Corvid Peak Expands Asset Management Platform

Rhea-AI Summary

TIPT - Corvid Peak Capital Management LLC, a subsidiary of Tiptree Inc., has reached an agreement in principle for the Coherence Capital Management team of Lazard Asset Management to join Corvid Peak. The Coherence team manages a liquid long/short credit hedge fund strategy with approximately $150 million of assets under management. Sal Naro, founder of Coherence, will join Corvid Peak and continue to manage the fund. This strategic move aims to grow and enhance Corvid Peak's investment platform across multiple strategies, adding the expertise of the Coherence team and expanding their asset base.

Positive

• Strategic move to enhance investment platform
• Sal Naro brings over 35 years of experience managing credit risk
• Opportunity to expand asset base and develop additional credit strategies

Negative

• None.

Hires Coherence Team of industry veterans, led by Salvatore Naro, with 35+ years credit experience

NEW YORK--(BUSINESS WIRE)-- Corvid Peak Capital Management LLC (“Corvid Peak”), a subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree” or the “Company”) announced today that it has reached an agreement in principle for the Coherence Capital Management (“Coherence”) team of Lazard Asset Management to join Corvid Peak. Coherence manages a liquid long/short credit hedge fund strategy with approximately $150 million of assets under management, including the Coherence Long/Short Credit fund, which was designated fund of the year in 2023 by Hedgeweek/Private Equity Wire in its category.

Sal Naro, founder of Coherence, will join Corvid Peak and will continue to manage the fund along with the rest of the Coherence team. “We are very pleased to join forces with Corvid Peak and the Corvid Peak team,” stated Naro. “The investment opportunity in long-short credit is increasingly attractive right now and we expect it to remain so in the future. Having the opportunity to be a part of an investment organization that invests across the credit spectrum is very valuable to us.”

“Adding the capabilities of Coherence is part of our strategic plan to grow and enhance our investment platform across multiple strategies,” remarked Mark Black, Chief Investment Officer of Corvid Peak. “Sal brings over 35 years of experience managing credit risk, inclusive of an 11+ year track record managing the Coherence funds. We are excited to partner with his team, and to have the opportunity to expand their asset base and to develop additional credit strategies.”

Corvid Peak will be allocating a direct investment into the Coherence fund and all current employees of Coherence will become employees of Corvid Peak. The closing of the transaction is subject to limited partner consent and other closing conditions.

Corvid Peak, based in New York, is an SEC registered investment advisor with over $1 billion of assets under management.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230809217173/en/

Corvid Peak Contact:

Brooke Parish

bparish@corvidpeak.com

Source: Corvid Peak Capital Management LLC

FAQ

What is the agreement in principle announced by Corvid Peak Capital Management LLC?

Corvid Peak has reached an agreement in principle for the Coherence Capital Management team of Lazard Asset Management to join Corvid Peak.

Who will join Corvid Peak from the Coherence team?

Sal Naro, founder of Coherence, will join Corvid Peak and continue to manage the fund.

What is the total assets under management of the Coherence team?

The Coherence team manages a liquid long/short credit hedge fund strategy with approximately $150 million of assets under management.

What is the goal of this strategic move by Corvid Peak?

The strategic move aims to grow and enhance Corvid Peak's investment platform across multiple strategies, adding the expertise of the Coherence team and expanding their asset base.