Delegated Portfolio Manager & AIFM
Delegated Portfolio Manager
Waterfall Asset Management, LLC (“Waterfall”) serves as the Delegated Portfolio Manager of the Company. Waterfall is a specialty credit investment adviser registered with the US Securities and Exchange Commission (“SEC”) with approximately $8.3 billion in assets under management as of 1 August 2020. Founded in 2005, Waterfall has offices in New York, London and Dublin. The core strategies of Waterfall are direct lending, structured credit (new issue and secondary securities) and whole loans. Waterfall also manages a NYSE-listed public REIT, Ready Capital Corporation (ticker: RC) which is a non-bank direct lender to small-medium enterprises (“SMEs”) and small balance commercial property owners in the US. Through the experience of its management team and its specialisation in structured credit, principal finance and loans, Waterfall can bring credibility and confidence to shareholders with regards to the investment management of the Company. Waterfall’s founders and co-managing partners, Tom Capasse and Jack Ross, each have over 30 years of experience in securitisation and credit investing, having established Merrill Lynch’s industry leading ABS Group in the 1980s. Their experience in credit investing across multiple strategies and focus in the specialty finance sector brings insight and perspective over four credit cycles. As it relates to the Company’s core strategy, Waterfall’s direct lending team brings highly relevant experience and expertise having invested across multiple asset classes and capital structures (e.g. senior, mezzanine and equity) in this specific strategy. The direct lending team includes investment professionals responsible for originating and underwriting opportunities and operations staff responsible for reporting, cash management and surveillance. Waterfall has also recently hired a team of seasoned professionals for a private equity strategy. Additionally, through its loans strategy, Waterfall has experience in asset management of underperforming or non-performing debt and has successfully worked with borrowers, deploying solutions to distressed situations in order to recover value.
Alternative Investment Fund Manager
Mirabella serves as the Alternative Fund Investment Manager. Mirabella is a full-scope AIFM, currently managing $17.7bn (end of July 2020) of assets under management across 69 mandates including alternative investment funds and segregated mandates as well as providing services to other alternative investment managers and UCITS management companies.