Obra Capital
Obra Capital is a vertically integrated alternative asset manager managing ~$7.4B across insurance special situations, structured credit, CLOs, asset-based finance, and longevity, serving institutional investors, family offices, auto dealerships, and insurance policyholders through proprietary platforms and ETFs.
- Company typePrivate
- Founded2009
- HeadquartersAustin, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Obra Capital does
Obra Capital, Inc. (formerly Vida Capital, founded 2009) is a vertically integrated alternative asset management firm headquartered in New York, providing investment products and solutions across four core verticals: insurance special situations, structured credit, asset-based finance, and longevity. As of May 31, 2026, the firm manages approximately $7.4 billion in assets across commingled funds, separate accounts, CLO vehicles, ETFs, and proprietary operating subsidiaries including Obra CLO Management LLC, Obra Fund Management LLC, Obra Real Estate, Arra Finance (subprime auto lending), and Unified Life Insurance Company. The firm generates revenue through management fees on AUM, performance fees and incentive allocations on closed-end funds and certain managed accounts, CLO management and structuring fees, ETF expense ratios, and net interest income from Arra Finance's auto lending platform.
The firm targets institutional investors (insurance carriers, pension funds, sovereign wealth funds, large asset managers), high-net-worth individuals and family offices, and consumer-facing channels (auto dealerships, insurance policyholders). Distribution occurs through direct institutional sales, the iCapital wealth platform partnership, NYSE/NYSEARCA-listed ETFs, and proprietary operating company channels. Ownership is private, with RedBird Capital Partners as majority owner and Aquarian Holdings holding a minority stake following an October 2023 strategic partnership that replaced Reverence Capital Partners. Since 2023 the firm has pursued an aggressive platform expansion strategy through acquisitions (KDP, Unified Life, Arra Finance, Crescent Auto Finance), product launches (CLO platform, three ETFs, Obra Real Estate), and senior talent additions from Apollo, AllianceBernstein, Goldman Sachs, Blackstone Credit, and PIMCO.
Obra Capital firmographics
Firmographics- Name
- Obra Capital
- Legal name
- Obra Capital, Inc.
- Website
- https://www.obra.com/
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Obra Capital is a vertically integrated alternative asset manager managing ~$7.4B across insurance special situations, structured credit, CLOs, asset-based finance, and longevity, serving institutional investors, family offices, auto dealerships, and insurance policyholders through proprietary platforms and ETFs.
- Ownership category
- akta.pro rank
Obra Capital industry classification
Industry- Product category
- Alternative Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Asset-Backed Securities (6189), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Private Credit — Structured Credit (CLOs, ABS, Private Securitizations) (FSAHAJAH)
- akta.pro secondary industries
- Asset-Backed Securities (ABS) (FSACACAA), Investment Management Advisory (RIA) (FSAEAAAB), Balance-Sheet / Portfolio CRE Lending (FSALADAG)
Keywords
Where Obra Capital is headquartered
LocationHeadquarters
- HQ city
- Austin
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Obra Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Others
Revenue model
- Management Fees: Obra charges management fees on assets under management across its commingled funds, separate accounts, CLO platforms, and ETF products. Fee structures vary by fund and strategy.
- Performance Fees / Incentive Allocations: The firm earns performance-based fees and incentive allocations on returns generated for investors in closed-end funds and certain managed accounts, aligning manager and investor interests.
- Insurance and Longevity Investment Products: Revenue generated through investment in life settlements, longevity-contingent assets, and reinsurance-related strategies, with returns driven by mortality risk and insurance market dynamics.
- ETF Management Fees: Obra Fund Management, a subsidiary, earns management fees on listed ETFs including OOSP and OGSP, with expense limitation agreements in place.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Obra Opportunistic Structured Products ETF (OOSP) — 0.90% expense cap |
| Other | Multi-year contract | Separate account and fund management fees — negotiated individually |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Obra Capital product offering
Product offeringCore offering
Obra Capital is a vertically integrated alternative asset management firm that delivers asymmetric, differentiated, and uncorrelated risk-adjusted returns to institutional investors. The firm originates, structures, and manages investment products across four verticals — insurance special situations, structured credit (including CLOs), asset-based finance, and longevity — via closed-end funds, separate accounts, and ETFs, while also operating affiliated lending platforms in commercial real estate (Obra Real Estate) and subprime auto finance (Arra Finance).
