Mid-Market Distressed Investing at Marblegate

On today’s manager meeting, I interview Andrew Milgram, a Managing Partner and Chief Investment Officer of Marblegate Asset Management. Marblegate is a $2.3 billion alternative investment manager founded in 2008 that focuses on middle-market distressed credit opportunities and special situations. The firm takes a direct sourcing approach, and works closely with portfolio companies to create value and drive positive business transformations for sustainable results.

Our conversation covers Andrew’s very early beginnings in investing, his experience on the sell-side, transition to the buyside, and launching of Marblegate. We discuss the nuances of investing in the middle-market, valuation, sourcing, due diligence, liquidity, and portfolio construction. We then dive into two headline examples of Marblegate successes, Education Management Corporation and New York Taxi medallions. We close with Andrew’s views on the state of distressed investing today and his involvement with the Boy Scouts of America.