LibreMax Capital

A New York based asset management firm specializing in structured products

LibreMax Capital

A New York based asset management firm specializing in structured products

LibreMax Capital

A New York based asset management firm specializing in structured products

Our Firm

LibreMax is an $9.4 billion1 asset management firm specializing in structured products across both public and private markets. The Firm offers a diverse platform of alternative, long-only and opportunistic strategies as well as CLO management. Headquartered in New York, LibreMax was founded in 2010 and has 51 employees, 31 of whom are dedicated to investments, quantitative analysis and risk management.

By the numbers

2010

Founded in
LibreMax was founded in October 2010

$9.4B

AUM
LibreMax currently manages approximately $9.4 billion1 in assets under management

51

Employees
LibreMax is headquartered in New York and employs a staff of 51 people, 31 of whom are dedicated to investments, quantitative analysis and risk management

17

Average Years of Experience
The investment team has an average of 17 years of experience in the industry

Strategies

Hedged Structured Products

Learn More

This strategy invests across a broad range of structured products including ABS, CLOs, Commercial, and Residential assets. The strategy is actively traded and tactically hedged using interest rates, equity options and various credit indices.

Long-Biased Structured Products

Learn More

This strategy invests opportunistically across a broad range of structured products including ABS, CLOs, Commercial, and Residential assets, as well as Special Situations. The strategy focuses on longer duration, higher yielding securities, where the assets may be more prone to short-term mark-to-market volatility.

Opportunistic Structured Products

Learn More

These strategies seek to deploy patient capital, generally in less liquid, more esoteric opportunities across structured products. While mandates vary, key themes include private lending, distressed credit and dislocation opportunities.

Custom Solutions

Learn More

These strategies provide portfolio solutions to meet specific investor requirements across a broad range of mandates. They include hedged and long-only evergreen strategies, ERISA-eligible structures, and sector focused strategies of varying duration and liquidity terms.

CLO Management

Learn More

Trimaran Advisors is a U.S. credit-based alternative asset management platform.

Green ABS

Learn More

The Green ABS Fund is an ESG dedicated vehicle that invests primarily in Investment Grade bonds backed by loans that fund energy-efficient projects, as well as other credit related instruments that may have positive environmental impacts.

ESG

LibreMax continually endeavors to consider effective environmental, social and corporate governance (“ESG”) investment management practices in all its activities, products and services. LibreMax believes that financial institutions need to set a tone to enact change via banking, investment and insurance activities. LibreMax believes that ESG issues can affect the performance of investment portfolios and thus should be integrated into investment analysis and the decision-making process as a necessary step to promote a sustainable global economy and market stability. LibreMax further believes that thoughtful engagement with portfolio companies can lead to improved ESG-related business practices.

LibreMax is a signatory of The United Nations Principles for Responsible Investment (“UNPRI”), a collective international framework for institutional investors, investment managers and service providers to integrate ESG considerations into investment decision-making and analyses and to be active stewards of their investments. As a signatory to the UNPRI, LibreMax is committed to working towards the implementation of the UNPRI principles and framework.

Team

LibreMax has 51 employees, 31 of whom are dedicated investment professionals, quantitative analysis and risk management personnel. The average tenure of the investment team is 17 years, spanning a variety of market cycles. The leadership team includes 6 partners, most of whom have been with the Firm since its inception.

Leadership Team

Greg Lippmann

Greg Lippmann

Chief Investment Officer

Mr. Lippmann is the Managing Founding Partner and the Chief Investment Officer (“CIO”) of LibreMax. He is chairman of LibreMax’s Investment Committee, a non-voting member of its Risk Management and Valuation Committees, and a member of its ESG Committee. Prior to co-founding LibreMax, Mr. Lippmann was head of all non-agency RMBS, ABS and CDO trading globally at Deutsche Bank, where he led a team of 30 senior professionals in New York and London. Mr. Lippmann began his career at Deutsche Bank as a trader of non-investment grade ABS and RMBS securities. In 2003, he became Global Head of ABS and CDO trading, adding non-agency MBS to his business in late 2008. Prior to joining Deutsche Bank in 2000, Mr. Lippmann was a Director and head of ABS/MBS Subordinate and CDO trading at Credit Suisse, which he joined in 1991. Mr. Lippmann graduated from the University of Pennsylvania in 1991, magna cum laude, with a B.A. in Economics and a minor in English. Mr. Lippmann serves on the board of New 42nd Street and the South Fork Natural History Museum. He is also on the Advisory Council of the American Museum of Natural History.

