NEW YORK, Jan. 27, 2022 /PRNewswire/ -- Foundation Credit ("Foundation"), an established alternative asset manager dedicated to the multi-trillion-dollar municipal credit and infrastructure debt markets in the United States, and Prosperity Asset Management ("PAM"), an alternative asset manager specializing in credit and niche assets, today announced a multi-faceted strategic partnership.
The transaction includes the acquisition of a majority economic interest by PAM in Foundation and a contribution of growth capital to the business. Further, as part of the overall strategic relationship, certain PAM affiliates or advised entities will provide Foundation anchor capital to launch Foundation's newest strategy, Foundation Infrastructure Opportunities ("FIO"). This ESG-focused direct lending infrastructure platform offers scalable, uncorrelated, absolute returns from private and public credit investments backed by local infrastructure projects in the United States.
The collaboration brings significant resources and flexibility for the continued evolution of Foundation's vision, which is to build a bridge between global institutional investors and the compelling but fragmented opportunity set across the United States in infrastructure debt and municipal credit. Anchored by its flagship municipal credit strategy, Foundation Credit Opportunities ("FCO"), and propelled by the new FIO strategy, Foundation anticipates that the PAM partnership will further catalyze the expansion of its suite of offerings across both commingled and customized products and grow its footprint among global institutional investors.
Hector Negroni, Chief Executive Officer of Foundation Credit, will continue to lead the firm and will retain control over the firm's day-to-day operations and investments.
"We are thrilled to partner with Prosperity Asset Management," said Negroni. "Their reputation and acumen within the insurance and investing worlds, their long-term perspective and their appreciation of Foundation's differentiated strategies and results will be pivotal in helping us execute our vision."
The partnership will also leverage PAM's significant insurance and investment expertise to further expand Foundation's offerings in a manner that may be attractive for insurance company balance sheets.
"We look forward to partnering with the team at Foundation to grow FIO, their direct lending infrastructure platform, as well as exploring other opportunities in the municipal and infrastructure sectors," said Deva Mishra, Chief Executive Officer of PAM.
About Foundation Credit
Foundation Credit is a credit-focused alternative asset management firm dedicated to sourcing, organizing, and delivering attractive investment opportunities arising from the recurring inefficiencies found across the highly fragmented and undercapitalized U.S. municipal credit and infrastructure debt markets. Foundation Credit was founded in 2012 and manages capital for institutional investors including leading pensions, endowments, foundations, insurance companies and family offices. For more information, please visit: http://foundationcredit.com
About Prosperity Asset Management
Prosperity Asset Management ("PAM") is an alternative asset manager specializing in credit and niche assets that currently provides investment management services to insurance companies. PAM focuses on acquiring cash flow generating assets that offer superior risk-adjusted returns, both directly and through ownership interests in, or strategic relationships with, complementary asset management platforms that originate differentiated, difficult-to-source assets. PAM is an affiliate of Prosperity Group Holdings ("Prosperity"), an insurance, reinsurance and asset management franchise focused on the U.S. retirement and life markets.
For inquiries, please contact: [email protected]
SOURCE Foundation Credit
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