Crescent Rock Capital

We are delighted to announce our recent investment in Crescent Rock Master Fund, a diversified long/short equity fund led by experienced portfolio managers Michael Marone and Boris Vuchic. We have been following Michael and Boris closely for several years while they worked at Pennant Capital, and their impressive track record convinced us to become one of the early LPs in their new venture.

Crescent Rock Master Fund: A Promising Long/Short Equity Opportunity

Crescent Rock Master Fund aims to generate annualized mid-teens net returns over a business cycle while minimizing the risk of permanent capital impairment. The fund follows a deep fundamental research approach and employs a standardized reward vs. risk x probability framework. Its portfolio consists of 20-25 core longs, 15-20 opportunistic longs, and 35-40 shorts, primarily alpha shorts, with a target exposure of 20-40% net and 125-175% gross.

Risk Management and Performance

Crescent Rock's proprietary risk model guides sizing and exposure decisions within targeted risk thresholds. The managing partners have a majority of their liquid net worth invested in Crescent Rock Capital US Fund, ensuring the alignment of interests. The investment team at Crescent Rock has over 65 years of combined buy-side experience and a long history of working together. Michael Marone and Boris Vuchic, the founding partners, bring extensive portfolio management experience from their tenure at Pennant Capital.

Investing in Crescent Rock: A Partnership Built on Trust and Performance

Our investment in Crescent Rock Master Fund is based on our confidence in the team's ability to deliver strong returns and our longstanding relationship with Michael Marone and Boris Vuchic. We have been following their careers for several years and are excited to support their new venture, which is built on a solid track record and a commitment to minimizing risk. We look forward to the fund's continued success and the impact it will have on the investment landscape.

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