We believe Tactical Value’s mandate, which opportunistically invests across the credit and equity spectrum, fills a ‘white space’ where capital remains relatively scarce, and alpha should therefore be more readily available.



Cameron Smalls is a Managing Director within Morgan Stanley’s Tactical Value Team (MSTV). Mr. Smalls rejoined Morgan Stanley in 2022. Prior to his current role, he was a Partner at Silver Rock Financial, a multi-billion dollar credit-focused asset manager and the former investment office of the Milken Family, where he led investments in liquid high yield and leveraged loans, private credit, and music royalties globally. Prior to joining Silver Rock in 2012, Mr. Smalls was a founding member of Morgan Stanley Private Credit, where he was responsible for originating, structuring, and executing credit and private equity investments across various industries. Prior to that role, he was a member of the Leveraged Finance & Acquisition Finance Group at Morgan Stanley. Mr. Smalls graduated from the Wharton School at the University of Pennsylvania and received a B.S. magna cum laude in Economics.

Q&A with Cam

Welcome back! How was your return to Morgan Stanley?

The transition was incredibly smooth, given the muscle memory of having worked at Morgan Stanley for years in the early days of our Private Credit group, which happens to now sit across the floor from me. I was able to start working almost immediately on deals in the Tactical Value pipeline, and also use my network both internally and that I’ve developed outside the firm in my time away, to find new opportunities for us to diligence. It's a really dynamic, fast-moving, exciting place to work right now.

What drew you back to Morgan Stanley?

There's myriad reasons why I found this particular seat very attractive when I was considering new opportunities last year. Part of it is how highly regarded Morgan Stanley is across the Street and around the world. A lot of doors open and a lot of calls get answered because Morgan Stanley is a respected partner with a proven track record, and that was a huge part of my decision. If you look at the opportunity in the market, we think we have a differentiated strategy in Tactical Value, one that is in high demand right now because traditional capital markets aren't necessarily functioning properly. From a timing standpoint, I thought last year was absolutely the right time to come over to a platform like this, which is doing something truly differentiated and exciting.

What does your background add to the team?

I started my career at Morgan Stanley in leveraged finance, eventually moving into the newly formed Credit Partners team within Investment Management. I was able to work for a very talented team of individuals, orchestrating and executing leveraged finance transactions for very large sponsors. I left the firm for over a decade to work for the family office of Michael Milken, the architect of the high-yield bond, and I continued to learn about different credit products. I think having a good foundation within corporate credit is very important to my new role.

Beyond the current market environment, why is Tactical Value attractive in the longer term?

The Tactical Value proposition is both secular and cyclical. We are at a cyclical point where other financial markets are not operating smoothly, or at least not as they have been for the last 10 years or so. This creates a path for us to deploy capital at attractive levels. In the long-term, there will always be a need for flexible capital solutions. We believe Tactical Value’s mandate, which opportunistically invests across the credit and equity spectrum, fills a ‘white space’ where capital remains relatively scarce, and alpha should therefore be more readily available.

What differentiated opportunities do you find compelling right now?

When I joined Silver Rock in 2012, I started covering the music industry and I became somewhat of a niche expert. In 2021 I helped start a music catalog acquisition company. One key focus for Tactical Value is royalty investing and intellectual property investing. Our teams’ Co-Head, Tom Cahill, in many ways wrote the book on these instruments.  We have a key focus going forward on royalties and IP.

Cameron is a member of the Morgan Stanley Tactical Value

May not represent all Team Members.

The information on this page is for informational purposes only. It is intended for the benefit of third party issuers and those seeking information about alternatives investment strategies. The information contained herein does not constitute and should not be construed as an offering of advisory services or an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer or solicitation, purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction.

All investing involves risks, including a loss of principal. Alternative investments are speculative and involve a high degree of risk. These investments are designed for investors who understand and are willing to accept these risks. Performance may be volatile, and an investor could lose all or a substantial portion of his or her investment.

Please refer to the strategy detail page for important information on the strategy, including additional risk considerations.


Morgan Stanley Investment Management (Australia) Pty Limited operates under AFSL No: 314182.

Not to be shown, quoted or distributed to the public. The information shown in this website is not personal advice and does not take into account the investment objectives, financial situation or needs of any person.

Information on this website should not be considered a solicitation to buy, an offer to sell or a recommendation for any security in any jurisdiction where such an offer, solicitation or recommendation would be unlawful or unauthorized. In addition, investments may not be made via this website.

Past performance of any product described on this site is not a reliable indication of future performance.

Subscriptions    •    Privacy & Cookies    •    Your Privacy Choices Your Privacy Choices Icon    •    Terms of Use

©  Morgan Stanley | Investment Management (Australia) Pty Limited ACN 122040037