Craig Sedaka, CFA

Craig Sedaka, CFA

Portfolio Manager

Mr. Sedaka is a Partner and the Portfolio Manager of LibreMax and is also a member of its Investment Committee, a non-voting member of its Risk Management and Valuation Committees, and Chairman of its ESG Committee. Mr. Sedaka focuses on sourcing, risk management, and trading for the firm’s investments. Prior to becoming the Portfolio Manager in January 2018, Mr. Sedaka served as Sector Head of RMBS Subprime on the investment team, responsible for distressed mortgage securities, derivatives, whole loans, and an array of esoteric and re-structured credit products. In addition to his responsibilities in commingled fund strategies, he helped manage a successful closed-end fund focused on distressed mortgage assets from 2012-2015 and several separately managed accounts. Before joining LibreMax in October 2010, Mr. Sedaka traded subprime mortgage-backed securities and single name credit default swaps in Mr. Lippmann’s trading group at Deutsche Bank. Mr. Sedaka began his career at Deutsche Bank in 2006, focusing on senior and subordinate subprime mortgage securitizations. Mr. Sedaka graduated summa cum laude with a B.S. in Economics from the Wharton School at the University of Pennsylvania in 2006. He is also a Chartered Financial Analyst (CFA) Charterholder.

Frank Bruttomesso

Frank Bruttomesso

Chief Operating Officer and General Counsel

Mr. Bruttomesso is a Partner and the Chief Operating Officer (“COO”) and General Counsel of LibreMax and is a member of its Investment, Risk Management, ESG, and Valuation Committees. Prior to joining LibreMax in October 2010, Mr. Bruttomesso was a Senior Vice President, Counsel and Assistant Secretary for AllianceBernstein L.P. where he headed the Alternative Investments and Derivative Contracts groups within the Legal and Compliance Department from 2001 to 2010. As the Head of the Alternative Investments group he was a key member in the creation and launch of AllianceBernstein’s fixed income, equity, commodity and currency based alternative investment products and served as a Director for AllianceBernstein’s Cayman Islands and Luxembourg domiciled hedge funds. Prior to joining AllianceBernstein, Mr. Bruttomesso was a First Vice President and Counsel of Morgan Stanley Investment Management where he worked as an attorney for the Morgan Stanley/Dean Witter family of registered mutual funds from 1996 to 1999. He began his career as a Corporate Attorney at Rogers and Wells LLP from 1993 to 1996. Mr. Bruttomesso received a B.A. from Yale University in 1990 and a cum laude JD from Brooklyn Law School in 1993.

Glenn Perillo, CFA

Glenn Perillo, CFA

Chief Risk Officer

Mr. Perillo is a Partner and the Chief Risk Officer (“CRO”) of LibreMax and is a member of its Investment, Risk Management and Valuation Committees. Prior to joining LibreMax in April 2012, he was head of securitized products at Citadel Investment Group where he was responsible for managing portfolios of distressed RMBS. Throughout his three years at Citadel, Mr. Perillo was also responsible for development of Citadel’s mortgage credit models and valuation platform. Prior to joining Citadel, he was with the portfolio management group at BlackRock, where he specialized in managing RMBS for institutional clients. He also served as Head of Mortgage Research and Co-Head of Financial Modeling at BlackRock Solutions. He was with BlackRock for 10 years prior to joining Citadel. Previous to Blackrock, Mr. Perillo was Investment Vice President & Portfolio Manager at New York Life Insurance Company. A Chartered Financial Analyst (CFA) Charterholder, Mr. Perillo holds an MBA in Finance and an M.S. in Statistics and Operations Research from New York University (1996). He received a B.S. in Computer Engineering from the University of South Florida (1985).

