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Strategy

Event-driven hedge funds

Event-driven hedge funds invest around corporate actions and special situations such as mergers, spin-offs, restructurings, bankruptcies, recapitalizations, litigation, and activist campaigns.

245fund profiles

$108.8Breported gross assets

$444.2Maverage gross assets

Strategypage type

SEO research brief

What event-driven hedge funds means

Merger-arbitrage books evaluate deal spread, financing, antitrust, shareholder approval, and closing risk.

Distressed and restructuring books analyze capital structure, creditor rights, recovery value, and legal process.

Data caveat

What the filings show

The data is best read as a disclosure map. Reported gross asset value is not the same as performance, net assets, investor capital, or a recommendation. Fund rows can include offshore master funds, Delaware vehicles, feeders, and internal sleeves.

Pentwater Merger Arbitrage Master Fund LTD is the largest sampled vehicle on this page at $9.6B.

Visual snapshot

Concentration and mix

Largest funds

Pentwater Merger Arbitrage Master Fund LTD $9.6B Strategic Value Special Situations Master Fund V, L.P. $8.9B Aequim Arbitrage Master Fund LP $5.0B Hbk Merger Strategies Master Fund L.P. $3.6B Ionic Volatility Arbitrage Master Fund III LTD $3.4B Bain Capital Special Situations Asia II, L.P. $2.9B

Manager concentration

Strategic Value Partners, LLC $15.7B

Bain Capital Credit, LP $9.7B

Pentwater Capital Management LP $9.6B

Oaktree Capital Management, L.P. $5.3B

Aequim Alternative Investments LP $5.0B

J.p. Morgan Investment Management Inc. $4.1B

Office clusters

New York, New York, United States $23.2B

Greenwich, Connecticut, United States $15.7B

Boston, Massachusetts, United States $9.7B

Naples, Florida, United States $9.6B

Los Angeles, California, United States $6.4B

Mill Valley, California, United States $5.0B

Strategy guide

How the strategy works

Merger-arbitrage books evaluate deal spread, financing, antitrust, shareholder approval, and closing risk.

Distressed and restructuring books analyze capital structure, creditor rights, recovery value, and legal process.

Activist or special-situations books focus on governance, strategic alternatives, and catalysts.

History and context

Event-driven investing has roots in merger arbitrage, distressed debt, and shareholder activism. It grew alongside modern takeover markets, bankruptcy investing, and institutional activist campaigns.

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Find funds inside Event-driven hedge funds

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Fund	Manager	Location	Gross assets

