ZimCal was founded in 2015 by Stephen Hodges after working for over 12 years in banking and credit investing. Mr. Hodges has invested in: senior debt; second lien debt; subordinated debt; preferred equity; common equity; structured credit and liquidations; and restructurings. His investment bias is towards stressed/distressed credit and special situations. Mr. Hodges can provide customized and creative solutions that meet a debtor's or issuer's unique needs and circumstances.

Over the last 16 years, Mr. Hodges has developed a specialization investing in FDIC-insured institutions and has partnered with over 120 banks through investments on both sides of the balance sheet. Mr. Hodges has developed a deep network in the banking industry and fully understands the banking regulatory environment. On one occasion in his investing career, Mr. Hodges has acted as an activist investor, publicly advocating for changes in the governance, leadership and strategy of a company in which he was invested.

ZimCal operates primarily through a joint venture with the family office of a Minneapolis-based investment firm. That firm was founded by a former co-founder of a global alternative investment manager focused on credit, credit-related assets and distressed investments, which today oversees more than $17 billion.

Prior to ZimCal, Mr. Hodges was a Managing Director at O'Brien-Staley Partners ("OSP"), a value-oriented credit investment firm he joined at its inception and which currently has over $1 billion in AUM. Mr. Hodges underwrote and managed 65% of OSP's warehoused investments, the performance of which was used to help raise OSP's $490 million inaugural fund. Prior to that he was at CarVal Investors, an $8 billion AUM credit fund where he reviewed and analyzed illiquid, private credit investments in Europe, North America and South America. Prior to that he spent 8 years in banking. Mr. Hodges received an MBA (with honors) from the University of Chicago Booth School of Business with a concentration in Analytical Finance, and a BSc in Economics from Centre College. Mr. Hodges was born and raised in Southern Africa.