Hildene

What Hildene does

Hildene Capital Management is a private credit-focused alternative asset manager founded in 2008 and headquartered in Stamford, Connecticut (with a second office in Durham, North Carolina). The firm manages $18B+ in assets across three core strategies: Structured Credit (CLOs, MBS, Trust Preferred CDOs, and ABS), Asset-Based Credit (residential and multifamily private credit, including a programmatic non-QM securitization program), and Insurance Solutions (customized asset management for insurance general accounts, insurance company investments, and reinsurance). Hildene also operates Hildene Re, a Cayman-licensed reinsurance subsidiary (AM Best B++ Good rated) that provides reinsurance for fixed indexed annuities and other wealth accumulation products to global life insurance carriers.

The firm's investment process is supported by a proprietary technology platform (CLOver) for CLO analysis and a proprietary options-based valuation approach that considers asset value, structure, and embedded options. Exclusive sourcing channels - notably the multi-year strategic relationship with CrossCountry Mortgage for non-QM loan origination - and specialized credit expertise underpin the firm's positioning in structured and asset-based credit. Hildene has issued six TruPS 2.0 CDO transactions and a series of CROSS non-QM securitizations.

Hildene generates revenue through management fees and performance/incentive fees on private funds, separately managed accounts, drawdown funds, and co-investment vehicles; reinsurance premiums through Hildene Re; and investment management oversight fees on insurance general account assets. The firm sells exclusively to institutional investors and insurance companies through a direct enterprise sales motion, including a dedicated Head of Capital Markets (ex-Jefferies Global Head of CLO Origination) and Head of Business Development. In December 2025, Hildene announced two transformational transactions: a definitive agreement to acquire SILAC Insurance Company's parent for $550M, and Jefferies Financial Group's acquisition of a 50% interest in Hildene Holding Company for $340M, both expected to close in 2026.

Name

Hildene

Legal name

Hildene Capital Management, LLC

Website

https://hildenecap.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Hildene Capital Management is a private credit-focused alternative asset manager founded in 2008, managing $18B+ across structured credit, asset-based credit, and insurance solutions for institutional investors and insurance companies. The firm also operates a Cayman-based reinsurance subsidiary (Hildene Re).

Ownership category

akta.pro rank

Product category

Alternative Credit Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Finance and Insurance (52)

SIC

Asset-Backed Securities (6189), Life Insurance (6311)

akta.pro primary industry

Structured Credit (CDO/CLO Tranches, Credit Opportunities) (FSAAAHAH)

akta.pro secondary industries

Leveraged Loans & CLOs (FSAAAHAF), Leveraged Finance & Loan Credit (Loans/Lev Loans/Loan CLOs) (FSAHAGAI), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG), Life Financing & Capital-Motivated Reinsurance (Reserve/Capital Relief) (FSAOAAAG)

Keywords

• Structured credit investing
• Asset-based credit
• Insurance solutions
• CLO securitization
• Reinsurance services

Headquarters

HQ city

Stamford

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Private Fund Management Fees: Hildene generates revenue through management fees and performance/incentive fees charged on private funds under management. The firm manages private funds across structured credit, asset-based credit, and insurance solutions. Hildene employees collectively invest in funds alongside clients, and a portion of incentive fees remain at risk to align interests.
2. Separately Managed Accounts: Hildene offers separately managed accounts for insurance clients and institutional investors, providing tailored investment solutions with customized fee structures based on assets under management and strategy.
3. Reinsurance Premium Revenue (Hildene Re): Hildene Re, the firm's wholly-owned Cayman-licensed reinsurance subsidiary, earns reinsurance premiums by providing reinsurance for wealth accumulation products (fixed indexed annuities) for global life insurance carriers. Hildene Re entered a $2.5 billion quota share agreement with SILAC Insurance Company.
4. Investment Management Oversight Fees: Hildene provides investment management oversight to insurance company general account assets, earning fees for these services. As part of the SILAC alliance, Hildene provides oversight to $2 billion of SILAC's general account assets.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Hildene Capital Management is a credit-focused alternative asset manager managing $18B+ in assets across private funds, separately managed accounts, and reinsurance vehicles. The firm invests in structured credit (CLOs, MBS, TruPS CDOs, ABS), asset-based credit (residential and multifamily private credit, including non-QM securitizations), and customized insurance solutions. Its wholly-owned Cayman reinsurance subsidiary, Hildene Re, provides reinsurance for wealth accumulation products to global life insurance carriers.

Product overview

Hildene Capital Management is a multi-strategy credit-focused alternative asset manager offering three core investment strategies: Structured Credit (targeting CLOs, MBS, TruPS CDOs, and ABS), Asset-Based Credit (housing-related private credit including non-QM securitizations), and Insurance Solutions (customized asset management for insurance clients). The firm operates proprietary platforms including CLOver analytics and manages multiple securitization programs (CROSS for non-QM loans, TruPS securitizations). Hildene Re, the firm's Cayman-based reinsurance subsidiary, provides reinsurance for annuity products. The platform spans private funds, separately managed accounts, and evergreen funds, with investments in closed-end funds, drawdown funds, and co-investment structures.

