Callodine Group to Acquire Majority Stake in Corrum Capital
Callodine Group, a Boston-based asset management firm, has agreed to acquire a majority stake in Corrum Capital Management LLC, a private credit platform managing approximately $1.4 billion in assets. The transaction broadens Callodine’s reach across asset-backed and specialty credit strategies.
Founded in 2013, Corrum Capital focuses on asset-backed and cashflow-oriented investments in the sports, music and entertainment sectors, as well as aviation finance, with offices in Charlotte, North Carolina, and London.
“We thoughtfully looked for a long-term partner with a shared culture, aligned strategic outlook, and investor-centric approach to support the firm’s next phase of growth,” said Jason Cipriani, Founder and CEO of Corrum Capital. “This partnership will help us diversify our capital sources and expand our investment strategies.”
James Morrow, Founder and CEO of Callodine, said the transaction aligns with East Asset Management, the firm’s strategic capital partner supporting the acquisition. “Corrum’s capabilities within the aviation finance market are also complementary to our asset-based credit platform and provide yet another attractive strategy and collateral type to offer our institutional and individual investors,” Morrow added.
Under the agreement, Corrum’s management team, investment committee, and investment process will remain intact, with Callodine providing strategic guidance, operational support, and capital resources. Jason Cipriani, Jonathan Mandle, and other members of Corrum’s executive leadership will retain a significant equity stake, and all current employees are expected to stay with the firm post-closing.
Since its 2018 founding by Morrow, a former Fidelity Investments portfolio manager, Callodine has steadily built a multi-strategy alternatives platform. The firm acquired Gordon Brothers Finance Company in 2020 (now Callodine Commercial Finance), took a majority stake in Thorofare Capital in 2021 to establish its real estate arm, and acquired Manning & Napier in 2022, taking the wealth and asset manager private.
Today, Callodine manages over $20 billion in assets across its affiliated advisors and strategies, spanning private credit, real estate, and wealth management.
Paul, Weiss LLP served as legal counsel to Callodine. Berkshire Global Advisors LP acted as exclusive financial advisor to Corrum Capital, while Gibson Dunn & Crutcher LLP and Winston & Strawn LLP served as legal counsel.