Ranked profiles

Largest funds in this group

60 rows shown

Fund	Manager	Location	Gross assets	Minimum
Pentwater Merger Arbitrage Master Fund LTD Event-driven	Pentwater Capital Management LP	Naples, Florida, United States	$9.6B	$100K
Strategic Value Special Situations Master Fund V, L.P. Event-driven	Strategic Value Partners, LLC	Greenwich, Connecticut, United States	$8.9B	$5.0M
Aequim Arbitrage Master Fund LP Event-driven	Aequim Alternative Investments LP	Mill Valley, California, United States	$5.0B	$1.0M
Hbk Merger Strategies Master Fund L.P. Event-driven	Hbk Capital Management	Dallas, Texas, United States	$3.6B	$3.0M
Ionic Volatility Arbitrage Master Fund III LTD Event-driven Volatility	Ionic Capital Management LLC	New York, New York, United States	$3.4B	$100.0M
Bain Capital Special Situations Asia II, L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$2.9B	$5.0M
Bain Capital Distressed And Special Situations 2019 (b Master), L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$2.5B	$5.0M
Lynstone Special Situations II Event-driven	J.p. Morgan Investment Management Inc.	New York, New York, United States	$2.5B	$5.0M
Nineteen77 Global Merger Arbitrage Master Limited Event-driven	O'connor Alternative Investments, LLC	New York, New York, United States	$2.4B	$5.0M
Strategic Value Special Situations Master Fund IV, L.P. Event-driven	Strategic Value Partners, LLC	Greenwich, Connecticut, United States	$2.4B	$5.0M
Oaktree Special Situations Fund II, L.P. Event-driven	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$2.2B	$10.0M
Strategic Value Special Situations Fund Vi,l.p. Event-driven	Strategic Value Partners, LLC	Greenwich, Connecticut, United States	$2.0B	$10.0M
Oaktree Special Situations Fund III, L.P. Event-driven	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$1.8B	$10.0M
Bridgewater Event Risk Fund I, Ltd. Event-driven	Bridgewater Associates, LP	Westport, Connecticut, United States	$1.7B	$100K
Lynstone Special Situations Fund II (no.2) Scsp Event-driven	J.p. Morgan Investment Management Inc.	New York, New York, United States	$1.6B	$5.0M
Special Situations Investment Fund LP Event-driven	Mio Partners, Inc.	New York, New York, United States	$1.6B	$25K
Bain Capital Special Situations Europe Icav Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$1.5B	$5.0M
Strategic Value Special Situations Offshore Fund Vi, L.P. Event-driven	Strategic Value Partners, LLC	Greenwich, Connecticut, United States	$1.5B	$10.0M
Proprium Real Estate Special Situations Fund, L.P. Event-driven Sector-focused	Proprium Capital Partners, L.P.	Stamford, Connecticut, United States	$1.3B	$5.0M
Farallon Special Situations Master Fund II, L.P. Event-driven	Farallon Capital Management, LLC	San Francisco, California, United States	$1.2B	$10.0M
Lynstone Special Situations Master Fund Scsp Event-driven	Jpmorgan Funds Limited	London, United Kingdom	$1.2B	$10.0M
Ares Special Situations Fund IV, L.P. Event-driven	Ares Management LLC	Los Angeles, California, United States	$1.1B	$5.0M
Cvc Credit Partners Global Special Situations Fund II Scsp Credit Event-driven	Cvc Credit Partners, LLC	New York, New York, United States	$1.1B	$10.0M
Athos Asia Event Driven Master Fund Event-driven Emerging markets	Athos Capital Limited	Hong Kong, Hong Kong	$1.1B	$100K
Blackstone Cmbs Fund - G L.P. Event-driven Sector-focused	Blackstone Real Estate Special Situations Advisors LLC	New York, New York, United States	$1.1B	$0
King Street Real Estate Special Situations (europe) Fund II, L.P. Event-driven Sector-focused	King Street Capital Management, L.P.	New York, New York, United States	$969.6M	$0
Bain Capital Distressed And Special Situations 2019 (a), L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$967.8M	$5.0M
Lynstone Special Situations Fund (lux) Scsp Event-driven	Jpmorgan Funds Limited	London, United Kingdom	$966.1M	$10.0M
Farallon Special Situations Master Fund III Non-Us, L.P. Event-driven	Farallon Capital Management, LLC	San Francisco, California, United States	$964.6M	$10.0M
Bain Capital Special Situations Asia, L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$948.8M	$5.0M
Prime Finance Special Situations 2020 Fund, L.P. Event-driven	Prime Finance Advisor, L.P.	San Francisco, California, United States	$899.9M	$100K
Bain Capital Special Situations Managed Account (clp), L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$897.1M	$0
