Marblegate Asset Management

What Marblegate Asset Management does

Marblegate Asset Management is a private alternative investment firm founded in 2008 by Andrew Milgram and headquartered at 5 Greenwich Office Park, Suite 400, Greenwich, Connecticut. The firm specializes in credit opportunities and special situations investing, with a primary focus on distressed debt, middle market lending, and corporate restructuring. It operates as a registered investment adviser under the U.S. Investment Advisers Act of 1940, serving qualified institutional investors — pension funds, endowments, and family offices — through confidential private placement processes and direct institutional sales. Revenue is generated through management fees and performance/incentive fees on funds under management, the standard economics of an alternative asset manager.

In September 2021, Marblegate entered a strategic partnership with Investcorp's Strategic Capital Group (ISCG), a passive non-voting minority partner that provided long-term capital to scale the firm's middle-market debt and special-situations platform; Investcorp held approximately US$37.6 billion in total AUM as of June 30, 2021. Beyond fund management, Marblegate operates a specialty finance subsidiary, Marblegate Capital Corporation (MCC), which holds a loan portfolio collateralized by more than 1,700 NYC taxi medallions and owns over 2,000 medallions, positioning MCC as the largest lender, owner, and one of the largest fleet operators in the NYC taxi market. In April 2025, MCC completed a SPAC business combination with Marblegate Acquisition Corp. and DePalma Companies, listing on OTCQX under symbols MGTE and MGTEW as the first publicly traded vertically integrated full-service NYC taxi medallion lender and fleet operator.

The firm operates with 11-50 employees led by Managing Partners Andrew Milgram (CIO) and Paul Arrouet, supported by Chief Operating Officer Adam Halpern (hired February 2022 from Baupost Group) and Partner/General Counsel/CCO Denise Wildes (promoted February 2022). Marblegate's go-to-market emphasizes thought leadership rather than broad distribution: joint research with RapidRatings (e.g., "Inside the Middle Market Crisis"), executive presence at the Milken Institute Global Conference, and coverage in Bloomberg, Financial Times, Private Debt Investor, and Institutional Investor. There is no proprietary technology platform, no consumer-facing product, and no disclosed AI/ML capability — the competitive positioning is grounded in senior distressed-credit talent, a 17-year operating track record, and a defensible niche position in NYC taxi medallion finance.

Name

Marblegate Asset Management

Legal name

Marblegate Asset Management LLC

Website

https://marblegate.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Marblegate Asset Management is a private alternative investment firm founded in 2008 that manages credit opportunities and special situations funds for institutional investors, with a specialty focus on middle-market distressed debt and NYC taxi medallion financing through subsidiary Marblegate Capital Corporation (OTCQX:MGTE).

Ownership category

akta.pro rank

Product category

Alternative Credit & Distressed Debt Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Mortgage Bankers & Loan Correspondents (6162), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Real Estate Debt & Mortgage Strategies (FSAAAKAC), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Distressed debt investing
• Special situations investing
• Alternative asset management
• Private credit funds
• Middle market lending

Headquarters

HQ city

Greenwich

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Alternative Investment Management: Marblegate generates revenue through managing investment funds focused on credit opportunities and special situations. The firm is a registered investment adviser under the U.S. Investment Advisers Act of 1940, offering investment products and services to qualified investors. Revenue is derived from management fees and performance/incentive fees on funds under management, typical of alternative asset managers operating in distressed debt and special situations investing.

Distribution channels1 record

Marketing channels5 records

Core offering

Marblegate Asset Management is an alternative investment firm that invests in credit opportunities and special situations, focusing on distressed debt and middle market companies. Founded in 2008, the firm works closely with investors and business partners to create value and drive positive business transformations, applying hands-on restructuring and operational excellence capabilities to deliver risk-adjusted returns.

