About

The firm, the stance, and the door

Alary Capital works with lenders to get the best recovery from challenged software and tech-enabled services credits, with operating capability, underwriting discipline and our own capital deployed in whatever order your recovery requires.

The firm

One underwriting, two ways to act

We work two ways: as an investor that bids, and as an operating partner paid on the recovery it produces. Both start with the same underwriting, run as though the capital at risk were ours, because it can be: where the lender asks for a bid and the company fits our mandate, the underwriting ends with one, made as an independent sponsor alongside committed capital partners. The seat is the lender’s to choose, confirmed in writing as part of the engagement. That is why the answers are straight, why the no-go call gets made, and why the economics are agreed at the start rather than argued at the end.

How we work

Honesty with care. Findings are delivered plainly, to the board and the team that have to act on them, in their own vocabulary, not performed for the room. Steady the ship, then chart the course: stabilize what the stress has shaken, then work the list in the order of what each fix is worth. And when the answer is no-go, we say it first.

What is new here, and what is not

The engagement model is new: the recovery underwritten the way the loan was, bought in stages, with our own capital behind the answer where the lender asks for it. What is not new is the work underneath: decades of underwriting, operating turnarounds and credit-side experience across software and tech-enabled services. The diagnostic is fixed-fee and stands on its own.

On the name: alary is Latin for winged. A sail is a wing, and on a foiling boat so is the blade beneath the water: find the speed and the hull lifts clear, the drag falls away, and the boat goes faster for less effort.

A foiling sailboat with its hull lifted clear of the water — The hull is clear of the water. Most of the drag went with it.

The team

The people who underwrite it are the people who fix it

Jim Feldkamp

Managing Partner

More than 25 years of turnaround, restructuring and growth work as an operator and investor, across more than $4 billion of transactions in North America and Asia. Formerly Asia head of the global restructuring firm BBK, since sold to KPMG, delivering turnarounds and interim management for private equity and corporates. As chief executive of Pomelo Health, a healthcare SaaS company, he led the transition from high growth to profitable growth and negotiated the sale of the company to Telus Health: the arc this firm is built on, run from the operating seat. Earlier, he led the turnaround of a Gore joint venture through to its sale, and co-founded and ran MingJian, an AI-powered consumer platform in Asia. Before Alary, a deal partner at Full In Partners, a New York growth-equity technology fund: the buyer’s-eye view the underwriting runs on. INSEAD MBA; degrees in entrepreneurial management from Wharton and transportation engineering from Penn Engineering. An offshore sailor with more than a dozen ocean regattas behind him.

Tom Radford

Partner

The credit seat. Most recently a managing director at Onex Credit, following ten years at Falcon Investment Advisors; twenty years in private credit and private equity, M&A and capital raising, with investments totaling more than $1.3 billion of institutional capital. He has run watchlists, sat through amendment cycles and read these reporting packages from the lender’s side of the table, which is the side this firm’s screens are built for. Began his career at Pegasus Capital Advisors. Wharton.

Paul Talamo

Partner

Twenty years in cyber security as a founder or principal employee at four product companies, with executive tenures as chief executive, chief operating officer and VP of engineering. Began as a software engineer for the US Department of Defense. The seat that runs product and engineering diligence from the inside: key-person dependency, delivery risk, and the true state of an under-invested platform.

Contact

Talk to us.

No gating, no chatbot. Four straight answers starts with being easy to reach.

info@alarycapital.com

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