Tilden Park Capital Management LP

Background

Tilden Park Capital Management LP, established in 2009, is a multi-strategy, fixed-income-focused alternative asset manager headquartered in New York City. The firm aims to generate attractive risk-adjusted returns by identifying asymmetric risk/return profiles, with a central focus on capital preservation. Its trading philosophy harmonizes a systematic approach that identifies market inefficiencies through a combination of fundamental models and tactical market-based tools, complemented by top-down, common-sense-driven investment views.

Key Strategic Focus

Tilden Park specializes in structured credit investments, including residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), and collateralized loan obligations (CLOs). The firm's investment strategy involves identifying mispriced credit opportunities with attractive risk-reward profiles, utilizing a combination of quantitative models and fundamental analysis to exploit market inefficiencies. Tilden Park actively trades in the secondary market, aiming to generate alpha through disciplined risk management and adaptability to changing market conditions.

Financials and Funding

As of March 31, 2025, Tilden Park Capital Management reported assets under management (AUM) of approximately $6.46 billion, reflecting an 11% decrease compared to the previous year. The firm primarily manages pooled investment vehicles, with discretionary AUM accounting for the entirety of its portfolio.

Leadership Team

Josh Birnbaum: Co-founder and Chief Investment Officer. Prior to establishing Tilden Park, Birnbaum was a managing director at Goldman Sachs, where he led the structured products group and notably generated $3.7 billion for the bank by short-selling the subprime mortgage market in 2007.

Sam Alcoff: Co-founder and Chief Operating Officer. Alcoff co-founded Tilden Park alongside Birnbaum and Jeremy Primer, bringing extensive experience in operations and management within the financial sector.

Michael Maroof: Chief Financial Officer. Maroof oversees the firm's financial operations, ensuring robust financial performance and compliance with regulatory standards.

Adam Winik: Managing Director. Winik plays a key role in driving the firm's strategic initiatives and investment strategies.

Chris Gamaitoni: Managing Director. Gamaitoni contributes to the firm's investment decisions and overall strategic direction.

Competitor Profile

Market Insights and Dynamics

The alternative asset management industry, particularly within the structured credit investment space, is characterized by significant competition and evolving market dynamics. Firms in this sector aim to capitalize on mispriced credit opportunities, requiring sophisticated analytical capabilities and robust risk management practices.

Competitor Analysis

Key competitors in the structured credit investment space include:

Atalaya Capital Management: Specializes in private credit and special opportunities investments, focusing on asset-backed and financial assets.

Axonic Capital: Focuses on structured credit, real estate, and systematic strategies, with expertise in RMBS and CMBS.

GoldenTree Asset Management: A global asset management firm specializing in high-yield bonds, leveraged loans, distressed debt, structured products, and emerging markets.

These firms, like Tilden Park, leverage quantitative models and fundamental analysis to identify and exploit market inefficiencies in the structured credit domain.

Strategic Collaborations and Partnerships

Tilden Park has demonstrated openness to partnerships and strategic investments, as evidenced by its involvement in financing international student loan providers like MPOWER Financing. This indicates a potential interest in international markets and presents opportunities for companies looking to expand globally and tap into the education finance sector.

Operational Insights

Tilden Park's strategic considerations involve maintaining a competitive position within the structured credit investment landscape by leveraging its proprietary technologies and experienced leadership team. The firm's disciplined risk management approach and adaptability to changing market conditions serve as distinct competitive advantages.

Strategic Opportunities and Future Directions

Looking ahead, Tilden Park aims to expand its investment strategies and explore new markets, particularly in the international arena. The firm's focus on alternative assets and its openness to unique and unconventional asset classes position it well to capitalize on emerging opportunities in the financial sector.