Product overview
Obra Capital is a vertically integrated alternative asset management firm offering a diversified suite of investment products across insurance special situations, structured credit, asset-based finance, and longevity strategies. The firm operates multiple specialized platforms including a CLO management business, commercial real estate lending platform (Obra Real Estate), and subprime auto finance company (Arra Finance). Publicly offered investment vehicles include three OOSP/OGSP/ODHY ETFs traded on NYSE/NYSEARCA, while institutional products include closed-end funds, separate accounts, and insurance products. The product ecosystem is interconnected through shared credit underwriting, structuring, and servicing capabilities, with the firm's $7.4 billion AUM platform (as of May 2026) serving insurance carriers, pensions, sovereign wealth funds, and institutional investors globally.
Differentiator
Problem solved
Functional benefit
Brands
- Arra Finance: Subprime auto finance company offering lending solutions for used car buyers at franchise and independent dealerships
- Obra Opportunistic Structured Products ETF (OOSP)
- Obra High Grade Structured Products ETF (OGSP)
- Obra Defensive High Yield ETF (ODHY)
Products and services
- Obra Capital Investment Strategies (Insurance Special Situations, Structured Credit, Asset-Based Finance, Longevity)
Quantifiable outcome
- Grew AUM from $3.9B (Dec 2022) to $7.4B (May 2026), representing near-doubling of assets under management in approximately 3.5 years
- +3 more outcomes
Companies that use Obra Capital
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Obra Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Obra Capital partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor and core.
- Milbank LLPminorMilbank LLP provided legal representation for Obra in connection with its CLO offerings, including Obra CLO 3.
- Solera Auto Finance (Arra Finance)coreObra Capital partnered with the Solera Auto Finance management team in a management buyout from Solera Corp., rebranding as Arra Finance. This gives Obra a subprime auto finance platform with relationships with over 6,000 dealerships across 44 states.
- iCapitalcoreObra Capital partnered with iCapital to provide access to its alternative investment products through the iCapital platform, which serves wealth management clients and financial advisors seeking alternative investment access.
- Pangea Mortgage Capital (PMC)coreObra Capital hired the experienced real estate origination and servicing team from Pangea Mortgage Capital and launched Obra Real Estate. The PMC team brings $780 million+ in CRE loan origination experience across 100+ transactions.
- Unified Life Insurance CompanycoreObra Capital acquired Unified Life Insurance Company, a life and health insurance carrier with approximately 100,000 active policy holders and 49 licenses. The acquisition expands Obra's longevity strategy and provides immediate access to life insurance markets and reinsurance M&A opportunities.
- KDP, LLCcoreObra Capital completed the acquisition of KDP's assets, including high-yield bonds and leveraged loans research expertise, following KDP's bankruptcy protection filing. The 16-person KDP team was integrated into Obra, enhancing capabilities in structured credit and asset-backed securities including CLOs.
- R&Q Insurance Holdings Ltd.minorObra Capital (as Vida Capital) invested in a joint venture with R&Q Insurance Holdings to acquire legacy liabilities of MSA Safety, structured as a separately managed account for insurance companies.
- Rewire Holdings LLCminorVida Capital (now Obra Capital) established Merion Square Capital LLC as a joint venture with Rewire Holdings to launch an open-ended fund investing in insurance-linked securities with emphasis on Property and Casualty insurance, annuities, and mortality-related products. Initial capital of $150 million.
Scale indicators17 records
Recent moves11 records
Expansion highlights6 records
Obra Capital competitors and assessment
Company assessmentDirect peers
- Sixth Street: Sixth Street is a global alternative investment firm with sizable credit, structured products, insurance-linked, and asset-based finance strategies. Its flexible capital across the capital stack and insurance partnerships make it directly comparable to Obra's strategy mix.
- HPS Investment Partners: HPS is a global credit-focused alternative manager with substantial CLO, structured credit, asset-based finance, and special situations franchises. HPS's vertical coverage of CLOs, asset-based finance, and insurance-linked strategies closely mirrors Obra's integrated platform.
- Ares Management: Ares Management is a leading alternative asset manager with deep credit, CLO, insurance-linked, and structured product capabilities. Like Obra, Ares runs a vertically integrated credit platform spanning CLOs, asset-based finance, and insurance balance sheet strategies, serving similar institutional and insurance company clients.
