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Independent Investment Research

We don't speculate.
We investigate.

Providing independent, actionable and timely investment ideas and research to institutional emerging and established managers worldwide.

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Our Vision

Actionable insights for
discerning investors

Our clients gain access to an experienced team of idea generators and researchers who focus on providing actionable and timely short ideas and research.

Our expertise not only helps investors make informed decisions but also assists businesses in developing strategies to optimize performance and mitigate risks. Our vision aligns flawlessly with our clients — our thorough research and diligence are crafted to help our clients avoid unexpected blind spots.

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Partner with Unicus Research for independent, investigative insights that move beyond the surface.

About Unicus

Independent. Investigative.
Unaffiliated.

We combine analysis from multiple perspectives. We are not your regular desktop investigative researchers.

How We're Different

Beyond the database

Management Issues
Deep analysis of leadership quality, incentive structures, and management credibility that goes beyond public filings.
Accounting Issues
Forensic examination of financial statements to uncover aggressive accounting practices and potential misrepresentation.
Undisclosed Transactions
Identifying hidden related-party transactions and off-balance sheet arrangements that escape conventional scrutiny.
Regulatory Issues
Monitoring regulatory exposure and compliance risks that could materially impact company valuations.
Unethical Practices
Investigating illegal or unethical business practices through our network of industry-leading domain experts.
Off-Balance Sheet
Uncovering concealed liabilities and synthetic leverage structures hidden from traditional analysis.
Our Methodology

Fundamental analysis meets investigative rigor

We use fundamental analysis along with valuable information obtained from atypical sources. We come to our insights and recommendations through challenging both the information provided and the information harnessed through our sources within the legal bounds.

We harness copious amounts of data and take you beyond the database reports, often looking for situations where companies may have any combination of management, accounting, regulatory, or ethical issues.

Comprising a diverse group of skilled professionals, this team is dedicated to conducting rigorous research, identifying trends, and making informed predictions that guide decision-making processes. By staying updated on market trends and leveraging our analytical skills, we provide invaluable support that helps navigate the intricacies of the financial world.

Meet the minds behind the research

Our team spans financial fraud, forensic intelligence, cybersecurity, and more.

In The Press

Media &
Appearances

A selection of interviews and media appearances featuring Unicus Research's CEO Laks Ganapathi.

Interviews

Watch our interviews

Published Articles

Research publications

Full Archive

The Archives

A complete collection of published articles, research, and commentary by Unicus Research across leading publications.

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Performance

Track
Record

Our performance speaks for itself. Rigorous research drives consistent, measurable results.

Methodology & Disclaimer

New ideas and ongoing ideas are not shown on our Track Record. For access to our current ideas and an individualized plan, please contact us.

Prices are estimated for the trading day as entry and exit points, eliminating arguments over exact entry points and fills. Average fills are provided for transparency. Sales are all stops, and cover is initiated to limit trade risk and protect profits.

Disclaimer: These are not actual trades. We do not aim to pick tops or bottoms. We do not trade the market.

Our Current Track Record

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Research

Short
Ideas

Published short idea reports for clients. Log in to browse, filter, and open PDFs.

Reports

Short idea library

Published
Company
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Private Credit Intel

See what you actually hold across private credit.

Private Credit Intel turns messy regulatory filings into one clear exposure map: every fund, every borrower, every dollar, and every overlap across funds that are supposedly separate.

Sample map — funds on the left, borrowers shared across two or more funds highlighted at the center. Each node traces to a line in a real filing.

5
Private credit funds mapped
2,600+
Holdings filing-traced
2,800+
Relationships drawn
201
Borrowers in two or more funds
Coverage

Five funds today, and growing.

The current dataset maps five private credit funds, including non-traded BDCs and interval funds, with more added as new filings are processed.

CCLFXCliffwater Corporate Lending Fund
CELFCliffwater Enhanced Lending Fund
CPEFXCascade Private Capital Fund
HLENDHPS Corporate Lending Fund
LENDXStone Ridge Trust V
What It Maps

Three things a stack of PDFs can't show you

Allocator portfolios may span several managers, but underneath, the same companies can appear again and again. In a calm market, the portfolios look diversified. When one or more of those companies’ stress, the exposure can show up in multiple funds at once

01 · Overlap
Shared borrowers
When multiple funds lend to the same company, Private Credit Intel links them to a single node with both funds attached. Cross-fund exposure now becomes visible at a glance, instead of being separated across multiple loan books.
201 borrowers appear in two or more funds.
02 · Look-through
Funds-in-Funds, mapped out
When one fund owns a stake in another, Private Credit Intel traces the link through each layer to the underlying loans. No need to rely on a footnote when the exposure can be followed directly.
Down to the loan level, not the wrapper.
03 · The tail
The full statement of investments
Search, filter, and sort any fund’s holdings, with fair-value totals that update as you go.
LENDX: 354,000+ SOI, made searchable.

One view of exposure

Built for institutional allocators, credit teams, and risk teams that need a clear view of borrower exposure across multiple private credit funds.

Access is for institutional and sophisticated investors.

Our People

The Unicus Team

Industry-leading experts in corporate financial fraud, forensic intelligence, investment intelligence, cybersecurity, and more.

Laks Ganapathi
Laks Ganapathi
Founder & CEO
L. Burke Files
L. Burke Files
Head Of Forensic Analysts
Rob MacArthur
Rob MacArthur
Senior Short-only Analyst
David D. Tawil
David D. Tawil
Crypto Lead & Bankruptcy Consultant
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