Differentiator

Problem solved

Functional benefit

Products and services

• Structured Credit Strategy
• Asset-Based Credit Strategy
• Insurance Solutions
• Hildene Re
• Hildene Opportunities Fund
• CROSS Securitization Program
• Hildene TruPS Securitization Program
• Separately Managed Accounts

Quantifiable outcome

• Over $18 billion in assets under management across private funds, managed accounts, and structured product portfolios.
• +5 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature2 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Carolina Hurricanes (NHL)minorOthers · 12 March 2026Brett Jefferson, Founder and President of Hildene Capital Management, joined the Carolina Hurricanes ownership group as a minority investor alongside co-owners Marc Grandisson and Bobby Farnham. Tom Dundon retains majority ownership. The transaction values the NHL team at approximately $2.66 billion.
• SILAC Insurance CompanycoreStrategic or Co-development Partner · 9 January 2023Hildene formed a long-term strategic alliance with SILAC Insurance Company in January 2023. Hildene provides investment management oversight to $2 billion of SILAC's general account assets. Hildene clients acquired a strategic minority ownership interest in SILAC. Hildene's reinsurance subsidiary Hildene Re (Ludlow Re) entered a $2.5 billion quota share agreement to reinsure SILAC's annuity products. Hildene subsequently announced the acquisition of SILAC's parent company for approximately $550 million in December 2025.
• CrossCountry Mortgage, LLCcoreStrategic or Co-development Partner · 1 January 2022Hildene entered a multi-year strategic relationship with CrossCountry Mortgage, one of the largest retail residential mortgage originators in the U.S., providing Hildene with exclusive access to a scalable volume of non-qualified mortgage loans. This relationship enables Hildene's residential asset-based credit strategy and programmatic non-QM securitization issuances including CROSS 2024-H7 ($493M), CROSS 2025-H3 ($413.4M), CROSS 2025-H5 ($416.4M), CROSS 2025-H6 ($496.3M), and others.

Scale indicators3 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Marathon Asset Management: Large alternative credit manager with deep structured finance expertise and similar focus on TruPS CDOs and special situations credit. Founder/President/Co-CIO Brett Jefferson was previously Senior Portfolio Manager of the Marathon Structured Finance Fund, making it the closest comparable for institutional credit mandates.
• Octagon Credit Investors: One of the largest U.S. CLO managers with a similar institutional investor base and focus on structured credit. Chief Compliance Officer Lisa Harris was previously VP Compliance at Octagon, providing direct evidence of operational and strategic overlap with Hildene.
• CIFC Asset Management: Major CLO and structured credit manager with comparable institutional product suite. Lisa Harris was previously Deputy Chief Compliance Officer at CIFC, indicating meaningful operational similarity in CLO origination, structuring, and ongoing management.
• Pine River Capital Management: Multi-strategy alternatives firm with structured products and fixed income relative value strategies. Co-CIO Dushyant Mehra was previously Portfolio Manager in Pine River's Structured Products group, evidencing strong functional overlap in CLO and structured credit investing.
• Axonic Capital: Structured credit and mortgage-focused alternatives manager with similar emphasis on residential and non-agency mortgage credit. Portfolio Manager Justin Gregory came from Axonic, indicating deep overlap in mortgage credit analysis and securitization capabilities.
• One William Street Capital Management: Structured credit-focused alternatives manager with institutional client base comparable to Hildene's. Head of Business Development Peter Mobberley was previously Managing Director at One William Street, evidencing direct overlap in client segments and product strategy.
• SPM (Structured Portfolio Management): Structured credit specialist with focus on mortgage-backed and asset-backed securities. Directly comparable business model serving institutional investors with structured and asset-based credit strategies analogous to Hildene's Structured Credit and Asset-Based Credit verticals.
• Metacapital Management: Multi-strategy alternatives manager with structured credit and relative value capabilities. CFO David Sherman was previously Head of Operations at Metacapital and Head of Research Jatin Dewanwala was a structured credit PM there, indicating substantial functional overlap in investment operations.

Broad incumbents

• Angelo Gordon (TPG Angelo Gordon): Large multi-strategy alternatives firm (now part of TPG) with structured credit capabilities as part of a broader credit, real estate, and multi-strategy platform. A scaled incumbent that competes for institutional structured credit mandates and has meaningfully greater AUM and distribution.
• Fortress Investment Group: Established multi-strategy alternatives manager with credit, structured finance, and special situations capabilities. COO Jennifer Nam was previously VP and Counsel for Fortress's Credit Funds business, evidencing direct overlap in institutional credit fund structuring and operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hildene