Led by a team with decades of success in credit and real estate special situations

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    Elad Shraga

    Partner, Chief Investment Officer

    Elad Shraga is a Founding Partner of Signal Capital Partners Limited and is the firm’s Chief Investment Officer. Prior to founding the firm, Elad was Global Head of Structured Finance at Deutsche Bank from 2009 to 2015. Under his leadership, DB’s Structured Finance group became the street’s most profitable structured business and was the largest contributor to DB’s Investment Bank profitability during the years 2012-2015 As a global business head, his responsibilities spanned the US, Europe and Asia, with a focus on activities such as Commercial Real Estate, ABS, Illiquid Credit, Special Situations and Principal Distressed. In addition, from 2012 until his 2015 departure, Elad was Co-Chairman of Deutsche Bank’s Market Risk Committee, the bank’s most senior market risk body, responsible for risk oversight across all financial markets and jurisdictions.

    Prior to that role, Elad held other positions at Deutsche Bank including Head of Credit Solutions Group (2007 to 2009), Head of North America Principle Finance (2003 to 2007), and Head Proprietary Trader in the Bank’s Tel Aviv office (2000 to 2003).

    Elad has a B.Sc. in Statistics from the University of Toronto, Canada.

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    Gad Caspy

    Partner, Portfolio Manager

    Gad Caspy is a Founding Partner of Signal Capital Partners Limited and is the Portfolio Manager of Signal Real Estate Opportunities Fund LP. Prior to founding the Firm Gad was Head of European Commercial Real Estate for Deutsche Bank in London from 2011 to 2015 where he managed a team of 30 professionals. In addition to that role, he held other positions at Deutsche Bank including Head of US Illiquid Trading, Structured Credit Products in New York. Gad Joined Deutsche Bank in 2002 out of graduate school.

    Gad graduated from Harvard Business School and Tel Aviv University Berglas School of Economics and Recanati School of Management.

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    Amit Jain

    Partner, Portfolio Manager

    Amit Jain is a Founding Partner of Signal Capital Partners and the Portfolio Manager of Signal Credit Opportunities Fund LP. Prior to Signal Capital Partners, Amit was employed by Deutsche Bank from 2002-2015 in a range of roles. Most recently, Amit was Global Head of Structured Credit Trading, a business comprising Deutsche Bank’s principal risk activities in Corporate/FIG Special Situations and Illiquid Asset Trading. Before this role, he held positions at Deutsche Bank in its Global Credit Trading division, including running the Emerging Markets credit special situations books and working as a credit derivatives trader.

    Prior to Deutsche Bank, Amit was employed by Lazard Freres & Co. in its M&A advisory business.

    Amit graduated from the University of California, Berkeley with a degree in Computer Science.

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    Partner, Real Estate Team

    Colman McCarthy is a Partner of Signal Capital. At Signal, he is responsible for origination and management of investments in the key target markets. Prior to joining Signal he spent 4 years as a Managing Director at Kennedy Wilson Europe, one of the most active direct real estate and NPL investors in the UK & Ireland. Colman was responsible for the origination, execution and ongoing management of over €2.5bn of investments over this period.

    Before joining Kennedy Wilson, Colman was Head of Non-core Real Estate at Bank of Ireland in the UK with responsibility for managing the workout of the bank's UK loan book and prior to this was at Barclays Capital where he was responsible for origination and execution of pan-European real estate debt transactions; investment, development, senior and mezzanine.

    Colman holds a postgraduate degree in Management from Oxford University and an undergraduate degree in Business & Economics from Trinity College, Dublin.

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    Partner, Credit Team

    Fredrik Metze is a partner of Signal Capital. Prior to joining Signal, Fredrik spent 8.5 years with Fortress Investment Group in Frankfurt, New York and London. As a Managing Director of the Credit Funds, he was responsible for Fortress’s distressed credit investing business in Europe. Before joining Fortress he served as Vice President in the Financial Restructuring Group of Houlihan Lokey in the firm’s London and Frankfurt offices where he advised companies, creditors and equity investors involved in out-of-court restructuring and recapitalization transactions, insolvency proceedings, financings and divestitures and acquisition.

    Fredrik started his career with Arthur Andersen in Germany where he was a member of the assurance and business advisory practices, as well as corporate finance.

