LibreMax Capital

A New York based asset management firm specializing in structured products and corporate credit

Our Firm

Founded in 2010, LibreMax Capital, LLC (together with its affiliates, “LibreMax” or the “Firm”) is a New York based asset management firm specializing in structured products and corporate credit. With approximately $7.0 billion in assets under management, the firm invests in Consumer, Commercial and Residential assets, as well as CLOs, Corporate Credit, Regulatory Capital Relief and Special Situations. LibreMax currently offers three commingled strategies, closed-end tactical opportunity funds, CLO management and customized solutions.

By the numbers

Founded in

2010

LibreMax was founded in October 2010 by Greg Lippmann and Fred Brettschneider

$7.0B

AUM
LibreMax and its affiliates currently manage approximately $7.0 billion in assets under management

50

Employees
LibreMax is headquartered in New York and employs a staff of 50 people, 33 of whom are investment and analytics professionals

19

Average Years of Experience
The investment team has an average of 19 years of experience in the industry

Strategies

Hedged Structured Products

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This strategy invests across a broad range of structured products including Consumer, Commercial, and Residential assets, as well as CLOs and Corporate Credit. The strategy is actively traded and targets stable risk-adjusted returns with low correlation to traditional fixed income and equity markets.

Long-Biased Structured Products

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This strategy invests opportunistically across a broad range of structured products including Consumer, Commercial, and Residential assets, as well as CLOs and Special Situations. Focus is on higher yielding securities with longer duration, where the assets may be more prone to short-term mark-to-market volatility. Long-biased, with low portfolio turnover and minimal credit hedging.

Long-Only Structured Products

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This strategy invests across Consumer, Commercial, and Residential assets, as well as CLOs. This liquid alternative credit strategy is predominantly investment grade and maintains significant exposure to floating rate securities. The strategy invests in ERISA-eligible securities and does not utilize financial leverage or hedging.

Tactical Investment Opportunities

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PE-style structures with longer dated capital. Focus is on identifying and originating solution-oriented opportunities from banks, insurance companies and holders of assets. Examples include Regulatory Capital Relief trades, asset-based lending, CLO Equity Opportunities, CLO equity sponsorship, CVA Risk and CLO Warehouse risk.

CLO Management

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Trimaran Advisors, LLC and its affiliates (“Trimaran”) is a U.S. credit-based alternative asset management platform.

Customized Solutions

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LibreMax has a proficiency in creating custom portfolio solutions to meet specialized investor requirements across a broad range of mandates. These include ERISA-eligible structures as well as sector focused funds of varying duration and liquidity terms.

Team

LibreMax has 50 employees, 33 of whom are dedicated investment professionals, quantitative analysis and risk management personnel. The average tenure of the investment team is 19 years, spanning a variety of market cycles. The leadership team includes 10 partners, most of whom have been with the Firm since its inception.

Leadership Team

Greg Lippmann

Greg Lippmann

Chief Investment Officer

Mr. Lippmann is a Co-Founder and the Chief Investment Officer (“CIO”) of LibreMax Capital. He chairs LibreMax Capital's investment committee and is a member of its risk committee and valuation committee. Prior to co-founding LibreMax Capital in October 2010, 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 BA in Economics and a minor in English. Mr. Lippmann serves on the board of the New Victory Theater and the South Fork Natural History Museum. He is also on the Advisory Council of the American Museum of Natural History.

