm, Mr. Miller was a Principal at MHR Fund Management LLC, a $5 billion private equity firm that invests in distressed and undervalued middle market companies and assets, which he joined in 2011. Mr. Miller was responsible for originating and executing off-the-run special situations and credit investment opportunities across a wide variety of industries including aviation services, aircraft and engine leasing, industrials, mortgage lending, and specialty finance. While at MHR, Mr. Miller was actively involved in forming partnerships with experienced industry management teams to establish, scale, and monetize niche platform companies focused on acquiring or lending against specialized assets or businesses. Previously, Mr. Miller was an associate at Guggenheim Partners Investment Management LLC, investing across the capital structure in a variety of industries.
Mr. Miller has served as a board or committee member for numerous companies and currently serves as a director of Navistar, Inc., a leading manufacturer of trucks and buses, and was formerly a director of Erickson, Inc., a leading aerospace manufacturer and global provider of aviation services. He holds a B.B.A., with high distinction, from the Stephen M. Ross School of Business at the University of Michigan.
Mr. Rai joins Siguler Guff as a Vice President, focused on the Firm’s special situations, distressed, and opportunistic credit strategies. Mr. Rai’s primary responsibilities include investment sourcing, due diligence, and ongoing management. Mr. Rai has approximately 6 years of experience within restructuring, distressed and special situations. Before joining Siguler Guff, Mr. Rai was an investment analyst at Mangrove, a special situations investment fund investing across the capital structure with an emphasis on corporate restructuring, liquidations and litigation. Previously, Prior to joining Mangrove, Mr. Rai was an Associate in the New York office of Weil, Gotshal and Manges LLP where he advised debtors and creditors on in-court and out-of-court restructurings. Mr. Rai’s responsibilities at Weil included structuring and negotiating plans of reorganizations or liquidation and litigating deal-determinative issues such as valuation, plan feasibility, and preference and fraudulent transfer actions. Mr. Rai also worked in the San Francisco office of Morrison & Foerster LLP as a litigator where he advised on complex tax disputes across multiple jurisdictions and industries.
Mr. Rai holds a J.D. from Columbia Law School with honors as a James Kent Scholar and a B.A. with honors from the University of California Los Angeles.
About Siguler Guff:
Siguler Guff is a multi-strategy private equity investment firm which, together with its affiliates, has over $14 billion of assets under management. With 25 years of investment experience, Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches. Siguler Guff’s core investment strategies include opportunistic credit, small business private equity, distressed real estate and emerging markets. Siguler Guff’s investment products include direct investment funds, multi-manager funds and customized separate accounts targeting specific areas of compelling opportunity. Headquartered in New York, Siguler Guff maintains offices in Boston, London, Moscow, Mumbai, São Paulo, Shanghai, Seoul, Tokyo, Hong Kong and Houston, Texas. To learn more about Siguler Guff, please visit www.sigulerguff.com.