Specialists in Chinese distressed debt and opportunistic credit investments since 2004. LEARN MORE

Who We Are

ShoreVest Partners is an institutional private investment firm specializing in Chinese distressed debt and opportunistic credit (generally in the form of real estate-backed debt).

Our core team members have worked together for over 10 years and have a combined 100+ years of experience in Chinese credit investments.

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15-year track record of consistent returns
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Our investment process is scalable and repeatable across market cycles.
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The ShoreVest team has managed approximately US$2 billion of distressed debt and special situations-focused capital in China, on behalf of institutional investors including sovereign wealth funds, pension funds, foundations, endowments and family offices from around the globe.

We leverage these core competencies to source and extract returns in the rapidly increasing opportunity set.

Vision & Principles

ShoreVest’s vision is to deliver consistent returns in Chinese distressed debt and opportunistic credit investments by maintaining a long-term platform with the unique capability to:

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Source proprietary opportunities, information and exit channels not broadly available to the market.
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Apply disciplined analysis to each opportunity, with a focus on downside protection (usually in the form of first-lien claims on real estate collateral)
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Uphold the highest ethical standards and proper alignment of interests with our investors during this process.

At the end of the day, our business is a human business, centered on relationships of trust with both the networks that provide us opportunities, and the investors that entrust us with their capital.

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Read Our Publication Here

Investment Strategy

As the second largest credit market in the world, China presents ShoreVest with a massive market in opportunistic credit. The country’s decelerating economic growth, misallocations of capital (including credit booms that create NPLs), and the natural evolution of an emerging credit system all contribute to a credit market that is laden with attractive private credit opportunities. As China comes to terms with the consequences of its unprecedented 2008-2010 lending binge and the later shadow banking credit expansion (with subsequent government regulations shrinking the shadow banking market), the need for private credit has increased and the amount of NPLs in China has been growing at an alarming rate every quarter since 2014.

In this environment, the universe of investment opportunities has expanded rapidly across all areas of our core competencies, including NPLs, asset-backed lending, and other opportunistic credit investments. In view of the evolving market, ShoreVest is able to actively focus on whichever areas of opportunistic private credit become the most attractive in a given phase of the cycle. When sourcing deals, ShoreVest is active in exploring innovative approaches to work with borrowers and NPL sellers, focusing on securing deals at value pricing, while also providing borrowers and sellers with solutions.

As China’s debt capital markets further develop, opportunities across the risk curve will continue to arise. ShoreVest is well positioned to predictively source and participate in all of these credit opportunities over time as they emerge.

Strategy Allocation

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Distressed Debt

(Generally senior secured NPLs)
Acquired as portfolios with large numbers of corporate obligors (hundreds to thousands of borrowers/loans) from Chinese banks or the four asset management companies (China’s “bad banks”).

Opportunistic Credit Investments

(Special situations & performing debt)
Sourced through our vast network in China’s banking system, every opportunistic credit investment is underwritten focusing on the liquidation value of enforceable collateral.
Read more about China Debt Dynamics

Team

ShoreVest’s team includes many of the most senior professionals in China’s opportunistic and distressed credit markets, and a shared goal to build China’s most globally respected private credit platform. ShoreVest Partners believe the stronger and more balanced our team is, the higher the probability of greater investment outcomes for our investors.

When it comes to Chinese distressed debt, it is our belief that there is no platform in the world with the depth of experience as the ShoreVest Partner’s team. ShoreVest expects the best from our colleagues, in both ethics and performance, and we provide an alignment of incentives that encourages this result.

Managing Partner

Benjamin Fanger

Partner

Mecy Mei

Partner, Chief Operating Officer

Michael Chang

Partner

Hui Zheng

Senior Legal Counsel

Cathy Chen

Partner, Chief Financial Officer

Ada Bi

Partner

Viviane Mao

Senior Advising Partner

Andrew Brown

Senior Advising Partner

Howard Chao

Senior Advising Partner
Chairman, ShoreVest Asset Solutions

Jim Chang

Managing Director, ShoreVest Asset Solutions

Daoping Yang

Managing Director, ShoreVest Asset Solutions

Xiaoqiang Ji

Managing Partner

Benjamin Fanger

Benjamin Fanger is the Managing Partner and founder of ShoreVest Partners and is one of the pioneering investors in China’s credit markets. He has managed approximately $2 billion in Chinese distressed debt and special situations investments, and sits on ShoreVest’s Investment Committee. In 2004, Mr. Fanger was one of the founders of Shoreline Capital and architected the firm and its strategies. In over a decade of Chinese distressed experience, Mr. Fanger has been involved in sourcing, analysis, negotiation, restructuring and liquidation related to acquiring and disposing countless distressed assets in China. He has worked directly with Chinese distressed asset sellers, borrowers, judges, and government officials related to the investments. Prior to co-founding Shoreline Capital and ShoreVest Partners, Mr. Fanger started several companies, two of which he sold to public companies. During graduate school, he also worked at the law firm O’Melveny & Myers on early Chinese distressed debt and private equity transactions. Mr. Fanger has been fluent in spoken and written Chinese for over twenty years. He also holds a JD and MBA from the University of Chicago and is a licensed attorney in the State of California.