Strategic Value Special Situations Lux Fund Vi Scsp Event-driven	Strategic Value Partners, LLC	Greenwich, Connecticut, United States	$869.9M	$10.0M
Quantinno Fundamental Arbitrage Fund LP Event-driven	Quantinno Capital Management LP	New York, New York, United States	$804.6M	$1.0M
Avenue Europe Special Situations Fund V (u.s.), L.P. Event-driven	Avenue Europe International Management, L.P.	New York, New York, United States	$765.9M	$10.0M
Bsp European Special Situations Fund II Scsp Event-driven	Benefit Street Partners Limited	London, United Kingdom	$763.3M	$5.0M
Farallon Special Situations Octave, L.P. Event-driven	Farallon Capital Management, LLC	San Francisco, California, United States	$734.2M	$300.0M
Shrewsbury River Capital Cmbs Event-Driven Master Fund LP Event-driven	Shrewsbury River Capital LP	Red Bank, New Jersey, United States	$726.8M	$2.0M
Oaktree Special Situations Fund II (feeder), L.P. Event-driven	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$694.1M	$10.0M
Global Merger Partners Master Ltd. Event-driven	Blackrock Financial Management, INC	New York, New York, United States	$685.6M	$0
Oaktree Special Situations Fund, L.P. Event-driven	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$662.2M	$2.0M
Avenue Asia Special Situations Fund Vii, L.P. Event-driven Emerging markets	Avenue Asia Capital Management, L.P.	New York City, New York, United States	$630.7M	$10.0M
Radcliffe Spac Master Fund, L.P. Event-driven	Radcliffe Capital Management, L.P.	Bala Cynwyd, Pennsylvania, United States	$608.8M	$250K
Special Situations Fund III Qp, L.P. Event-driven	Awm Investment Company INC	New York, New York, United States	$608.4M	$100K
Hps Special Situations Opportunity Fund II, L.P. Event-driven	Hps Investment Partners, LLC	New York, New York, United States	$602.6M	$10.0M
Global Event Partners Master Ltd. Event-driven	Blackrock Financial Management, INC	New York, New York, United States	$586.4M	$0
Nuveen Corporate Arbitrage And Relative Value Fund, L.P. Event-driven	Nuveen Asset Management, LLC	Chicago, Illinois, United States	$583.7M	$5.0M
Shrewsbury River Capital Cmbs Event-Driven Fund Ltd. Event-driven	Shrewsbury River Capital LP	Red Bank, New Jersey, United States	$564.1M	$2.0M
Westbourne River Event Master Fund Event-driven	Tetragon Partners L.P.	New York, New York, United States	$560.5M	$1.0M
Tyrus Capital Special Situations Master Fund S.a R.l., Sicav-Raif Event-driven	Tyrus Capital S.a.m.	Monaco, Monaco	$548.2M	$5.0M
Ascent Arbitrage Fund Event-driven	Summit Trail Advisors, LLC	New York, New York, United States	$545.0M	$250K
Kkr Special Situations (eea) Fund II L.P. Credit Event-driven	Kkr Credit Advisors (US) LLC	San Francisco, California, United States	$542.0M	$0
Psquared Master Sicav Ltd. - Event Opportunity Master Fund Event-driven	Psquared Asset Management AG	Zurich, Switzerland	$529.3M	$1.0M
Hps Special Situations Opportunity Offshore Fund II, Scsp Event-driven	Hps Investment Partners, LLC	New York, New York, United States	$513.7M	$10.0M
Global Merger Partners LLC Event-driven	Blackrock Financial Management, INC	New York, New York, United States	$509.4M	$0
Tig Arbitrage Enhanced Master Fund, L.P. Event-driven	Tig Advisors LLC	New York, New York, United States	$498.1M	$1.0M
Lionstone Global Special Situations Fund, L.P. Event-driven	Lionstone Capital Management LLC	New York, New York, United States	$488.4M	$1.0M
Cytium Investment Management Special Situations Fund, LP Event-driven	Cytium Investment Management, LLC	New York, New York, United States	$477.8M	$1.0M
Neuberger Berman Principal Strategies Merger Arbitrage Master Fund Scsp Event-driven	Neuberger Berman Investment Advisers LLC	New York, New York, United States	$458.4M	$5.0M
Taconic Merger Arbitrage Master Fund L.P. Event-driven	Taconic Capital Advisors LP	New York, New York, United States	$439.8M	$1.0M

FAQ

Questions about this page

Is merger arbitrage always low risk?

No. Deal spreads can look small until antitrust, financing, shareholder, or market shocks change the probability of closing.

Why do event-driven funds care about legal documents?

Contracts, covenants, merger agreements, and bankruptcy plans often determine payoff timing and downside risk.

Which managers appear in the Event-driven hedge funds sample?

The largest sampled managers include Strategic Value Partners, LLC, Bain Capital Credit, LP, Pentwater Capital Management LP, and Oaktree Capital Management, L.P.. This is based on reported gross asset value in the generated Form ADV dataset.