-TIG Advisors Makes Strategic Investment in Romspen-
All amounts in CAD dollars unless otherwise stated
TORONTO, Oct. 31, 2018 /CNW/ - Romspen Investment Corporation ("Romspen" or the "firm"), a premier non-bank alternative credit manager focused on North American real estate, announced today that it has sold a minority interest in the firm to TIG Advisors, LLC ("TIG"), a leading USD $3 billion alternative asset management company founded in 1980, which provides capital, comprehensive infrastructure support and management to investment teams. Romspen is the manager of the Romspen Mortgage Investment Fund (the "Fund"), a $2.5 billion fund which provides first mortgage bridge lending capital to commercial real estate projects.
As a strategic partner, TIG will work collaboratively with Rompsen to help the firm achieve its business objectives over the near and longer term – offering infrastructure, sales, marketing and business development support within the U.S. and internationally. This combination will enable Romspen to continue to focus on its core competency of executing on attractive investment opportunities across real estate asset classes to generate strong returns for investors.
Mark Hilson, Managing General Partner of Romspen added, "We are pleased to partner with TIG, whose expertise in alternative asset management and strong understanding of our lending strategy will be crucial in helping us reach our operational and investment goals. TIG's 40-year track record of successfully partnering with asset managers, along with their operating capabilities and institutional distribution network, will be invaluable as we execute on our business model of originating flexible loans to align the needs of borrowers and investors."
"Romspen is a leader in mortgage investing with a long-standing history, a disciplined approach to underwriting, and a diversified lending platform that complements TIG's existing strategies," said Spiros Maliagros, President of TIG. "We invested in Romspen because of their experienced executive team, acute focus on risk mitigation and strong track record of performance that is uncorrelated to public markets. We look forward to helping the firm achieve its full potential, as we believe there are significant growth opportunities for alternative lenders." Romspen will continue to be led by its current management team, headed by Mark Hilson and Wesley Roitman.
About Romspen Mortgage Investment Fund
Romspen Mortgage Investment Fund has a long-term track record of successful mortgage investing. With its origins in the mid-60's, the Fund is one of the largest non-bank commercial/industrial mortgage lenders in Canada with a $2.5 billion portfolio. Major investors include high net worth individuals, foundations, endowments and pension plans.
The Fund's investment mandate is focused on capital preservation, strong absolute returns and performance consistency. Over the past 20 consecutive years, the Fund has had positive net investor yields each year (ranging between 7.4% ‑ 10.6%) with positive returns each and every month. For more information, please visit: www.romspen.com.
About TIG Advisors, LLC
Founded in 1980 by the late Carl Tiedemann and headquartered in New York City, TIG Advisors is an alternative asset management company that manages USD $3 billion of capital across event-driven and structured credit strategies, primarily for institutional investors. TIG provides corporate management, sales and marketing, and middle and back-office services to investment teams with a goal of partnering with these teams to help identify synergies and growth opportunities. For more information, please visit: https://www.tigfunds.com.
This media release is for informational purposes only. It is not investment or financial product advice, and is not intended to be used as the basis for making an investment decision. This media release is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in any jurisdiction. An offering memorandum containing important information relating to the Fund has been prepared, and the Fund is available only to investors who are "accredited investors" or otherwise qualify under certain other exemptions from prospectus requirements under applicable securities laws. Copies of the offering memorandum may be obtained from Romspen.
This media release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Romspen and/or the Fund is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
SOURCE Romspen Investment Corporation
Mark L. Hilson, Managing General Partner, [email protected], 416-966-1100
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