Balbec Capital LP

What Balbec Capital LP does

Balbec Capital LP is an SEC-registered alternative investment manager founded in 2010 by former Bear Stearns Max Recovery executives (Charles Rusbasan, Philip Daniels, Jeff Padden). The firm invests across asset-based credit strategies spanning real estate credit (residential and commercial whole loans, mortgage servicing rights, RMBS/CMBS) and consumer credit/specialty finance (bankruptcy claims, non-performing loans, restructured payment plans). Since founding, Balbec has deployed over $29 billion globally across 20+ countries through six successive InSolve Global Credit Funds (IGCF-I through IGCF-VI) totaling $5.6 billion in flagship commitments plus $2 billion+ in related vehicles and separately managed accounts, with the most recent fund (IGCF-VI) closing at $1.47 billion in January 2025.

The firm operates a vertically integrated credit platform centered on its proprietary technology suite "Balbec Edge," which captures dozens of data points to drive asset selection, exclusion, and portfolio management. Supporting infrastructure includes the PRPM RMBS shelf (through which Balbec's funds rank among the largest U.S. issuers of residential mortgage-backed securities), affiliated MSR sourcing via Bungalow Funding, master servicing and asset management via wholly-owned subsidiary PRP Advisors, French AMF-authorized Balbec Asset Management, and—following the June 2026 acquisition—UK bridging loan origination through Funding 365. Balbec's funds generate revenue through management fees on committed and invested capital, performance-based carried interest on investment returns, and securitization/transaction fees from RMBS issuance and structured credit activity.

Balbec serves a global base of qualified institutional investors and family offices through a dedicated Capital Formation Group with Managing Directors covering the United States, Europe, and the Middle East. Allocations are made exclusively via private offering memoranda to qualified investors. The firm is headquartered at 90 Park Avenue in New York, with additional offices in Atlanta, Scottsdale, and London, and a 101-250 person team led since April 2025 by CEO Peter Troisi.

Name

Balbec Capital LP

Legal name

Balbec Capital LP

Website

https://balbec.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Balbec Capital LP is a private SEC-registered alternative investment manager that invests across asset-based credit strategies — including residential and commercial mortgage credit, MSRs, RMBS, and consumer/NPL assets — for qualified institutional investors worldwide.

Ownership category

akta.pro rank

Product category

Alternative Credit Management

NAICS

Other Financial Vehicles (525990), Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Miscellaneous Financial Investment Activities (523999)

SIC

Asset-Backed Securities (6189), Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Senior Secured Direct Lending (FSANADAA)

akta.pro secondary industries

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Structured Credit Distressed (CLO/ABS/RMBS/CMBS) Funds (FSANAKAJ), Convertible & Hybrid Credit (Converts/Preferreds/CoCos) (FSAHAGAG)

Keywords

• Alternative credit investing
• Private credit funds
• Asset-based lending
• Residential mortgage credit
• Specialty finance assets

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Balbec Capital generates management fees from managing its six InSolve Global Credit Funds plus related vehicles, targeted funds, and separately managed accounts. The firm raised over $5.6 billion for flagship funds and $2 billion+ for related vehicles and separately managed accounts.
2. Performance Fees / Carried Interest: Investment returns generated for investors through deployed capital across asset-based credit strategies create potential performance-based compensation aligned with fund success.
3. RMBS Issuance (PRPM Shelf): Balbec's funds rank among the largest issuers of U.S. residential mortgage-backed securities (RMBS) through its PRPM shelf, generating securitization fees and ongoing asset management income.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Balbec Capital LP is an SEC-registered alternative investment manager that deploys investor capital through its six flagship InSolve Global Credit Funds and related vehicles into asset-based credit strategies, including residential and commercial mortgage loans at all stages of performance, mortgage servicing rights, RMBS issuance, and consumer/alternative credit assets. The firm invests directly using its proprietary transaction management platform to execute highly granular transactions across more than 20 countries and serves as one of the largest issuers of U.S. residential mortgage-backed securities through its PRPM shelf.

Product overview

Balbec Capital LP is an SEC-registered alternative investment manager offering a platform of asset-based credit and real estate investment strategies. The core offering centers on the InSolve Global Credit Funds (I through VI) - six flagship private credit funds that have collectively raised over $5.6 billion. The platform is enhanced by proprietary technology through Balbec Edge, which drives asset selection, portfolio management, and due diligence. The PRPM Shelf enables the firm to issue residential mortgage-backed securities as one of the largest U.S. RMBS issuers. Balbec also operates through affiliated platforms including Bungalow Funding (MSR sourcing) and acquired brands such as Funding 365 (UK bridging loans). Investment strategies span Real Estate Credit (residential/commercial whole loans, MSRs, RMBS/CMBS) and Consumer Credit/Specialty Finance (NPLs, bankruptcy claims, restructured payment plans).