Fred Brettschneider

Fred Brettschneider

President

Mr. Brettschneider is a Co-Founder and the President of LibreMax Capital. He chairs LibreMax Capital’s risk and valuation committees and is a key member of its investment committee. Prior to co-founding LibreMax Capital in October 2010, Mr. Brettschneider was Head of Global Markets – Americas at Deutsche Bank, where he was responsible for managing the debt and equity businesses in the Americas and supervising a staff of over 2,000 people.  He was also a member of Deutsche Bank's Global Markets Executive Committee, which served as the governing body for Deutsche Bank's Global Markets risk management. From 2003 to 2008, Mr. Brettschneider was Head of Institutional Client Coverage for all products in the Americas.  He joined Deutsche Bank in 2000, as the Head of ABS Trading and Syndicate. Prior to joining Deutsche Bank, Mr. Brettschneider was Global Head of ABS Trading and the Co-Head of MBS Trading at Credit Suisse where he worked from 1993 to 2000.  He began his career at The Bank of Nova Scotia in Toronto in 1989.  Mr. Brettschneider holds a BA from the University of Toronto (1986), an MBA from the Schulich School of Business (1989) and a Masters in Economics from the London School of Economics (1993).  He is also a Chartered Financial Analyst (CFA) Charter holder.  Mr. Brettschneider is a current board member of the Masters School in Dobbs Ferry, NY where he chairs the Investment Committee. He is also a board member of the International Advisory Council of the Schulich School of Business. Mr. Brettschneider is also a former member of both the Treasury Borrowing Advisory Committee (TBAC) and the Board of SIFMA.

Luke Doramus

Luke Doramus

Portfolio Manager

Mr. Doramus is a Portfolio Manager for LibreMax Capital, as well as a member of the investment, risk and valuation committees. Upon joining LibreMax Capital in 2010, he has been responsible for all origination, structuring, underwriting, and risk management of CLOs, consumer and esoteric assets. In addition to his responsibilities in commingled fund strategies, he has managed separate accounts investing in CLO equity, as well as raising and managing a closed-end tactical fund in student loans. Prior to joining LibreMax Capital in October 2010, Mr. Doramus was responsible for trading for non-residential assets, reporting to Mr. Lippmann at Deutsche Bank. Assets in his scope included those backed by consumer receivables and esoteric assets. Mr. Doramus graduated with a B.S. in Economics and a Certificate in Finance from Princeton University in 2006.

Craig Sedaka, CFA

Craig Sedaka, CFA

Portfolio Manager

Mr. Sedaka is a Portfolio Manager for LibreMax Capital, as well as a member of the investment, risk and valuation committees. Upon joining LibreMax in 2010, Mr. Sedaka focused on sourcing, risk management, and trading for the Firm’s residential mortgage investments. He was previously 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. Prior to joining LibreMax Capital 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 mortgage securitizations during his tenure at the bank. 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 Charted Financial Analyst (CFA) Charter holder.

David Moffitt

David Moffitt

Head of Tactical Investment Opportunities and CLO Management

Mr. Moffitt is the Head of Tactical Investment Opportunities, President of Trimaran Advisors and CAVU Investment Partners LLC, a member of the LibreMax Investment Committee and Chairman of the Trimaran Investment Committee. He is responsible for PE-style fund management in Regulatory Capital and CLO Opportunities. Prior to joining LibreMax, Mr. Moffitt was a Partner at J.C. Flowers & Co. where he was responsible for the firm’s investments in fixed income assets as well as the head of J.C. Flowers Asset Management. Prior to Flowers, Mr. Moffitt was a founding member of Mead Park Asset Management LLC where he was a Portfolio Manager for regulatory capital investing and Co-President of the firm’s CLO management platform. Prior to Mead Park, Mr. Moffitt was a Managing Director at Morgan Stanley and global head of the firm’s securitization, asset finance business and structured solutions banking business. Mr. Moffitt has held similar positions at MatlinPatterson Global Advisors (Senior Advisor), Merrill Lynch & Co. (Head Structured Products Distribution – Americas), RBS Greenwich Capital and Credit Suisse. Prior to banking, Mr. Moffitt practiced law with Brown Rudnick in Boston and is a member of the Massachusetts, New York and United States Supreme Court bars. He served a term as a Special Assistant Attorney General for the Commonwealth of Massachusetts and is a graduate of Syracuse University College of Law (magna cum laude, order of the Coif) and Binghamton University.

Dominick Mazzitelli

Dominick Mazzitelli

CIO and Head Portfolio Manager of Trimaran

Mr. Mazzitelli is the CIO and Head Portfolio Manager of Trimaran and is responsible for the management and direction of Trimaran’s 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, containers and 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.