- Waterfall Asset Management: Waterfall Asset Management is a specialized credit-focused alternative manager with strong structured credit, asset-based finance, and securitized product capabilities. Obra's CHRO Melissa Randall previously served as Global CHRO at Waterfall, and multiple Obra team members share a Waterfall pedigree, indicating deep operational overlap.
- Oaktree Capital Management: Oaktree is a leading alternative investment manager specializing in credit and special situations strategies. Its structured credit, high-yield credit, and special situations franchises align closely with Obra's structured credit and insurance special situations verticals.
- Siguler Guff: Siguler Guff is a multi-strategy alternative investment firm with credit, distressed, and special situations capabilities. James Gereghty (Obra's Head of Special Situations) and other senior Obra team members previously led distressed and trade finance strategies at Siguler Guff, and the firm is a direct comparable in opportunistic credit.
Broad incumbents
- Apollo Global Management: Apollo is one of the largest alternative asset managers globally with major credit, CLO, structured credit, and insurance (Athene) franchises. Several Obra senior leaders (e.g., Matt Roesler, James Gereghty) came from Apollo or peers like Siguler Guff, and Apollo's hybrid value/credit model is a template for Obra's strategy mix.
- Blackstone (Blackstone Credit): Blackstone Credit is one of the largest credit-oriented alternative platforms globally with CLO, structured credit, and asset-based finance operations. As a broad incumbent, Blackstone offers overlapping capabilities but at vastly greater scale than Obra's specialized platform.
- KKR (KKR Credit): KKR operates a major global credit franchise spanning leveraged finance, CLOs, structured credit, and asset-based finance. KKR is a broad incumbent in alternative credit and overlaps with Obra's institutional and structured credit strategies.
Emerging players
- Ares Capital / CIFC (CLO subsidiary): CIFC, the CLO management subsidiary within Ares, is a large direct CLO competitor. While part of a much larger parent, CIFC's focused CLO issuance, structuring, and management model is highly comparable to Obra's CLO Management LLC platform.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Obra Capital social profiles
Digital presenceObra Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Obra Capital leadership team
Management profileNumber of profiles
Profiles14 records
Obra Capital subsidiaries and ownership
Company hierarchySubsidiaries7 records
Obra Capital funding detail
Funding detailFunding overview
Funding rounds4 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Obra Capital M&A and investment
M&A and investmentM&A3 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Obra Capital
What does Obra Capital do?
Obra Capital is a vertically integrated alternative asset management firm that delivers asymmetric, differentiated, and uncorrelated risk-adjusted returns to institutional investors. The firm originates, structures, and manages investment products across four verticals — insurance special situations, structured credit (including CLOs), asset-based finance, and longevity — via closed-end funds, separate accounts, and ETFs, while also operating affiliated lending platforms in commercial real estate (Obra Real Estate) and subprime auto finance (Arra Finance).
Is Obra Capital a public or private company?
Obra Capital is a private company. It is classified as private equity controlled and is currently operating.
When was Obra Capital founded?
Obra Capital was founded in 2009. It employs 51 to 100 people.
Where is Obra Capital based?
Obra Capital is headquartered in Austin, United States, in the North America region.
How does Obra Capital make money?
Four revenue lines are on record. Management Fees are the primary driver. The others are performance Fees / Incentive Allocations, insurance and Longevity Investment Products and ETF Management Fees.
Who are Obra Capital's main competitors?
Direct peers on record are Sixth Street, HPS Investment Partners, Ares Management, Waterfall Asset Management, Oaktree Capital Management and Siguler Guff. Broad incumbents are Apollo Global Management, Blackstone (Blackstone Credit) and KKR (KKR Credit). Ares Capital / CIFC (CLO subsidiary) is listed as an emerging player.
Does Obra Capital have an API?
No public API is recorded for Obra Capital.
What industry is Obra Capital in?
Obra Capital's product category is Alternative Asset Management. Its primary akta.pro industry code is FSAHAJAH, Private Credit — Structured Credit (CLOs, ABS, Private Securitizations), with a secondary code of FSACACAA, Asset-Backed Securities (ABS). Its NAICS code is 523940 and its SIC code is 6282.