TORONTO - Romspen Investment Corporation ("Romspen"or the"firm"), a premier non-bank alternative credit manager focused on North American real estate, announced today that it has sold a minority interest in the firm to TIG Advisors, LLC ("TIG"), a leading USD $3 billion alternative asset management company founded in 1980, which provides capital, comprehensive infrastructure support and management to investment teams. Romspen is the manager of the Romspen Mortgage Investment Fund (the"Fund"), a $2.5 billion fund which provides first mortgage bridge lending capital to commercial real estate projects.
As a strategic partner, TIG will work collaboratively with Romspen to help the firm achieve its business objectives over the near and longer term – offering infrastructure, sales, marketing and business development support within the U.S. and internationally. This combination will enable Romspen to continue to focus on its core competency of executing on attractive investment opportunities across real estate asset classes to generate strong returns for investors.
Mark Hilson, Managing General Partner of Romspen added, "We are pleased to partner with TIG, whose expertise in alternative asset management and strong understanding of our lending strategy will be crucial in helping us reach our operational and investment goals. TIG's 40-year track record of successfully partnering with asset managers, along with their operating capabilities and institutional distribution network, will be invaluable as we execute on our business model of originating flexible loans to align the needs of borrowers and investors."
"Romspen is a leader in mortgage investing with a long-standing history, a disciplined approach to underwriting, and a diversified lending platform that complements TIG's existing strategies," said Spiros Maliagros, President of TIG. "We invested in Romspen because of their experienced executive team, acute focus on risk mitigation and strong track record of performance that is uncorrelated to public markets. We look forward to helping the firm achieve its full potential, as we believe there are significant growth opportunities for alternative lenders." Romspen will continue to be led by its current management team, headed by Mark Hilson and Wesley Roitman.
About Romspen Mortgage Investment Fund: Romspen Mortgage Investment Fund has a long-term track record of successful mortgage investing. With its origins in the mid-60's, the Fund is one of the largest non-bank commercial/industrial mortgage lenders in Canada with a $2.5 billion portfolio. Major investors include high net worth individuals, foundations, endowments and pension plans.
The Fund's investment mandate is focused on capital preservation, strong absolute returns and performance consistency. Over the past 20 consecutive years, the Fund has had positive net investor yields each year (ranging between 7.4% ‑ 10.6%) with positive returns each and every month.
For more information on our lending platform please contact Denise Spinelli at 919-590-0964 / denisespinelli@romspen.com