Corvid Peak Capital Management Announces Closing of Coherence Capital Management Team Acquisition
06 Novembro 2023 - 12:00PM
Business Wire
Corvid Peak Capital Management, a subsidiary of Tiptree Inc.
(NASDAQ:TIPT) (“Tiptree” or the “Company”) today reported that it
has closed the previously announced acquisition of the Coherence
Capital Management team (“Coherence”).
Coherence and its founder, Sal Naro, manage a liquid long/short
credit hedge fund strategy that includes the Coherence Long/Short
Credit fund, which itself has an 11+ year track record. Mr. Naro
brings over 40 years of experience managing credit risk and leads a
seasoned investment team including Vincent Mistretta, Mike Cannon
and Sanjay Aiyar.
“The current interest rate environment and credit cycle provide
a compelling investment opportunity,” said Naro. “As we’ve done for
more than a decade, we are looking forward to bringing our strategy
and unique approach to Corvid Peak and delivering differentiated
and consistent returns for our investors.”
The acquisition of the Coherence team will significantly enhance
the investment breadth of the Corvid Peak platform as well as
broaden the current investor base. Corvid Peak will provide
additional resources to the Coherence strategy including raising
assets and up to a $25 million investment directly in the Coherence
Long/Short Credit fund.
The Coherence investment team will maintain the same investment
process and strategy that most recently helped them win Hedgeweek’s
Best Credit Long/Short Fund for the second year in a row.
“We are thrilled to welcome Sal and the Coherence team to Corvid
Peak,” said Mark Black, Founder and Chief Investment Officer at
Corvid Peak. “Their proven track record and addition of their
credit strategy will complement our business very well.”
About Corvid Peak
Formed in 2019 by Mark Black in partnership with Tiptree Inc.,
Corvid Peak is a New York-based asset manager and SEC registered
investment advisor. The firm has more than $1.2 billion of assets
under management and invests in U.S. and European performing and
non-performing credits alongside publicly traded equities.
About Tiptree Inc.
Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small
and middle market companies with the mission of building long-term
value. Established in 2007, Tiptree has a significant track record
investing across a variety of industries and asset types, including
the insurance sector, specialty finance, asset management, real
estate and shipping. With proprietary access and a flexible capital
base, Tiptree seeks to uncover compelling investment opportunities
and support management teams in unlocking the full value potential
of their businesses. For more information, please visit
tiptreeinc.com and follow Tiptree on LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20231106619109/en/
Brooke Parish bparish@corvidpeak.com
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