Gloria Radeff

Gloria Radeff

Chief Administrative Officer and Head of Business Development

Ms. Radeff is a Partner, Chief Administrative Officer (“CAO”), and Head of Business Development of LibreMax and is a member of the its Risk Management, ESG and Valuation Committees. Prior to joining LibreMax in October 2010, Ms. Radeff was a Senior Analyst at Diamondback Capital from 2007 to 2009, where she was responsible for technology, media and telecommunications portfolio investment recommendations. Ms. Radeff was a founding partner and Managing Director of Rhombus Capital, a long short equity fund, from 2004 to 2006. Ms. Radeff spent eight years as an equity research analyst covering the media, cable, and telecom sectors from 1997 to 2004 at Bear Stearns, Lehman Brothers and ABN AMRO. Ms. Radeff began her career at Young and Rubicam in San Francisco from 1995 and holds a B.A. from Duke University (1994). Recent recognitions for Ms. Radeff include being named as one of the “50 Leading Women in Hedge Funds 2020” by the Hedge Fund Journal in association with Ernst & Young and “Notable Women on Wall Street 2021” by Crain's New York Business.

Ross Lesnick, CPA

Ross Lesnick, CPA

Chief Financial Officer

Mr. Lesnick is a Partner and the Chief Financial Officer (“CFO”) of LibreMax and is a member of its Risk Management and Valuation Committees. Prior to joining LibreMax in August 2012, he worked at Fir Tree Partners as the Assistant Controller, where he managed a team of five CPAs in performing all accounting functions for four master-feeder structures from 2008 to 2012. In addition, Mr. Lesnick co-chaired the Counterparty Credit Committee and was responsible for managing the prime broker and ISDA relationships at Fir Tree Partners. Prior to this, Mr. Lesnick was a Vice President at Ramius Capital Group, where he was a member of the Structured Products Investment Team responsible for accounting, operational and treasury functions for five CDOs and a hedge fund from 2006 to 2008. From 2003 to 2005, he was a financial associate in the Fund Accounting Group at Ramius Capital Group. Mr. Lesnick began his career in 2001 with Goldstein, Golub, and Kessler LLP, a mid-size public accounting firm, where he focused on the hedge fund industry. He graduated with a B.S. in Accounting from the University of Maryland, College Park and has been a licensed CPA in New York since 2003.

Preeti Kohli

Preeti Kohli

Chief Compliance Officer and Assistant General Counsel

Ms. Kohli is the Chief Compliance Officer (“CCO”) and Assistant General Counsel of LibreMax and is a member of the its Risk Management, ESG and Valuation Committees. Prior to joining LibreMax in November 2022, Ms. Kohli served as the Director of Compliance for Allen & Company LLC and Allen Investment Management LLC since 2017. Before Allen & Company, Ms. Kohli held roles within legal and compliance at CVC Capital Partners from 2016 to 2017; and at BNP Paribas Asset Management USA from 2010 to 2016. She received a B.A. from Stony Brook University in 2001 and a cum laude JD from Quinnipiac University School of Law in 2005.

Saurabh Deshpande

Saurabh Deshpande

Chief Technology Officer

Mr. Deshpande is the Chief Technology Officer at LibreMax. Prior to joining LibreMax in April 2014, he was an NOC Manager in the Production-Systems team at DoubleVerify from 2013 to 2014. Prior to DoubleVerify, he was the NOC Manager at Gravitas Technology from 2010 to 2013. Mr. Deshpande graduated from Stevens Institute of Technology, Hoboken with a M.S. in Computer Science in May 2010.

Dominick Mazzitelli

Dominick Mazzitelli

CIO and Head Portfolio Manager of Trimaran

Mr. Mazzitelli is the President, Chief Investment Officer (“CIO”) and Head Portfolio Manager of Trimaran and Trimaran Management and is responsible for the management and direction of their combined business activities, including portfolio management, investment research, portfolio analytics and operations, trading, structuring and marketing. Mr. Mazzitelli joined Trimaran Advisors in 2005 from Morgan Joseph & Co., where he was Vice President of high yield and distressed sales. Prior to joining Morgan Joseph, Mr. Mazzitelli had been employed as a senior research analyst within the Leveraged Finance and High Yield Group at CIBC World Markets Corp., where his industry coverage included the paper and forest products, packaging, and natural resources sectors. He began his career at Morgan Stanley, where he held a number of positions within the firm's fixed income sales and trading unit. Mr. Mazzitelli received a B.S. in Business Administration from the State University of New York at Albany, where he graduated cum laude, and his M.B.A. from the Leonard N. Stern School of Business at New York University.

