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Alternative Credit & Fixed Income

Our mission is to generate stable returns across economic regimes, with low correlation to the broader markets. We believe our investment in people, systems, and infrastructure give us flexibility to capitalize on opportunities across the global alternative credit and fixed income landscape.

The Opportunity

GROWTH CAPITAL STRATEGY

Invest in high potential businesses with strong cash-flows, which have been overlooked by others.

STRUCTURED INVESTMENTS STRATEGY

Invest in portfolio participation structures by which financial institutions may obtain regulatory capital relief.

OPPORTUNISTIC MARKET STRATEGY

Selectively scale up and down in strategies with identifiable alpha, or other attractive characteristics.

Our Approach

We utilize rigorous filters to arrive at what we believe is an optimal risk-adjusted portfolio with low correlation to the broader markets.

Low Economic Sensitivity
Seek portfolio mix of assets less tied to particular business cycles.

Low Cross-Correlation
Seek portfolio mix with minimal correlation between investments.

Quantitative Diligence
Quantitative due diligence, analyzing historical data sets and modeling returns to maturity.

Fundamental Diligence
Fundamental due diligence screening based on deep industry expertise.

We have experience across diverse sectors. The businesses we invest in have utilized our capital to create value in a variety of ways.
Fixed Income Business Expansion Over Time
Fixed Income Business Expansion Over Time

Alternative Credit and Fixed Income

Growth Capital

We invest primarily in companies with stable cash-flow profiles across a range of sectors, including:

  • Transportation: Aviation, Automotive, etc.
  • Real Estate: Rental, Home Rehab and Resale, New Home Development, etc.
  • Energy: Solar Energy, Consumer Electric Retailing, etc.
  • Consumer: Healthcare, Consumer ABS, etc.

Our mandates enable us to invest in the equity and/or debt of companies such as mortgage lenders, auto lenders, etc. These firms are often platforms filling a market niche that has grown after the Global Financial Crisis.

Opportunistic Market

We participate in certain credit strategies over time on an opportunistic basis.

  • Investment in corporate credit (and mortgage) securities
  • Implementation of quantitatively-based strategies that rely on modeling security and portfolio credit risk and/or discount to modeled fair value
  • Examples of these strategies include investment in collateralized loan obligations (CLOs), portfolios of corporate credits, convertible bonds, and mortgage securities

Structured Invest.

We invest in portfolio participation structures by which financial institutions may obtain regulatory capital relief.

We implement transactions in various ways, with risk exposure to institutions' underlying balance sheet assets, ranging from investment grade to high yield exposures, and beyond.

This strategy fills a market need that has grown since the Global Financial Crisis.

Senior Leadership

Our Alternative Credit and Fixed Income team is led by Dave Snyderman.

Case Study

First Citizen

First Citizen is an Irish specialized finance company, headquartered in Dublin.
View this case study

What We Do

Huber

Huber Homes is a business that owns and rents a portfolio of approximately 1,900 single family homes and townhomes in the Ohio river valley
View this case study

What We Do

Q.
What kind of infrastructure supports the Alternative Credit and Fixed Income team?


We have built an infrastructure to support our approach of combining quantitative and fundamental lenses. Our portfolio managers are supported by our...

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