    He graduated from the Philipps-University in Marburg, Germany with a degree in business administration and is qualified as a CPA in the State of Illinois.

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    Sarbjit Nahal

    Partner, Thematic Investments

    Sarbjit Nahal joined Signal in June 2018. Prior to joining Signal in 2018, Sarbjit Nahal was Managing Director and headed the Thematic Investing Strategy team at Bank of America Merrill Lynch. He was one of the most read analysts on “Wall Street”, was consistently top ranked for two decades, and frequently appeared in television and print journalism. He also sat on Merrill Lynch Global Wealth’s Impact Investing Core Council, and the BofAML Diversity & Inclusion Council for EMEA.

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    Nick Waring


    Nick joined Signal Capital in March 2020 as a Senior Adviser. Nick has held various senior trading positions at Deutsche Bank in a 16 year career, most recently Global Head of Securitized Trading and Head of European Investment Grade and High Yield trading. Nick has particular experience with trading and managing European Securitizations including RMBS, CLOs & CMBS, which he has done since 2009. Prior to joining Deutsche Bank, Nick qualified as an Chartered Accountant (ACA) with PricewaterhouseCoopers.

    Nick holds an M.A in Politics, Philosophy & Economics from Oxford University.

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    Tavneet Bakshi


    Tavneet Bakshi is a Partner of Signal. Previously, Tavneet was a Partner at FIRSTavenue, where she was Head of their EMEA business whilst also leading many of the firm’s private credit and infrastructure fundraisings. Prior to this, Tavneet worked with Pioneer Alternative Investments (Hong Kong), part of a global fund of funds, where she was responsible for Asian manager research and allocations. Tavneet began her career with Morgan Stanley in London and subsequently Hong Kong.

    Tavneet holds a BSc (hons) in Economics from the London School of Economics

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    Dave Gallagher

    Managing Director. Credit Investments

    Dave has over 25 years of experience in commodities, principal investing, and derivatives structuring. He joined Signal from Morgan Stanley, where he ran the Commodities Structured Finance business. Previously, he served as Global Head of Structured Investments and Head of the London Office at Mercuria Energy, one of the largest independent commodity traders in the world. At Mercuria, his team was responsible for origination, structuring and execution of over $1.0 billion in principal investments in the natural resources and commodities sectors.

    Prior to joining Mercuria, Dave was Global Head of Commodities Structuring and Head of EMEA Commodities Corporate Sales at Goldman Sachs. Before GS, he spent several years at Deutsche Bank in both New York and London across a variety of roles, including Global Head of Commodities Structuring, Co-Head of North American Credit Structuring and Head of Structuring for Americas Principal Finance.

    Dave earned an MBA in Finance & International Business from the NYU Stern School of Business and holds an undergraduate degree in Finance from Georgetown University.

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    Rajat Mittal


    Rajat joins Signal as a partner, and Head of Leveraged Credit. Prior to joining Signal, Rajat managed c.$8b of leveraged loan and HY bond portfolios at BlueBay Asset Management, where he spent 15 years. During this time, his funds consistently delivered returns in excess of their respective benchmarks, while also exhibiting superior risk and volatility characteristics. He was also the lead PM for BlueBay’s CLO funds, helping BlueBay launch their new CLO platform from 2019 to 2022. Prior to joining BlueBay, Rajat was part of the Tactical Research Group at Goldman Sachs and received a PGDM from IIM Ahmedabad.

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    Zachary Krug

    Director - SLF Capital

    Zachary leads SLF Capital, a joint venture with Signal focused on litigation finance and legal assets.

    Zachary has nearly two decades of experience in international disputes and has been recognized as a Global 100 Leader in Litigation Finance. Prior to setting up SLF Capital with Signal, Zachary was a Senior Investment Officer at Woodsford Litigation Funding in London, where he helped oversee the growth of its US and international disputes portfolio. Zachary was previously a trial litigator at the Los Angeles headquarters of the global disputes firm Quinn Emanuel Urquhart & Sullivan, where he focused on the trial of complex commercial disputes and international matters. He was also an associate at Shearman & Sterling in New York and clerked for the Honorable Shira A. Scheindlin in the Southern District of New York.

