Corvid Peak Capital Management Announces Closing of Coherence Capital Management Team Acquisition.

[New York, New York/Greenwich, Connecticut] – November 6, 2023 — 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 Mistreta, 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.”