Invictus is an SEC-registered investment firm based in Austin, Texas.

The firm was founded by Amit Patel and Cindy Chen Delano who bring nearly 40 years of collective experience to invest in special situations with particular emphasis on distressed debt, bankruptcy claims, and litigation-oriented opportunities.

  • Invictus employs an opportunistic, value-oriented investment style to unlock value in complex situations.
  • The firm has a flexible mandate and its investments typically exhibit minimal correlation to global financial markets.
  • Invictus believes its ability to deliver long-term value for investors is a result of its transparent and open culture that promotes and nurtures high-performing talent with diverse perspectives, experiences and strong ethical values.

Invictus’ Key Principles

Transparency &
01 alignment interests

03. Evolution

04. Empowerment

Diverse Perspectives

Leadership Team

Amit P. Patel, Partner. Mr. Patel is responsible for leading and overseeing the investment activities of the firm. Mr. Patel has extensive experience leading investment teams and making investments across the capital structure during bankruptcies, restructurings, and distressed situations. As a generalist fundamental value investor, Mr. Patel has diverse experience when it comes to investing across sector, geographies, and cycles. Mr. Patel co-founded Invictus in 2019 after holding the role of Portfolio Manager on the credit investment team at Whitebox Advisors, LLC from 2013 to 2019. Prior thereto, Mr. Patel served as a Vice President at Avenue Capital Management from 2010 to 2013, as a Vice President at Wellspring Capital Management from 2005 to 2009, as an Analyst in the investment banking division at Jefferies, and as an Analyst focused on private equity investments at A.G. Edwards. Mr. Patel received a B.A. in Business Administration with distinction from the University of Michigan in 2002.

Cindy Chen Delano, Partner.  Ms. Chen Delano plays an integral role in the firm’s investment strategy by integrating holistic legal analysis and her bankruptcy and litigation expertise into every stage of the investing process.  Ms. Chen Delano also leads the firm’s strategic activism in its investments.  Ms. Chen Delano co-founded Invictus in early 2019 after serving as the Senior Legal Analyst on the credit investment team at Whitebox Advisors, LLC, where she and her co-founder Amit Patel first paired their complementary investing and legal expertise to build the cornerstone of Invictus’ differentiated investment strategy.  Ms. Chen Delano was previously Associate General Counsel at AIG Investments.  Prior thereto, Ms. Chen Delano was a practicing bankruptcy attorney at firms that include Kirkland & Ellis LLP, Weil, Gotshal & Manges LLP, and Milbank, Tweed, Hadley & McCloy LLP, where she represented both debtors and creditors in complex, high stakes bankruptcies and/or restructurings.  Ms. Chen Delano received her B.A. from New York University in 2001 and received her J.D. from St. John’s University School of Law in 2004, each magna cum laude.