    Zachary graduated from Yale University and Cornell Law School, and is an attorney admitted in New York and California.

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    Matt Burke

    General Counsel & Head of Investment Structuring

    Matt serves as the firm’s General Counsel and Head of Investment Structuring. He is responsible for the oversight of all legal and compliance matters at the firm.

    Prior to joining Signal in January 2020, Matt was employed by Victoria Asset Management, an integrated real estate asset management business of Oaktree Capital Management L.P., where he served as a Senior Vice President, responsible for the structuring and execution of a range of distressed and opportunistic investments for Oaktree across Europe. He also served as a director on the boards of portfolio companies. Matt began his legal career in 2010 at the international law firm, CMS Cameron McKenna Nabarro Olswang LLP, where he specialised in corporate restructurings, insolvency and distressed asset acquisitions.

    Matt holds a First Class Graduate LLB from Nottingham Law School and a B.A. (Hons) degree in History from Newcastle University. He is a member of the International Bar Association and is a qualified solicitor in England and Wales.

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    Director, Asset Manager

    Gareth Richardson joined Signal in June 2017. Prior to joining Signal Capital he worked at Sabal Financial as Senior Vice President of NPL and distressed real estate acquisitions. From 2012 to 2016 Mr Richardson was as an asset manager at Kennedy Wilson Europe, one of the most active direct real estate and NPL investors in the UK & Ireland, and was involved in the origination, execution and ongoing management of NPL transactions.

    Gareth graduated from The University of Glasgow with a Masters in Bioinformatics and a BSc in Pharmacology.

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    Milan Kecman

    Portfolio Manager, ABS

    Milan joined Signal Capital in August 2021. Milan previously worked at Alcentra for 8 years in the structured credit investment team. Milan has particular experience in trading and investing in CLO securities across the capital structure as well as CLO warehouse investing. Prior to joining Alcentra Milan was part of the market risk team at Barclays Capital’s CVA desk where he managed FX, interest rates, cross currency, and commodities across a complex derivatives book.

    Milan holds an MSc in Mathematics and Finance from Imperial College London and a BSc in Mathematics and Economics from the LSE.

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    Carlos Aguayo Martin

    Director, Real Estate

    Carlos Aguayo is responsible for Signal Real Estate business in the Iberian Peninsula and joined in July 2021. Before joining Signal, Carlos worked for Mabel Capital, a Spanish private capital investment firm, where he led the Real Estate Division, being responsible of investments and asset management, focusing on opportunistic/value added class assets. Prior to that, Carlos worked in PWC in the Corporate Finance Real Estate team, providing M&A and transactions services. Before that he also worked for real estate consultancy firms such as Colliers, Catella or CBRE, where he gained deep experience in real estate investment and valuations, specifically in hotels and retail.

    Carlos is a Member of the Royal Institution of Chartered Surveyors (MRICS). He holds a Business Administration degree by Universidad Complutense of Madrid and the Program in Management of Real Estate Companies from the Insituto de Empresa (IE).

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    Jay Patel

    Director, Real Estate

    Jay joined Signal Capital in April 2022 and brings 17 years’ industry experience, particularly on stressed and distressed property transactions across the UK and Europe . At Signal he will be involved in origination and deal execution. Prior to joining, Jay was a Director at Strategic Value Partners. During which time he had a leading role in execution and origination of their distressed residential, office, retail and hotel investments in the UK, Spain, Germany, Netherlands and US. Prior to this Jay was a Director at Wainbridge, which was acquired by EQT, where he had a leading role in their value-add office, prime residential development and mezzanine lending strategies in the UK and US. He also previously worked at Eurohypo and KPMG.

    Jay graduated from Imperial College with a degree in Mathematics.

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    Kautilya Jain

    Chief Data Scientist

    Prior to joining Signal in September 2019, Kautilya headed European Big Data Analytics efforts at Bank of America Merrill Lynch. His Quantitative Strategy team used machine learning and artificial intelligence to gain insights from proprietary and public data to provide unique, actionable investment ideas, and new ways of answering fundamental questions across sectors, regions and asset classes. His work was amongst the most widely read at BofAML and he was regarded as one of the top Big Data analysts in Europe. Kautilya holds a Masters in Finance (London Business School), a Masters of Technology in Computer Science (IIT Bombay) and a Bachelor degree of Technology in Computer Science (IIT Bombay). Kautilya is also a CFA charterholder.

