 In 1998, Deitz left Renaissance Capital and founded VR Capital Group to build an asset management business focused on distressed debt investing.The firm launched a fund in May 1999 initially investing in distressed credits in Russia and the former Soviet Union following the 1998 Russian financial crisis and the demise of Long Term Capital Management.VR Capital has become known for investing into countries undergoing high levels of macroeconomic stress and working with sovereign and corporate debtors to restructure their balance sheets and regain access to capital markets.