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Celestino Amore, Managing Director of IlliquidX and Co-Founder of Canaima Capital, spoke with Bloomberg about the Venezuelan sovereign and PDVSA defaulted debt.

January 5th, 2026

Hedge funds hunt for Venezuela’s unpaid financial claims

January 8, 2026

Funds including Carronade Capital Management and Canaima Capital have been tracking down these international claims, believing they could eventually rise in value if the country moves closer to restructuring, according to people familiar with the matter.

Venezuela debt rally belies complex creditor web, political quagmire

January 7, 2026

Hedge funds and asset managers such as RBC BlueBay and Canaima, which snapped up the debt at ultra-low prices in a bet on regime change, U.S. pension funds and other asset managers such as T. Rowe Price and Fidelity are also exposed. Some found themselves stuck with the debt when U.S. sanctions in 2019 prevented trading in the bonds.

Analysis-Venezuela debt rally belies complex creditor web, political quagmire

January 6, 2026

"The biggest risk is purely political. This is not an investment for the faint-hearted”. said Celestino Amore, co-founder of the Venezuela debt-focussed Canaima Global Opportunities Fund.

Other Funds Eyes Venezuela Gold Rush After 127% Gain

January 5, 2026

Canaima Capital Management, which represents $800 million of Venezuelan creditors, and Frontier Road Ltd. “The big bet here is that Venezuela will go back into the Western financial system,” Amore said. “If this happens, sanctions will be removed, investment banks will flock to Venezuela and there will be tons of restructuring not only on the debt but infrastructure. The whole economy will be rebuilt.”

Hedge Fund Canaima Sees Path to Venezuela Debt Revamp This Year

January 4, 2026

Defaulted notes from the sovereign and state-run oil company Petroleos de Venezuela SA have already more than doubled to between 23 and 33 cents on the dollar in the past few months as US President Donald Trump ramped up pressure on Maduro. While still far out, the prospect of a potential debt restructuring — a key step needed to help attract new funding — could fuel further gains.

Altana IlliquidX lawsuit Venezuelan debt

Hedge fund Altana sued by former investment partner IlliquidX

February 14, 2025

The High Court has held that an investment fund management company and its consultant acted in breach of contract, breach of confidence and breach of the Trade Secrets Regulations by misusing confidential information about a proposed fund to invest in distressed Venezuelan sovereign debt.

Hedge Fund Altana IlliquidX secrets lawsuit

Hedge Fund Altana Accused of Taking Secrets by Partner After Deal Soured

October 22, 2024

Illiquidx Ltd. sued the hedge fund Altana Wealth Ltd. following a failed attempt to set up a joint venture in 2019. The relationship broke down within months and Altana allegedly used the confidential information shared during the short-lived partnership to set up a sanctions-compliant fund to invest in Venezuela’s sovereign debt, Illiquidx says in documents prepared for the trial that started this month.

Venezuela lottery bet hedge funds payoff

Lottery-Like Bet on Venezuela Pays Off for Hedge Funds

November 2, 2023

Celestino Amore, a member of the investment advisory committee for Canaima, said the fund has doubled in value since last month’s lift of the trading ban.

Europe fund launched to pool Venezuela bondholders

November 16, 2022

Canaima said in a statement on Tuesday that European holders of 41 separate bonds issued by the government or PDVSA could swap them for a single tradable note "in order to facilitate the recovery, in whole or in part," of their investment. Investors have until late December to take up the offer, the statement added.

Future Venezuela investors meet in Davos as U.S. weighs sanctions

May 20, 2022

Davos, more than two dozen Venezuelan creditors met to discuss investment opportunities in Venezuela’s oil sector amid possible U.S. sanction relief. The event was hosted by IlliquidX and Canaima Capital Management, with CEO Celestino Amore noting investor interest if sanctions end. Sanctions and stalled debt restructuring keep markets cautious, but optimism has lifted some PDVSA bond prices

Venezuela Investors Meet in Davos as US Weigh Sanctions

May 20, 2022

London-based brokerage IlliquidX Ltd. and Canaima Capital Management, a fund focused on distressed debt, are hosting the May 23 meeting with more than two dozen creditors in Davos on the sidelines the World Economic Forum to explain the implications of a potential opening in Venezuela’s oil sector. “It’s the first time a discussion like this is happening in Davos,” said Celestino Amore, chief executive officer of IlliquidX and co-founder of Canaima. “Investors want to know about eventual opportunities in the Venezuelan oil and gas sectors if sanctions are removed and what would be the impact on creditors.”

Small investment funds buy Venezuela bonds to pressure Maduro and Guaido

October 12, 2020

Canaima Capital Management, headquartered on the English Channel island of Guernsey, Uruguay-based Copernico, and Cayman Islands-based Altana have bought heavily-discounted bonds with face value of hundreds of millions of dollars, according to eight finance industry sources in Caracas, New York, Miami, Madrid y London.

Venezuela Bondholders Launch New Distressed-Debt Fund

September 21, 2020

The Canaima Global Opportunities Fund, named after a Venezuelan national park, will focus on defaulted, U.S.-sanctioned notes from the South American country, said Celestino Amore, the managing director of IlliquidX, a London-based distressed-debt brokerage firm that will advise the fund.

Greek Samurai Bonds Signal Imminent Default as Rescue Hope Fades

July 9, 2015

“The market thinks there’s an equal chance of success or default on Sunday,” said Celestino Amore, chief executive officer of IlliquidX, a brokerage firm specialized in distressed bonds in London. “It’s a clear reflection of the uncertainty surrounding Greece.”

Distressed Debt Platform IlliquidX Eyes Increasing Opportunities in Spain with Appointment of Ignacio Muñoz-Alonso to its Advisory Board

August 16, 2012

IlliquidX, the distressed debt pricing and trading platform, has appointed Ignacio Muñoz-Alonso to its senior advisory board. The appointment comes as IlliquidX expand their business of bringing buyers and sellers together in the fast-growing market of illiquid assets in Spain, there being the view held by investors that Spain's financial situation is set to improve and for certain distressed debt investments to have significant recovery potential.

European debt markets second credit crisis

European Debt Markets 'Face Second Credit Crisis'

February 02, 2011

Mr Amore predicts a rush to sell assets, much like that which kicked off the first credit crunch in the summer of 2007. However, many fund managers and other large institutional investors are looking to reduce theirexposure to bonds, leading to warnings that there will not be enough demand to buy all the debt banks andgovernments will need to sell.

Press releases

Celestino Amore, Managing Director of IlliquidX and Co-Founder of Canaima Capital, spoke with Bloomberg about the Venezuelan sovereign and PDVSA defaulted debt.