Anchorage Commodities Investment Business to Become Moorstone

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NEW YORK--(BUSINESS WIRE)--Oct 1, 2025--

Moorstone, L.P. (“the Firm”), the commodities investment business of Anchorage Capital Advisors, L.P. (together with Anchorage Capital Group L.L.C., “Anchorage”), which currently operates as Anchorage Structured Commodities Advisor, L.P., today announced that it will begin operating as an independent Registered Investment Advisor beginning in the first quarter of 2026. This reflects the growth and evolution of the business as a dedicated commodities investment platform. Moorstone will invest in the global commodity supply chain and provide capital to enable its business partners to produce and secure access to mission-critical raw materials and natural resources. Moorstone will continue to invest out of the dedicated commodities funds raised in 2023 and 2024, currently managed by Anchorage Structured Commodities Advisor, L.P.

Based in New York, the Firm employs a highly differentiated strategy focused on the preservation of capital while generating strong risk-adjusted returns for its investors. With significant physical asset expertise and patient, flexible capital, the Firm works collaboratively with producers, consumers, intermediaries, and industry-leading companies to offer a wide range of creative solutions that improve efficiency, deliver price stability, and generate long-term value in critical natural resources and raw materials markets.

Moorstone will be led by Managing Partner Jason Siegel, who established and has overseen Anchorage’s commodities business since inception. Anchorage will remain a significant investor in Moorstone, and the Moorstone team will continue to assist in the management of the commodities investments of Anchorage Capital Group, L.L.C.

“Our disciplined approach has delivered strong results since inception by consistently providing our business partners with supply chain solutions for critical materials,” said Jason Siegel, Managing Partner of Moorstone. “We remain well-positioned to capitalize on the near and long-term opportunity set that is more compelling than ever.”

Mr. Siegel added, “I am tremendously grateful for the support of Anchorage, which has played a critical role in the success of our business. Today, we have an exceptional team with deep, specialized expertise within the raw materials and natural resources markets, and I look forward to continuing to perform for all of our stakeholders as Moorstone.”

“Jason has built a specialized platform, and the decision to take this next step reflects the growth, maturity, and scale of the commodities business. I have full confidence that Moorstone will build on that success under his leadership and continue to create value for Anchorage and its limited partners. Anchorage is committed to meaningfully invest and to partner with Moorstone in the years to come,” said Kevin Ulrich, Founder and Chairman of Anchorage Capital Group.

“Anchorage is pleased to support Jason and the commodities team in this natural evolution of their business,” said Thibault Gournay and Yale Baron, Managing Principals and Co-Chief Investment Officers of Anchorage. “As the commodity strategy has scaled, it has naturally become increasingly distinct and independent from our core corporate credit activity. We are excited to be a significant investor in Moorstone and support this business in its continued growth and development.”

About Moorstone, L.P.

Moorstone, L.P., as the Firm will be renamed in the first quarter of 2026, is a global investment firm focused on long-term valuation creation through opportunistic investments and flexible solutions across the global commodity supply chain. By combining disciplined credit underwriting with differentiated sourcing and structuring expertise, Moorstone partners with producers, consumers, intermediaries, and financial institutions to address inefficiencies in the global markets for essential raw materials and natural resources. Anchorage Structured Commodities Advisor, L.P. is currently the investment advisor to Anchorage’s dedicated commodities funds. For more information, please visit www.moorstone.com.

About Anchorage Capital Advisors, L.P.

Anchorage Capital Advisors, L.P. is a New York-based, SEC-registered investment firm focused on the global credit markets. The firm manages assets across the credit, special situations, and illiquid investment markets of North America and Europe with particular focus on defaulted and leveraged issuers. For more information, please visit https://anchoragecapital.com.

Important Disclaimer

In the first quarter of 2026, it is anticipated that control of Anchorage Structured Commodities Advisor, L.P. (“ASCA”) will be transitioned to legal entities controlled by ASCA’s principal and the business will be rebranded as Moorstone, L.P. ASCA’s operations commenced in 2022 and ASCA is currently a “relying adviser” operating under the U.S. Securities and Exchange Commission (“SEC”) umbrella registration of Anchorage Capital Advisors, L.P. (“Anchorage”). In connection with ASCA rebranding as Moorstone, it is expected that Moorstone will register with the SEC as an independent investment adviser, and at such time, will no longer be a relying adviser of Anchorage.

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KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FINANCE CONSULTING NATURAL RESOURCES PROFESSIONAL SERVICES OTHER NATURAL RESOURCES

SOURCE: Moorstone, L.P.

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PUB: 10/01/2025 10:00 AM/DISC: 10/01/2025 10:01 AM

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