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    Operations Manager

    Fran Andrews is the firm’s Operations Manager. Prior to this she was the firm’s PA and Office Manager. She works closely with the Operations and deal teams on all aspects compliance, reporting and finance. Prior to Signal Fran worked in the classical music industry as an Artist Manager representing some of the world's most prestigious choral groups and a Project Manager running concert series at venues such as Cadogan Hall, St John's Smith Square and Temple Church.

    Fran graduated from the University of Newcastle with a BA in Music and Economics

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    Stephen Kennedy

    Senior Associate, Execution

    Stephen joined Signal Capital in January 2022 and is responsible for deal structuring and execution. Prior to joining the firm, Stephen spent more than 3 years as an associate in the Restructuring and Special Situations team in Latham & Watkins LLP’s London office, where he specialised in complex multi-jurisdictional restructurings involving multiple stakeholder groups across the capital structure. Previously, Stephen was an associate in the restructuring teams of Sidley Austin LLP and Willkie Farr & Gallagher LLP.

    Stephen graduated from Trinity College Dublin with a B.A. (Hons) degree in history in 2012 and qualified as a solicitor (England and Wales) in 2016.

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    Lorenz Kroeber

    Director, Credit Investments

    Lorenz joined Signal in April 2020. Prior to Signal Capital Lorenz spent two years in the special situations group at BlueMountain Capital Management. Before that he spent 4 years at the proprietary distressed trading desk at Goldman Sachs in London.

    Lorenz started his career in investment banking at Moelis & Co.

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    Hugo Pattar


    Hugo Pattar joined Signal in July 2018. Prior to Signal, Hugo spent 3.5 years in the Investment and Asset Management team at FTSE 250 listed propco Capital and Counties. This comprised management of various asset classes within central London totalling c.£280m. Roles included portfolio management, business reporting, disposals and acquisitions.

    Hugo is a Member of the Royal Institution of Chartered Surveyors (MRICS). Hugo graduated with a BA in International Relations from the University of Birmingham and holds a MSc in Real Estate from the University of Reading.

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    Liudmila Kuzmina

    Manager of Luxembourg Operations

    Liudmila Kuzmina is a Manager in Luxembourg office of Signal Capital Partners Limited. Prior to joining Signal in August 2018, she worked as an Audit Manager in Deloitte Luxembourg specializing in Private equity and Real Estate. Liudmila has over 7 years of experience in external audit in Russia and Europe.

    Liudmila graduated from Finance Academy under the Government of the Russian Federation in Moscow with diploma in Accounting, Auditing and Financial analysis.

    She is a qualified member of Association of Chartered Certified Accountants (ACCA, UK).

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    Eva Prekub

    Manager of Luxembourg Legal

    Eva joined Signal Capital in August 2021 as a Legal Manager in the Luxembourg office.

    She is a qualified lawyer from Hungary and has been working in Luxembourg since 2011. Before joining Signal Capital Eva spent 8 years at The Carlyle Group, most recently as Senior Corporate Officer, managing various structures of Luxembourg companies and working on numerous private equity transactions.

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    Parm Samra

    Head of Hedge Fund Operations

    Parm joined Signal in June 2021 from Lodbrok Capital with close to a decade of experience on the buy side. Parm spent three years at Lodbrok as an operations manager, and before that he worked as the primary TA of Decca Capital. Prior to Decca Parm was the portfolio operations specialist at Varde Partners for the European Distressed Credit team for over three years.
    Parm graduated with a MSc in Financial Computing from University College London.

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    Henry Gray


    Prior to joining Signal in December 2020, Henry spent 4 years in the Capital Advisors department at global real estate consultancy CBRE. During his time there, he rotated between the Loan Recovery and Corporate Finance teams, before becoming a Member of the Royal Institution of Chartered Surveyors (MRICS).

    During his last two years at CBRE, Henry worked in the Investment Advisory department, where he was responsible for underwriting and structuring development loans into UK real estate projects on behalf of a range of public and private sector clients, as well as ground rent acquisitions on behalf of a UK Institution.

