Long/Short Credit Hedge Fund Coherence to Join Corvid Peak

Long/short credit hedge fund Coherence Capital Management’s investment team will join Corvid Peak Capital Management, a high yield, distressed and special situations-focused manager, from Lazard Asset Management, as part of Corvid Peak’s plan to expand its $1 billion alternatives business.

Launched in 2012, New York-based Coherence Capital manages approximately $150 million in assets. Its strategy combines fundamental and quantitative research processes spanning investment grade, crossover and high-yield markets in North America and Europe, investing long and short in bond positions.

In 2020, Lazard Asset Management hired Coherence’s team, including Sal Naro, Vincent Mistretta, Michael Cannon and Sanjay Aiyar, and onboarded its strategy to Lazard’s Alternative Investment Platform.

Under the agreement, New York-based Corvid Peak, which is backed by insurance and investment management holding company TipTree, will allocate a direct investment into Coherence’s long/short credit fund.

Naro will join Corvid Peak and continue to manage the fund along with the rest of the Coherence team, with all current Coherence staff becoming Corvid Peak employees.

“Having the opportunity to be a part of an investment organization that invests across the credit spectrum is very valuable to us,” Naro said. “The investment opportunity in long/short credit is increasingly attractive right now and we expect it to remain so in the future.”