Differentiator

Problem solved

Functional benefit

Brands

• Balbec Edge: Competitive advantage platform emphasizing niche focus, flexible mandate, active deal flow, proprietary sourcing, and internally developed technology suite.

Products and services

• InSolve Global Credit Fund VI (IGCF-VI) Balbec's sixth global private credit fund with $1.47 billion in capital commitments, investing predominantly in the United States and Europe across asset-based credit strategies including residential and commercial mortgages, MSRs, and consumer/alternative credit assets. Available to qualified institutional investors through private offering memorandums.
• InSolve Global Credit Fund V (IGCF-V) Balbec's fifth global private credit fund with $1.52 billion in capital commitments, invested in 6 countries predominantly the United States and the United Kingdom across asset-based credit strategies. Available to qualified institutional investors.
• InSolve Global Credit Fund IV (IGCF-IV) Balbec's fourth global private credit fund with $1.19 billion in capital commitments, invested in 13 countries predominantly the United States, Australia, and continental Europe across asset-based credit strategies. Available to qualified institutional investors.
• InSolve Global Credit Fund III (IGCF-III) Balbec's third global private credit fund with $727 million in capital commitments, invested in 17 countries predominantly the United States and continental Europe across asset-based credit strategies. Available to qualified institutional investors.
• InSolve Global Credit Fund II (IGCF-II) Balbec's second global private credit fund with $629 million in capital commitments, invested in 12 countries with focus on insolvency assets secured by hard asset collateral such as first-lien mortgages in the United States. Available to qualified institutional investors.
• InSolve Global Credit Fund I (IGCF-I) Balbec's first global private credit fund with $143 million in capital commitments, deployed in seven countries while building out the firm's global infrastructure and developing strategic local partner relationships. Available to qualified institutional investors.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Funding 365coreStrategic or Co-development Partner · 22 June 2026Balbec Capital acquired Funding 365, a UK-based specialist property lender focused on short-term first-charge bridging loans. The transaction encompasses Funding 365's origination platform, existing loan portfolio, and newly originated loans. The acquisition establishes Balbec with a dedicated UK bridging loan origination platform and is expected to enable Funding 365 to expand its product offerings while supporting Balbec's strategy to deploy capital through the platform for its global investment funds. The management team including Managing Director Michael Strange and Director Paul Weitzkorn will remain in place.
• Bungalow FundingcoreStrategic or Co-development PartnerBungalow Funding is Balbec's affiliated Mortgage Servicing Rights (MSR) platform. Balbec's investments in agency mortgage servicing rights are sourced via its affiliate Bungalow Funding. Brian Simon serves as Managing Director of Bungalow Funding, overseeing all MSR activities.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lone Star Funds: Global alternative investment manager specializing in private credit, distressed debt, and structured credit including RMBS — operates a similar opportunistic, asset-based credit thesis with U.S. and European reach comparable to Balbec's InSolve funds.
• Oaktree Capital Management: Established alternative credit manager with deep structured credit, distressed debt, and real estate debt strategies — overlaps with Balbec's asset-based credit focus and serves similar institutional LPs seeking risk-adjusted credit returns.
• Cerberus Capital Management: Private credit and real estate-focused alternative manager with mortgage investments, NPL acquisitions, and structured credit activities — comparable to Balbec in origination, servicing, and securitization across U.S. and European markets.
• Waterfall Asset Management: Structured credit and mortgage credit manager with significant RMBS issuance and residential whole loan activity — closely mirrors Balbec's PRPM shelf strategy and asset-based credit mandate.
• Pretium Partners: Residential credit and real estate-focused manager with MSR and whole loan strategies — comparable niche focus on asset-based residential credit with vertical integration of servicing and analytics.
• Fortress Investment Group: Alternative credit and structured finance manager with mortgage and asset-based credit strategies — historical competitor for NPL portfolios and structured credit opportunities comparable to Balbec's IGCF vintages.

Broad incumbents

• Apollo Global Management: Mega-manager with a large private credit franchise spanning structured credit, mortgages, and asset-based lending — overlaps with Balbec's strategies but as part of a much broader alternatives platform rather than a focused credit specialist.
• Ares Management: Large alternative asset manager with significant private credit and real estate debt activities — overlaps with Balbec's mandates but offers a wider range of strategies and serves as a scaled incumbent competitor for institutional capital.

Emerging players

• Ellington Financial: Mortgage credit-focused manager with RMBS, MSR, and residential whole loan strategies — narrower scope than Balbec but competes in the same asset categories on a smaller scale.
• PRA Group: Specialist in non-performing consumer debt and bankruptcy claims — overlaps with Balbec's Consumer Credit/Specialty Finance strategy but operates with a different business model as a publicly traded debt purchaser.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments

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

Frequently asked questions about Balbec Capital LP