    Henry graduated with a BSc in Investment and Finance in Property from the University of Reading in 2016.

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    Daisy Little


    Daisy Little is responsible for deal execution at the firm and joined in October 2020. Prior to joining Signal, Daisy worked for Allen & Overy LLP from 2015 to 2020 where she gained experience in various forms of debt finance acting for both lenders and borrowers. She has a primary focus on real estate finance, working on both investment and development structured real estate finance deals.

    Daisy is a qualified solicitor with an LLB from Exeter University.

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    Joanne Bywater


    Joanne joined Signal in March 2021, prior to which she worked in the European advisory team at The Townsend Group for 3.5 years where responsibilities included advising institutional investors on direct and indirect real estate investments, underwriting new fund investments with a focus on pan-European debt strategies, monitoring existing investments, client education and leading the European ESG efforts.

    Joanne is a CFA charterholder and holds a BSc (hons) in Geography with Economics from The London School of Economics.

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    Sarah Jefferies

    Operations Assistant

    Sarah Jefferies is the firm’s Operations Assistant. Prior to joining Signal in October 2021, Sarah spent 7 years as an EA to the CTO and the IT Coordinator at the global executive search company, Odgers Berndtson. At Signal, Sarah works closely with the Operations Manager on all aspects of IT, Finance and Compliance.

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    Rishabh Dodeja

    Data Analyst

    Rishabh joined Signal Capital as a full-time analyst in July 2022 upon his graduation from IIT Bombay, India with a Bachelor of Technology degree in Mechanical Engineering and a minor in Systems and Control Engineering. Rishabh has had a two year stint as a Data Science intern with Signal Capital prior to joining full-time.

    As an engineering graduate Rishabh comes with a highly technical background with his experience of research projects in Robotics, Supply Chain Management, Design/Manufacturing, and AI/Data Science. Rishabh is also a CFA Level-1 candidate.

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    Toyosi Aganga

    Associate, IR & Marketing

    Toyosi joined Signal in July 2022. Prior to this, Toyosi worked for Financial Services Capital where she focused on investor relations and fundraising activities. Previously Toyosi spent 4.5 years as an investment professional with The Abraaj Group, a leading emerging market focused investor, where she was responsible for analysing and executing new investments and working with portfolio companies. Toyosi began her career at Ernst & Young in London, she is a Fellow Chartered and Certified Accountant (FCCA) and holds a BSc. from the University of Warwick.


    Tuan Thai

    Deputy Portfolio Manager & Head of CLO Research

    Tuan has over 24 years of experience in financial markets, spanning investment management, insurance and commercial lending. Previously, he was an Executive Director at Tikehau Capital, focusing on credit research for CLOs and high yield funds. He has also served as portfolio manager, trader and senior credit analyst at Pinebridge Investments; as Head of Credit Research at Chorus Capital, a credit fund specialising in risk transfer transactions; and as a senior credit analyst focusing on distressed debt at Longacre. Before moving to London, Tuan was a Prokurist (senior manager) at Allianz in Germany where he led bond issuances and managed multi-billion euro credit lines.

    Tuan has an MBA in Finance from Wharton and an MA in International Studies/German from the Lauder Institute at the University of Pennsylvania. He also holds a BA in Economics and German from Vanderbilt University and is a CFA charterholder.

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    Maxime Gerard

    Assistant Manager of Luxembourg Operations

    Maxime joined Signal Capital Limited in 2022 as Assistant Manager in Luxembourg office. Prior to joining Signal Capital, he worked as a Senior Associate in PwC Luxembourg specializing in the Real Estate industry.

    Maxime graduated with a Master in Management from Neoma Business School of Reims in 2019 with a major in Real Estate.

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    Adnan Bey

    Director, Leveraged Credit

    Adnan joined Signal in November 2022 in the Leveraged Credit Team. Adnan has over ten years of experience in leveraged finance and joins from Napier Park Global Capital where he was part of the European Credit team. Adnan started his career at HSBC, London in the Financial Sponsors Group (M&A), before joining their Leveraged Finance Team.

    Adnan has a Bachelor of Management and a Master of Finance from Université Panthéon-Sorbonne, Paris.

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