David Lakoff

David Lakoff

Assistant Portfolio Manager and Loan Trader - Trimaran

Mr. Lakoff rejoined Trimaran in 2016 after spending four years at a multi-strategy, credit-based hedge fund. Mr. Lakoff is an Assistant Portfolio Manager and serves as Trimaran’s primary trader of leveraged loans. He also follows the financials and real estate sectors. Mr. Lakoff previously worked at Trimaran from 2000 until 2012 and held a number of roles during his tenure, including assistant portfolio manager, credit analyst and trader.  Prior to Trimaran, Mr. Lakoff was an analyst in the High Yield Research Group at Barclays Capital, specializing in the cable and theater industries.  Prior to Barclays, Mr. Lakoff was a research analyst at Standard and Poor's where he participated in the rating of companies within the cable and wireless sectors, among others.  He began his career at Salomon Smith Barney in the retail brokerage division.  Mr. Lakoff received a B.S. degree in Business, with departmental honors, from Skidmore College.

DIVERSITY, EQUITY & INCLUSION

LibreMax is committed to fostering an environment that supports diversity, equity and inclusion. LibreMax believes that diverse perspectives drive more complex discussions, ultimately resulting in better decisions and creating better fiduciaries of client capital. Beyond diversity of thought, LibreMax seeks to identify, and encourage, the best talent regardless of race, sexual orientation, gender identity or expression, religion, physical abilities, political beliefs, age family or marital status, socio-economic status, veteran status or other characteristics that make employees unique.

LibreMax believes that professionals thrive in inclusive environments and recognizes that emotional buy in, as well as personal ownership, are critical to success. LibreMax has established a range of policies and practices aimed at promoting and sustaining diversity, equity and inclusion in its work environment, beginning with the recruitment process through employees’ day-to-day experiences, including career advancement opportunities.

News

November 03, 2022

LibreMax CIO Greg Lippmann Speaks at Forbes Iconoclast Summit

LibreMax Capital, LLC Chief Investment Officer Greg Lippmann recently joined the inaugural Forbes Iconoclast Summit to discuss credit opportunities created by monetary and fiscal policy, outlook for the U.S. consumer, and how today’s market environment compares to prior cycles.

Read more in Forbes here: https://www.forbes.com/sites/emilymason/2022/11/03/the-big-short-inspiration-lippmann-having-deja-vu-of-2002/?sh=9b546a4aa357
and Business Insider here: https://www.businessinsider.com/how-to-invest-big-short-trader-greg-lippmann-investors-missing-2022-11

download PDF

September 12, 2022

Capital Allocators – Inside the Institutional Investment Industry – Podcast “Greg Lippmann – the Big Short and Structured Credit at LibreMax Capital"

LibreMax's Chief Investment Officer, Greg Lippmann, joined Capital Allocators to discuss his background, investment strategy, research process, portfolio construction, trading, competitive landscape, and market outlook. The podcast can be accessed here
 
This podcast contains general information about LibreMax Capital, LLC (“LibreMax”). While all the information prepared in this podcast is believed to be accurate, LibreMax makes no express warranty as to the completeness or accuracy of such information, nor can it accept any responsibility to update errors appearing in the podcast.

Capital Allocators with Ted Seides (“Capital Allocators”) is an independent pod cast series that explores best practices in the asset management industry. Capital Allocators has not been engaged by LibreMax to act in any capacity, including as an arranger or placement agent in connection with the any fund or products described therein or offered or managed by LibreMax. Capital Allocators is not a client of or investor in LibreMax’s funds. Capital Allocators does not earn any compensation in connection with the sale or placement of any LibreMax funds. LibreMax is not aware of any conflicts of interest between Capital Allocators and LibreMax.

