March 2026 Offer for Fairfield Sentry + Sigma
Background
The Fairfield funds (Sigma, Sentry and Lambda) were some of the largest feeder funds to the Madoff ponzi scheme. In December 2008, when Madoff was exposed as a fraudster, the funds closed for redemption and in July 2009 joint Liquidators were appointed.
Since then the liquidation has been progressing albeit it very slowly and there is, as yet no end in sight.
Southey Capital offer:
Starting March 2026, Southey Capital has announced a purchase offer to eligible holders of the fund shares.
We think the offer represents a good opportunity for holders, where the shares might be the last remaining asset in account, to finally draw a line under the investment For larger or institutional holders, we are open to negotiating an extended offer period or depending on Clawback status a bespoke settlement option, as outlined below.
2026 Fairfield Offer
2026 Fairfield Acceptance
Trade Confirmation Sentry
Trade Confirmation Sigma
Disclaimer
Eligibility:
Group 1: Holders within a Nominee structure that have received previous distributions and/or;
Group 2: Holders that are direct registered holders, but have received distributions and do not have a clawback action against them.
Group 3: Holders that have not received any distributions and either hold shares via a Nominee or directly, these holders may request a bespoke bid and settlement mechanism.
How it works:
1. Reply to Southey Capital via our email fairfieldsentry@southeycapital.com with: The number of shares you wish to tender, proof if available of the last distribution and contact details.
2. We confirm details and provide a Trade Confirmation
3. We jointly instruct the transfer of shares with the liquidator and complete the settlement payment.
For over ten years, Southey Capital has been a trusted and relied upon, U.K. regulated firm, and one of the leading institutions in the purchase and settlement of illiquid shares and claims.
Offer details:
Please find below links to the Offer documents.
– Deadline for responses 30th April 2026
– We have not set a limit to the number of shares that we are open to purchasing, but will process responses on a first come first save basis.
Identifiers:
The Fairfield funds are identified by the below identifiers
| Share Class | ISIN | WPK | SEDOL |
| Fairfield Sentry | VGG3299L1004 | 926069 | 0330934 |
| Fairfield Sigma | VGG3299V1085 | 2860688 | |
| Fairfield Lambda | VGG3299W1068 | A0QZ1B | B034655 |
Purchase Options:
| Group 1 Registered holder wishes to tender. Shares have received previous distributions and therefore not subject to clawback. We purchase the shares and sign transfer documents directly with registered holder. | Group 2 Shares held at a custodian/nominee that is not subject to a clawback. Custodian collates the acceptances from their clients and we complete one transfer from the custodian. | Group 3 i) Shares held at a custodian that is subject to a clawback, but seller has no redemption history. Southey Capital can purchases the shares of the Transferor entity (fund/spv). Current Registered holder / Nominee is informed of a new UBO of the SPV entity + additional documentation. |
Recovery prospects:
There are approximately 4.6m shares issued and outstanding in Fairfield Sentry, distributed amongst c. 750 registered shareholders and 3.1m shares of Fairfield Sigma held by c. 220 registered shareholders. For the purpose of the Liquidation a registered shareholder can also be a bank or custodian, that may underneath it hold many hundreds of holders. Lambda the CHF fund is less well reported on and we do not have figures for it.
To date (2026), the JL’s have spent close to $180m on legal and professional fees to recover funds for shareholders. Legal costs continue to mount as the JL’s pursue the alleged facilitators of the scheme.
There is as yet no timeframe or maximum limit on costs for the processes, so the ultimate recoveries are as yet unknown.
Buying Interest:
Southey Capital buys on its own account. We have long-term horizon for buying interest in liquidations and bankruptcies. Our patient approach is assisted by our ability and willingness to hire lawyers and push for the return of capital when liquidations are delayed or unnecessary legal work is delaying a return of capital.
Due to our location in the U.K. and our large network of Custody relationships, we are able to purchase and transfer shares both on the Register of Fairfield and with a Inter-custodial transfer.
This often enables a holder to wind down their custody account or fund entity.
If you or a client of yours holds any of the above and wishes to discuss a potential sale of the position, please feel free to get in touch via the form below or the email: fairfieldsentry@southeycapital.com
Please also contact us to register your interest and be kept up to date on events.
Additional links
Fairfield Sentry website
Fairfield Sigma website
Fairfield Lambda website
