Corbin Capital Partners / $4.63 billion

Location:

New York, New York

Founded:

1984

2015 Fund of Funds 50 Rank:

No. 43

2015 Capital:

$4.62 billion

2014 Fund of Funds 50 Rank:

No. 46

2014 Capital:

$4.05 billion

Years on List:

Website:

http://www.corbincapital.com

Address:

590 Madison Avenue, 31st floor
New York, NY 10022

Phone:

212-634-7373

Fax:

212-634-7399

Profile & News

Firm Overview

Corbin Capital Management, founded by Glenn Dubin and Henry Swieca in 1984, has undergone a face lift. Originally named Dubin & Swieca Capital Management, the New York-based fund-of-funds firm changed its name in 2005 as part of a marketing plan aimed at altering the image and starting fresh. Many at the time thought the business was an investment vehicle catering to the two managers. The name Corbin Capital derives from Margaret Corbin Way, a circle at the end of the street where childhood friends Dubin and Swieca grew up in Manhattan. Margaret Corbin operated the Fort Tryon cannons during the Revolutionary War. The funds are also traditionally named after sights in the neighborhood where Dubin and Swieca grew up, such as the global long-short equity and event-driven Fort Tryon Equities Fund.

In 2007 Corbin Capital started a small managers’ fund of funds. The illiquid strategy offers low volatility to investors, particularly portable alpha programs, and includes hedge funds managing $50 million to $300 million. That year the firm also announced plans to roll out a fund investing with Asian and European hedge funds in developed and emerging markets. Corbin Capital was expanding quickly in 2007 and created a new position, that of director of product management, for Joseph Gill, who headed up Highland Financial Holdings’ marketing and investor relations division beforehand.

Glenn Dubin and Henry Swieca are best known for founding New York global multistrategy hedge fund firm Highbridge Capital Management in 1992, which they sold to J.P. Morgan Asset Management. The duo are not involved in daily business operations at Corbin Capital but each owns 50 percent of the firm’s general partner through trusts. Swieca has since founded Talpion Fund Management, where he manages his personal fortune. Former partner and co-chief investment officer of Corbin Capital, David Ben-Ur, was named a Hedge Fund Rising Star by Institutional Investor in 2012. He has since joined Caxton Alternative Management as CIO. Corbin was nominated for Small Fund of Hedge Funds Firm of the Year Award by Institutional Investor in 2010.

Strategy

The firm manages and advises commingled private fund of funds, separate accounts, funds of one and a closed-end registered investment company. The customized funds, run through single investor funds and separate accounts, are designed to meet the investment objectives and terms required by individual investors. These funds tend to have a higher minimum investment threshold than commingled funds. Strategies include long-short equity, credit strategies, private equity investments, real estate, event-driven, emerging markets, global macro trading and others.

The firm uses hedge fund databases, prime brokers, industry networks, peers and other hedge fund managers to source underlying hedge funds to invest in.

It also developed a proprietary risk management platform, MARS, which stores thousands of alternative funds and was one of the first computer databases devoted to alternatives.

FUNDS AND FEES OVERVIEW

The firm charges a management fee of up to 2 percent of net assets and a performance fee of up to 20 percent of capital gains per annum.

A minimum initial investment in a fund managed by Corbin Capital Partners is $5 million. There is no minimum required for customized funds; it’s determined on a case-by-case basis.

Clients

The firm manages fund for banks, retirement and pension plans, hedge funds, insurance companies, trusts and estates, charitable organizations, sovereign wealth funds, corporations, high-net-worth individuals and others.

Past and current clients include the Nobel Foundation and the New York State Nurses Association Pension Plan.

Regulatory Assets Under Management (RAUM)*
Discretionary	$5.07 billion (in 15 accounts)
Nondiscretionary	$0 (in 0 accounts)
Total	$5.07 billion (in 15 accounts)

Employees	36
Clients	11–25 total	38 percent non-U.S.
Fiscal Year Ends	December
All data as of December 31, 2014. *Regulatory Assets Under Management (RAUM) includes no deduction of offsetting liabilities, thus representing gross AUM, not net AUM. RAUM calculations include leverage, proprietary assets and uncalled capital commitments, among other items not required in the calculation of AUM.

OWNERS AND EXECUTIVES

Name	Position	Position Held Since
Anthony Anselmo	COO	03/2004
Tracy McHale Stuart	CEO	04/2004
Daniel Friedman	General counsel	01/2008
Steven Carlino	CFO	03/2009
Craig Bergstrom	CIO	02/2012
Thomas Spadaccini	CCO	03/2012