Excerpts from the podcast can be found here

November 04, 2021

LibreMax Employees Participate in Habitat for Humanity Net Zero Project in Queens

On November 4, 2021, LibreMax employees participated in Habitat for Humanity's Net Zero Project. The Project is aimed at renovating a portfolio of 16 single family homes leveraging the power of renewable energy to decrease energy costs and greenhouse gas emissions.

read more

October 05, 2021

LibreMax Capital Raises $225 Million for Structured Opportunities Fund

NEW YORK--(BUSINESS WIRE)--LibreMax Capital, LLC announced the successful closing of its fifth drawdown vehicle, LibreMax Structured Opportunities Partners I, LP, with total capital commitments of approximately $225 million.

read more

September 15, 2021

LibreMax Launches New Fund Devoted to ESG Structured Debt

(Bloomberg) -- LibreMax Capital has raised $325 million for a new fund devoted to asset-backed securities and other structured debt designed to make the world a better place, making it the latest firm to bet on the growth of the market for sustainable investing.

download PDF

March 22, 2021

LibreMax CAO Gloria Radeff and Director of Business Development Emily Fritz Named to Crain's Notable Women on Wall Street

LibreMax is pleased to announce that Chief Administrative Officer and Partner Gloria Radeff, and Director of Business Development Emily Fritz, have been named to Crain's New York Business 2021 Notable Women on Wall Street.

download PDF

November 13, 2020

LibreMax CAO Gloria Radeff Named to 50 Leading Women in Hedge Funds 2020

LibreMax is pleased to announce that Chief Administrative Officer and Partner Gloria Radeff has been named as one of the “50 Leading Women in Hedge Funds 2020” by The Hedge Fund Journal in association with Ernst & Young. You can view the full article here: https://thehedgefundjournal.com/50-leading-women-in-hedge-funds-2020/

download PDF

December 30, 2019

LibreMax Capital and Credit Suisse Provide Revolving Asset-Based Loan Facility to Sunnova to Fund Continued Growth in Residential Solar

On December 30, 2019, Sunnova Energy International Inc. (NYSE: NOVA) announced it closed an approximately $95 million revolving asset-based loan facility with affiliates of Credit Suisse (NYSE: CS) and LibreMax Capital, LLC. The equipment facility’s commitments may be increased to approximately $138 million, subject to lender consent.

read more

April 08, 2019

LibreMax Wins Private Equity Backing for CLO Venture

LibreMax Capital, LLC (“LibreMax”), an asset management firm specializing in structured products and corporate credit, today announced the establishment of CAVU Investment Partners, LLC (“CAVU”).

read more

January 23, 2019

LibreMax Capital Provides Credit Facility to PosiGen, the Nation's Leading Provider of Renewable Energy and Efficiency Solutions for Low-to-Moderate Income Households

PosiGen, the nation's leading provider of renewable energy and efficiency solutions for low-to-moderate income households, is pleased to announce a credit facility structured and provided by LibreMax Capital, a New York based asset management firm, in conjunction with the Connecticut Green Bank, the nation's first green bank, and Inclusive Prosperity Capital, a new not-for-profit clean energy investment fund sparked by the Connecticut Green Bank.

read more

November 09, 2018

LibreMax Capital Acquires Trimaran Advisors

LibreMax Capital, LLC (“LibreMax”), an asset management firm specializing in structured credit, today announced that an affiliate has entered into a definitive agreement to acquire Trimaran Advisors.

read more

October 11, 2018

Neuberger Berman’s Dyal Capital Takes Minority Stake in LibreMax

Neuberger Berman Group’s Dyal Capital, which buys stakes in alternative-asset managers, took a minority position in the $3 billion hedge fund firm LibreMax Capital.

read more

May 02, 2018

Greg Lippmann Interview at Milken Conference

Greg Lippmann, who helped design the trade against subprime mortgages that became known as the Big Short, says the next financial tremors will come from corporate debt.

read more

Contact Us

LibreMax Capital, LLC

600 Lexington Avenue, 7th Floor
New York, NY 10022
212-612-1550


For career inquiries, please contact info@libremax.com
For investment inquiries, please contact IR@libremax.com



1
Information is unaudited and estimated as of March 1, 2023 and represents the AUM of LibreMax and Trimaran Advisors, LLC and its affiliates.