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

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.

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