Spencer advises the Spencer Capital Opportunity Fund, LP, a Delaware Limited Partnership, the Spencer Capital Opportunity Fund II, LP, for qualified purchasers, also a Delaware Limited Partnership (collectively the "Partnerships") and the Spencer Capital Offshore Opportunity Fund, Ltd., a Cayman Islands exempted company (the "Offshore Fund") all private funds for outside investors meeting certain requirements set forth in the applicable private offering memoranda. The Partnerships and the Offshore Fund (collectively the "Funds") employ similar investment strategies. Whereas the Partnerships were formed for investment by U.S. taxable investors, the Offshore Fund was formed for investment by non-U.S. persons and U.S. tax exempt entities. The Funds are concentrated event-driven value funds that take long and short positions in all parts of the capital structure, using both cash and synthetic securities. The Funds may invest 60-80% of its capital in 5-8 ideas and typical investments take six months to three years to mature.

Long investment opportunities in which the Funds invest are often created by events that obscure a company's near-term earnings power but do not impact its three year forward economics, including: spin-offs, bankruptcies, recapitalizations, product or production problems, supply-chain problems, accounting scandals and market panics. Short investment opportunities include extreme valuations and companies engaging in fraud or deceitful accounting practices.