Partner

Mecy Mei

Ms. Mei is a Partner at ShoreVest. She also sits on the Firm’s Investment Committee. Prior to ShoreVest, she was a Partner at Shoreline Capital where she served for eight years. Her investment experience includes both Chinese private credit special situation investments and non-performing loans. Ms. Mei led her team of investment professionals to the successful completion of the entire process, from deal sourcing, due diligence, deal structure to acquisition/negotiation and monitoring and exits. Prior to ShoreVest and Shoreline Capital, Ms. Mei worked at Morningstar as a fund analyst where she focused on fund strategy analysis. In that capacity Ms. Mei worked closely with outside clients in creating portfolios of debt and equity in China. Ms. Mei is a Chartered Financial Analyst (CFA). She holds a bachelor’s degree in economics from Hefei University of Technology and a master’s degree in economics from Nanjing University.

Partner, Chief Operating Officer

Michael Chang

Michael Chang is a Partner and the Chief Operating Officer at ShoreVest. In this role, Mr. Chang handles coordination between ShoreVest’s human resources, information technology, finance, and compliance departments. He brings over a decade of experience in investment management in the United States and Asia, having worked at Stamos Capital Partners, Bridgewater Associates, and Cambridge Associates. He holds an MBA from MIT Sloan and a BA from Stanford University.

Partner

Hui Zheng

Ms. Zheng is a Partner at ShoreVest. She holds a seat on the Firm’s Investment Committee. Prior to ShoreVest, she was a Partner at Shoreline Capital, where she worked for eight years. Her investment track record includes entry-to-exit management of both Chinese private credit special situation investments and non-performing loans. Ms. Zheng leads her team of investment professionals to the successful completion of the entire process, from deal sourcing, due diligence, deal structure to acquisition/negotiation and monitoring and exits. Prior to ShoreVest and Shoreline, Ms. Zheng was involved in the liquidation of non-performing loan assets when she was with a Guangdong law firm as an attorney. Ms. Zheng has published several papers including “Negative Impacts the New Bankruptcy Law has on the Liquidation of Non-performing Assets.” She holds a law degree from Nanchang University of Law and holds an LLM in civil and commercial law from Sun Yat-sen University School of Law.

Senior Legal Counsel

Cathy Chen

Ms. Chen is a Senior Legal Counsel at ShoreVest Partners. Based in ShoreVest’s Guangzhou office, Ms. Chen leads ShoreVest’s legal department supervising all legal matters related to ShoreVest’s investments, including deal sourcing, due diligence, analysis, negotiation, and post-investment management and exits. Prior to ShoreVest, Cathy was a Lead Legal Manager in the Risk Control Department and a Senior Manager in the Investment Banking Department at HNA Investment, where she specialized in providing legal services primarily relating to private equity investment funds, financing leases, pledge of equity/shares for financings, etc. She also undertook dispute resolution work in respect of corporate and commercial matters. Ms. Chen also practiced at a leading PRC law firm, Junhe Law Offices, and worked in a boutique law firm in Singapore, where her expertise included initial public offerings, private equity investments, cross border acquisition of businesses, assets and shares, local and regional joint ventures and corporate restructuring. Ms. Chen graduated from Fudan University of People’s Republic of China with a Bachelor of Laws degree and is a qualified lawyer in China.

Partner, Chief Financial Officer

Ada Bi

Ms. Bi is a Partner and the Chief Financial Officer at ShoreVest. She is responsible for the firm’s financial, tax, fund reporting, and invested projects’ financial control. Prior to joining ShoreVest, Ms. Bi was the Chief Financial Officer at Shoreline Capital from 2008 until 2016. Prior to 2008, she had over ten years of experience in financial accounting. While working at Citic-Prudential Insurance Company as Senior Finance Manager in China, Ms. Bi was mainly responsible for business analysis, tax, and projects. While working at Royal Bank of Canada as Senior Financial Analyst in Toronto, she served their mutual fund and commercial banking platforms. Ms. Bi was the Head of Finance for AIG Insurance Company in charge of financial reporting, treasury, tax and budgeting for the property and casualty arm of AIG in China. Ms. Bi is a Fellow member of the Association of Chartered Certified Accountants, as well as a member of Chartered

Professional Accountants (Canada) and holds a bachelor’s degree in international trade from Guangdong University of Foreign Studies in Guangzhou, China.

Partner

Viviane Mao

Ms. Mao is a Partner and Head of IR at ShoreVest. Ms. Mao comes with years of experience in capital market developments, investor relations and compliance. Prior to ShoreVest, Ms. Mao was with Shoreline Capital for eight years, advising and working with the founding partners on fundraising, investor relations, fund reporting and compliance. She helped Shoreline’s registration with the SEC in 2012 and continued to oversee its reporting requirements as an investment adviser. Coordinating with staff members in Guangzhou and California, Ms. Mao also executed the implementation of the Code of Ethics and the Compliance Manual. Previously she held positions in corporate communications and financial public relations consultancy at marketing communication firms, listed companies, Ogilvy PR International, and Ketchum’s affiliate in Taiwan and Singapore. After she received a certificate of Personal Financial Planning from the University of California, Santa Cruz, Ms. Mao worked in a financial planning firm in California. She passed the CFP certification examination in 2007. Ms. Mao holds a bachelor’s degree in journalism from The Ohio State University.

