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Perella Weinberg Partners has acquired Xerion Capital Partners, a New York-based investment manager that focuses on distressed credit and special situations investments. Terms of the transaction have not been disclosed.

Daniel Arbess, Xerion's founder, managing principal and chief investment officer, will join Perella as a partner, along with the firm's entire investment and business teams. As part of the transaction, Perella initially plans to invest USD100m in strategies managed by Arbess.

'This acquisition gives Perella Weinberg a highly-regarded team with a strong record of accomplishment investing in distressed and special situations, just as the credit markets are presenting very dynamic opportunities,' says founding partner William Kourakos. 'We think Dan is a terrific investor and see a bright future ahead for this team's core strategies.'

Terry Meguid, another founding partner, adds: 'We are very pleased to welcome Dan and his team to Perella Weinberg. This acquisition represents a cornerstone in establishing a broader presence for the firm in the credit markets.'

Arbess says: 'The Xerion team sees excellent synergies in joining Perella, which has established a best-in-class investment management platform based on the strong reputation of the firm's founding partners.

'I believe this combination is strategic for Xerion and will propel us farther and more efficiently than other alternatives. This transaction will bring Xerion and its clients to the next level at a time of increased opportunities for our strategies.'

Arbess has been engaged in complex corporate reorganisations and special situations for most of his 20-year professional career, having been continuously engaged in the US leveraged and distressed credit markets since 1998.

Established in January 2003, Xerion pursues event-driven opportunities, targeting distressed and otherwise out-of-favour or overlooked special situations, with the goal of providing minimally-correlated returns in varied market conditions.

The firm's investment strategies, initially focused on US distressed credit opportunities, draw on a global worldview developed by Arbess in domestic and international transitional and special situations. It has historically invested in issuer capital structures wherever it finds the best fundamental value.

Launched in June 2006, Perella Weinberg Partners is an independent, privately-owned financial services firm that provides corporate advisory and asset management services to clients world wide. With 30 partners and 150 employees in its offices in New York, London and Austin, Texas, Perella Weinberg has raised more USD1bn from investors to establish its operations and fund its asset management initiatives.


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