Eugene Xu

Eugene Xu

Head of Investing Technology

Mr. Xu is the Head of Investing Technology of LibreMax Capital and is a member of the Firm’s investment, risk and valuation committees. Prior to joining LibreMax Capital in October 2010, Mr. Xu was a Managing Director in ABS Trading at Deutsche Bank. Mr. Xu started his career at Deutsche Bank in March 2000, first as the Head of Deutsche Bank's Residential Real Estate Asset Backed Securities (ABS) Research and as the Head of ABS Trading Strategy and Quantitative Modeling in Mr. Lippmann’s group. Prior to joining Deutsche Bank, Mr. Xu was a Vice President in Credit Suisse’s Asset Securitization Department, where he was responsible for quantitative analysis, subordinate ABS strategies and other research projects. From 1996 to 1997, he was a Vice President in Mortgage Backed Securities Research at Chase Securities, and Mortgage Backed Securities Research at Smith Barney from 1993 to 1996. Mr. Xu was also a Research Member for the Institute for Advanced Study, in Princeton, New Jersey. Mr. Xu holds a BSc and an MSc in Mathematics from Fudan University in Shanghai, China and holds a PhD from University of California, Los Angeles.

Glenn Perillo, CFA

Glenn Perillo, CFA

Chief Risk Officer

Mr. Perillo is the Chief Risk Officer at LibreMax Capital and is a member of the Firm’s investment, risk and valuation committees. Prior to joining LibreMax Capital 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 year time period 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 ten years prior to joining Citadel. Previous to Blackrock, Mr. Perillo was Investment Vice President & Portfolio Manager at New York Life Insurance Company. A CFA Charter holder, Mr. Perillo holds an MBA in Finance and a master’s degree in Statistics and Operations Research from New York University (1996). He received a bachelor’s degree in Computer Engineering from the University of South Florida (1985).

John Curran

John Curran

Head of Investor Relations and Marketing

Mr. Curran is the Head of Investor Relations and Marketing at LibreMax Capital. Prior to joining LibreMax Capital in October 2010, he was responsible for Business Development and Investor Relations at Restoration Capital Management LLC, an event-driven/distressed debt fund, from 2008 to 2010. Previously, Mr. Curran was a Managing Director for five years at Perkins Fund Marketing LLC, a full service Placement Agent. From 2001 to 2003, he was a member of the Institutional Equity Sales team at Bear Stearns. Mr. Curran also worked as a Strategy Consultant with Razorfish, an Internet consultancy, and for Bankers Trust in both New York and Dublin in the Fund Administration department. Mr. Curran graduated with an MBA from University College Dublin in 1998 and holds a Bachelor of Business Studies degree from Waterford Institute of Technology, Ireland. He is a member of the governing and advisory boards of Barrettstown USA, a SeriousFun camp in Ireland that provides therapeutic recreation programs for children with serious and often life-threatening illnesses and their families.

Frank Bruttomesso

Frank Bruttomesso

COO / General Counsel

Mr. Bruttomesso is the Chief Operating Officer, Chief Compliance Officer, and Chief Legal Officer General Counsel of LibreMax Capital and is a member of the Firm’s investment, risk and valuation committees. Prior to joining LibreMax Capital 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. In addition, he was the senior counsel for AllianceBernstein’s structured product launches from 2001 to 2007. Prior to heading the Alternative Investments and Derivatives Contracts groups, he was a member of the International group within the Legal and Compliance Department focusing on Luxembourg domiciled fund products from 1999 to 2001. 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.

Gloria Radeff

Gloria Radeff

Chief Administrative Officer

Ms. Radeff is the CAO of LibreMax Capital and is a member of the Firm’s risk and valuation committees. Prior to joining LibreMax Capital 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. She was the Director of Investor Relations and Marketing at Pharo Management from 2006 to 2007. 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 to 1996 and holds a B.A. from Duke University (1994).

Ross Lesnick

Ross Lesnick

Chief Financial Officer

Mr. Lesnick is the Chief Financial Officer of LibreMax Capital and is a member of the Firm’s risk and valuation committees. Prior to joining LibreMax Capital 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 2008-2012. 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 2006-2008. From 2003-2005, 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.

News

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”).

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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.

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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.

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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.

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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