Product overview

Marblegate Asset Management is a unified alternative investment platform offering two distinct products: (1) the core Marblegate Asset Management platform providing distressed debt and special situations investment management services, focusing on credit opportunities in middle market companies; and (2) Marblegate Capital Corporation (MCC), a separately listed subsidiary (OTCQX:MGTE) that operates as a vertically integrated NYC taxi medallion lender and fleet operator. MCC leverages Marblegate's industry expertise and portfolio operations capabilities to create an end-to-end taxi business offering.

Differentiator

Problem solved

Functional benefit

Products and services

• Marblegate Alternative Investment Platform Alternative investment fund products that invest in credit opportunities and special situations, focusing on distressed debt, middle market lending, and corporate restructuring. Offered to qualified institutional investors (pension funds, endowments, family offices) through confidential private placement memorandums. Revenue is generated through management fees and performance/incentive fees on funds under management.
• Marblegate Capital Corporation (MCC) Vertically integrated full-service fleet operator and specialty finance lender in the NYC taxi market. Provides medallion loans to taxi drivers and fleet operators, owns medallions, and operates one of the largest NYC medallion fleets. Loan portfolio is collateralized by more than 1,700 medallions with over 2,000 medallions owned. Services include lending, medallion ownership, and fleet operations to stabilize and professionalize the NYC taxi industry.

Quantifiable outcome

• Largest NYC taxi medallion lender and owner with over 1,700 medallions in loan portfolio and over 2,000 medallions owned
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• DePalma CompaniescoreStrategic or Co-development Partner · 10 April 2025Marblegate Capital Corporation completed a business combination with Marblegate Acquisition Corp. and DePalma Companies (DePalma Acquisition I LLC and DePalma Acquisition II LLC) to establish a publicly listed vertically integrated NYC Taxi Medallion lender and fleet operator. The combination creates Marblegate Capital Corporation (OTCQX:MGTE), the first and largest publicly traded vertically integrated full-service fleet operator and specialty finance lender in the NYC taxi market.
• RapidRatingscoreStrategic or Co-development PartnerMarblegate partners with RapidRatings, a leader in supply chain risk analytics, to analyze the performance of U.S. middle market companies relative to their larger public peers. This partnership produces joint white papers and research reports including 'Inside the Middle Market Crisis' updates that leverage RapidRatings' financial data on middle market companies to identify investment opportunities and market risks.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Angelo Gordon (TPG Angelo Gordon): Credit and special situations alternative manager (now part of TPG) with deep expertise in distressed debt and middle market lending. Highly comparable to Marblegate's core focus areas.
• Capitala Group: Lower middle market direct lending and specialty finance firm. Relevant peer given the overlap in middle market credit focus and the medallion finance industry context.
• Centerbridge Partners: Alternative asset manager specializing in distressed debt, special situations, and middle market credit investing. Closely aligned with Marblegate's investment approach and target market.
• Marathon Asset Management: Credit-focused alternative investment firm with a special situations and middle market franchise. Comparable investment style, fund structure, and target market to Marblegate.
• Sixth Street Partners: Alternative investment firm focused on middle market credit, special situations, and structured capital. Directly comparable to Marblegate in business model and target deal sizes.
• Silver Point Capital: Specialty credit and special situations firm with concentrated middle market and distressed focus. Direct competitor for institutional capital and middle market deals.

Others

• Investcorp: Strategic capital partner to Marblegate via its Strategic Capital Group since 2021. A global alternative investment platform with ~$37.6B AUM, comparable in alternative investing focus though much larger and more diversified.

Broad incumbents

• Ares Management: Major credit-focused alternative asset manager with significant direct lending, special situations, and distressed capabilities. Competes with Marblegate in middle market credit and structured solutions.
• Highbridge Capital Management: Multi-strategy alternative credit manager owned by J.P. Morgan, with significant distressed and special situations capabilities overlapping with Marblegate's strategy.
• Oaktree Capital Management: One of the largest distressed debt and special situations alternative asset managers globally. Closely comparable to Marblegate's middle market credit focus, though with vastly greater scale and product breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/marblegate-asset-management-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Marblegate Asset Management