Senior Advising Partner

Andrew Brown

Mr. Brown is a Senior Advising Partner of ShoreVest Partners, a distressed debt and structured credit specialist in China, where he provides strategy on macro-economics, bank balance sheets, regulatory developments, financing and structuring in the distressed credit space. Having participated as a hedge fund investor and a top-ranked banks analyst throughout multiple distressed cycles globally, Andy brings 28 years of global banking and capital markets experience to ShoreVest; 21 years of which based in Asia. He was formerly Managing Director of Asian Century Quest Capital, an Asian-focused hedge fund. Prior to that, Andy was Chief Investment Officer for Pan Asia at Cheyne Capital, a global multi-strategy (credit and equity) hedge fund. Andy started his career in the US banking industry in 1988 and moved to Hong Kong with Salomon Brothers in 1995 as Head of Asian Financial Institutions Research. He then served as Global Head of Emerging Markets Banks Research at Deutsche Bank during the Emerging Markets crisis 1997-2000 before moving to Morgan Stanley where he was both Head of Pan-Asian Financial Institutions Research as well as Global Head of Banks Research. Andy was consistently ranked #1 for Asian Financials Research and ranked #1 or #2 for Global Banks Research by various investor polls, before then moving to the hedge fund industry. Andy did MBA coursework at the University of Richmond, Virginia (1993) and obtained a BS in finance from Virginia Tech (1988). He was awarded the CFA designation in 1995.

Senior Advising Partner

Howard Chao

Mr. Chao is a Senior Advising Partner at ShoreVest. He is an investor, lawyer and counselor to entrepreneurs. He began his work life as a corporate lawyer with O’Melveny & Myers and for many years was the Chair of the firm’s Asia Practice. He helped establish the firm’s offices in Tokyo, Shanghai, Hong Kong and Beijing, and practiced for decades as a cross-border investment specialist based in Asia. Mr. Chao represented Morgan Stanley in one of the first and largest international non-performing loan portfolio acquisitions in China, from China Huarong.

In recent years Mr. Chao has moved to the principal side of investing and deal-making. He spends a significant amount of time on ShoreVest matters. He combines his many years of legal, deal and international experience to advise on a variety of matters. Mr. Chao has a bachelor’s degree in mathematics from Purdue University, and a JD from University of California in Berkeley.

Senior Advising Partner
Chairman, ShoreVest Asset Solutions

Jim Chang

Mr. Chang is a Senior Advising Partner at ShoreVest and Chairman at ShoreVest Asset Solutions. He is an entrepreneur and investor based in Greater China. Mr. Chang began his career at Westinghouse. He later led and negotiated the sale and financing of a European multinational’s first ever large-scale power generation deployments in Greater China, totaling close to $2 billion from 1994 to 1997. In the subsequent decades, he has been an active entrepreneur and investor, starting or investing in companies across real estate development, energy, infrastructure, healthcare, hospitality, and financial services within Greater China. Mr. Chang’s family has been a limited partner in all of Shoreline Capital’s previous funds and he has served as a mentor to the firm’s founders as they built the business. Mr. Chang holds a BS in physics from National Cheng Kung University and a PhD in biophysics from The University of Kansas.

Managing Director, ShoreVest Asset Solutions

Daoping Yang

Mr. Yang is a Managing Director and a head of Eastern China at ShoreVest Asset Solutions or SAS (ShoreVest’s captive servicer platform, which manages the servicing of distressed assets for the ShoreVest funds across China). He is a seasoned senior executive in China; since 2015 Mr. Yang has worked on alternative investments focused on NPLs, real estate and energy. Prior to 2015, Mr. Yang spent twenty years as an executive at Sinopec, responsible for various aspects of global and regional supply, pricing, and trading. Mr. Yang holds an MBA from China Renmin University and has studied at Georgia Institute of Technology.

Managing Director, ShoreVest Asset Solutions

Xiaoqiang Ji

Mr. Xiaoqiang Ji is the Beijing head of ShoreVest Asset Solutions or SAS (ShoreVest’s captive servicer platform, which manages the servicing of distressed assets for the ShoreVest funds across China) and is in charge of SAS’s deal sourcing and servicing in Northern China. Before joining SAS, Mr. Ji was a personal investor in alternative assets, and also the CEO of a joint venture company in partnership with one of China’s largest steel trading companies, Hangzhou Relian Group. Prior to that, Mr. Ji worked at a state-owned enterprise for 16 years and was responsible for the allocation and transport of all coal and oil used nationwide for power generation by state-owned power companies. The annual value of coal and oil he allocated was in excess of USD 150 billion. He is a seasoned businessman with many years of experience operating in China. Mr. Ji holds an EMBA from Tsinghua University and a BS from North China Electric Power University.