Polaris Advantage targets an underserved pocket of the credit universe — bonds and debt instruments undergoing restructuring — where proprietary methodology can generate proceeds in excess of face value.
Distressed debt markets exhibit persistent mispricing. Traditional buyers lack the proprietary restructuring IP to unlock value embedded in complex debt instruments trading below recovery.
The Trust captures upside through an 80/20 profit split on returns above par recovery while an $80MM structured receivable provides a contractual par-floor.
A library of structuring, claims-enhancement, and workout methodologies developed over years of institutional credit practice positions the Trust to extract value inaccessible to conventional participants.
Global distressed debt outstanding
Average discount to face value at distress
Corporate defaults annually (peak cycles)
Annual restructuring volume
Systematic identification of distressed bonds and debt instruments trading at significant discounts to face value across corporate and structured credit markets.
Proprietary credit analysis applying claims-enhancement frameworks to assess recoverable value beyond stated face, leveraging $2B+ underwriting track record.
Disciplined entry pricing based on modeled restructuring outcomes. Target instruments where IP-driven recovery exceeds acquisition cost plus execution risk premium.
Active engagement in restructuring process applying proprietary structuring and workout methodologies to drive recovery proceeds above par value.
Proceeds above par distributed 20% to investors / 80% to sponsor. Par-floor mechanic supported by $111MM structured receivable provides downside protection.
20% of profits above par recovery flow to investors. Participation in restructuring proceeds is uncapped - the more value the IP unlocks, the greater the investor return.
A par-value floor mechanic implemented through a $27.5mm contractual floor resulting in redemption of investors to limit losses.
A curated library of structuring, claims-enhancement, and workout techniques - developed and refined through 10+ year track record of institutional credit underwriting - forms the Trust's core competitive edge.
Trust design seeks to provide pass-through of bad debt expense and operating expenses, reviewed by external securities and tax counsel.
Qualified Purchasers
Accredited Investors
Series 2026-1
Trust Beneficial Interests
Bonds & Debt Instruments
Undergoing Restructuring
Affiliated credit counterparty | Par-value floor mechanic
Contractually supported par-value floor seeks to return investor principal at par in restructuring recovery scenarios. Backed by $111mm structured receivable portfolio from trusted credit counterparty.
The $111mm structured receivable portfolio will be acquired from a trusted entity with institutional credit capabilities and execution history across the underlying strategy.
Trust structure reviewed by leading external securities and tax counsel. Designed for pass-through tax treatment and regulatory compliance across investor eligibility categories.
Entry pricing discipline enforced by CCO Maxwell Cohen, drawing on $10B+ underwriting track record. The portfolio acquired subject to a contractual price ceiling supported by valuation analysis.
President & Portfolio Manager
Polaris Advantage Asset Management, Inc.
Debt cumulative underwriting across career
Years institutional credit experience
Career Timeline
Chief Credit Officer & Head of Underwriting, Managing Director
Director of Underwriting (UHNW Family Office)
Chief Credit Officer
Director of Underwriting
Analyst
Currently advises UHNW clients on projects from millions to multi-billion dollar structured transactions through affiliated advisory platforms. Works closely with the Merchant Bank as a Managing Director.
At Polaris Advantage Asset Management, our management team brings deep market expertise and institutional rigor to commercial credit management. Having led credit risk, origination, and portfolio management across financial institutions, our leadership team has structured and deployed over $10 billion in debt solutions across diverse industries. We believe successful credit investing requires more than capital deployment—it demands continuous portfolio engagement, and precise structural protections. Our management approach prioritizes capital preservation while delivering reliable yield through disciplined underwriting and active risk mitigation.
President & Portfolio Manager
Maxwell Cohen serves as President and Portfolio Manager at Polaris Advantage Asset Management, leading the firm’s credit strategy, debt portfolio operations, and capital deployment. With over a decade of cross-functional financial experience across direct lending, investment banking, portfolio management, and corporate strategy, Mr. Cohen brings a disciplined, risk-adjusted approach to corporate debt structuring and portfolio oversight.
Throughout his career, Mr. Cohen has held senior leadership roles, including Managing Director and Chief Chief Credit Officer across prominent financial institutions. He has originated and executed more than $10 billion in financing transactions and advised on numerous M&A mandates and go-public transactions.
In addition to his portfolio management responsibilities, Mr. Cohen acts as a trusted corporate advisor to both public corporations and high-growth emerging enterprises. He works closely with executive teams to execute growth strategies grounded in rigorous milestone tracking, disciplined capital planning, and optimal capital structure design.
Director of IR
John Bivins is an entrepreneur and investor specializing in private capital and structured finance. Most recently, he served as Head of North America at Crewstone International, a Kuala Lumpur–based private equity firm managing sovereign and institutional capital. Throughout his career, he has facilitated more than $450 million in debt and equity financings. John previously held roles at Savills North America and Red Hook Capital and earned a Master of Public Administration from Columbia University and a bachelor's degree from the University of North Carolina at Chapel Hill.
Chief Financial Officer
Juan Antonio Santoyo Ruiz is a senior finance and accounting executive with more than 25 years of experience across public companies and private entities. He has served in CFO, financial controller, and senior audit leadership roles in the energy and mining sectors, including Pure Biofuels, Century Mining, and Beneinvest Miami. Across these mandates, he has led large-scale budgeting, audit, and reporting functions under U.S. and Canadian standards while supporting complex cross-border operations. He has also helped structure and execute major transactions, including terminal expansion and strategic sale processes, and negotiated institutional financings with global banks such as JP Morgan and Natixis. His background combines technical rigor in financial controls with proven execution in growth, restructuring, and capital strategy.
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