AS Birch Grove

What AS Birch Grove does

TP Birch Grove (formerly AS Birch Grove) is a New York-based alternative credit asset manager that focuses on corporate credit opportunities across North America and Europe. Founded in 2021 and operating as a wholly-owned division of Third Point LLC since its December 2024 acquisition, the firm manages approximately $7.8 billion in credit assets deployed across four integrated product lines: a corporate credit hedge fund, private credit vehicles, par credit vehicles, and a CLO platform. The platform employs a flexible, opportunistic approach to credit investing across corporate capital structures, with senior management bringing 30+ years of investing experience.

The firm's revenue model is built on asset management fees earned on its roughly $7.8 billion AUM across the four vehicle types. Go-to-market is institutional direct sales targeting insurance companies and other institutional investors, with bespoke fee arrangements typical for alternative credit managers. The company has explicitly launched insurance-dedicated products (e.g., Third Point Insurance Solutions Fund I) and operates within Third Point's broader $21 billion asset management franchise, leveraging the parent's SEC-registered investment adviser status and institutional distribution network to source capital.

Operationally, TP Birch Grove is a relatively lean organization (11–50 employees per firmographic data) but benefits from scale advantages through its multi-billion-dollar AUM platform and parent-company integration. The credit platform is designed to deliver risk-adjusted returns across market cycles through complementary strategies—hedged credit, direct lending via private credit vehicles, par credit positioning, and structured CLO issuance—giving the firm multiple levers to deploy capital against corporate credit opportunities in U.S. and European markets.

Name

AS Birch Grove

Legal name

TP Birch Grove

Website

https://asbirchgrove.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

TP Birch Grove (formerly AS Birch Grove) is a New York-based alternative credit manager managing approximately $7.8 billion across hedge fund, private credit, par credit, and CLO vehicles, serving institutional and insurance investors in North America and Europe corporate credit markets.

Ownership category

akta.pro rank

Product category

Alternative Credit Asset Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910), Other Financial Vehicles (52599)

SIC

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

akta.pro primary industry

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

akta.pro secondary industries

Corporate Credit (IG/HY Long/Short) (FSAHAGAA), Structured Credit (ABS/MBS/CLO/CDO) (FSAHAGAC)

Keywords

• Alternative credit management
• Corporate credit investing
• Private credit vehicles
• Collateralized loan obligations
• Credit hedge funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: Generates revenue through management fees on approximately $7.8 billion of credit assets under management across hedge fund, private credit, par credit, and CLO vehicles.

Go-to-market motion1 record

Distribution channels1 record

Core offering

AS Birch Grove (now TP Birch Grove) is an alternative credit asset manager that manages approximately $7.8 billion of corporate credit assets through four integrated vehicles: a hedge fund, private credit vehicles, par credit vehicles, and a CLO platform. The firm pursues a flexible, opportunistic approach to credit investing across corporate capital structures in North America and Europe, targeting institutional investors and insurance companies with diversified credit exposure.

Product overview

TP Birch Grove (formerly AS Birch Grove) is a unified credit investment management platform offering four integrated product lines: a Hedge Fund, Private Credit Vehicles, Par Credit Vehicles, and a CLO Platform. The company manages approximately $7.8 billion of credit assets through these vehicles, applying a flexible, opportunistic approach to credit investing across corporate capital structures in North America and Europe. The four products work together to provide diversified exposure to corporate credit opportunities throughout various market cycles.

Differentiator

Problem solved

Functional benefit

Products and services

• Hedge Fund A hedge fund vehicle focused on corporate credit opportunities in North America and Europe, applying flexible, opportunistic credit investing approaches across corporate capital structures for institutional investors.
• Private Credit Vehicles Private credit investment vehicles that provide financing across corporate capital structures, targeting attractive risk-adjusted returns in various market cycles for institutional and insurance investors.
• Par Credit Vehicles Par credit investment vehicles focused on corporate credit opportunities, designed to generate returns in all stages of the market cycle, including insurance-dedicated structured credit products such as the Third Point Insurance Solutions Fund I.
• CLO Platform Collateralized Loan Obligation platform managing corporate loan obligations as part of the approximately $7.8 billion credit asset portfolio, complementing the firm's other credit vehicles.

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

Scale indicators3 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Marathon Asset Management: Mid-sized multi-strategy credit manager with hedge fund, par, and structured credit vehicles. Closely comparable scale and product set to TP Birch Grove's pre-Third Point positioning.
• Pretium Partners: Specialist private credit manager with insurance capital partnerships. Comparable in targeting insurance company LPs for structured credit exposure, though more concentrated in residential and consumer credit.
• Ares Management: Major alternative asset manager with large private credit and CLO franchises serving insurance companies and institutional investors. Highly comparable as a multi-strategy credit platform pursuing insurance dedicated capital, though at materially larger scale.
• HPS Investment Partners: Large multi-strategy credit platform (now part of BlackRock) offering private credit, par credit, and structured credit solutions to institutions and insurers. Comparable in vehicle mix and opportunistic approach.
• Oak Hill Advisors: Established multi-strategy credit manager (acquired by TPG) running par, distressed, structured, and private credit strategies. Directly comparable product set and LP base.
• Blue Owl Capital: Leading direct lending and private credit manager with strong insurance company distribution (including Owl Rock Core Income) and a CLO/structured credit business. Closest peer in product mix and insurance LP focus.
• Sixth Street Partners: Flexible, opportunistic credit and credit-adjacent investor with multiple vehicles spanning direct lending, par, and structured strategies. Highly comparable in flexible mandate across corporate capital structures.

Emerging players

• Crayhill Capital Management: Niche structured credit and asset-based finance manager. Comparable as a smaller, specialist structured credit peer — a potential co-investor or competitor in CLO/structured product sourcing.

Broad incumbents

• KKR Credit: Credit arm of KKR offering leveraged credit, direct lending, and structured products. Comparable as a broad incumbent within a larger alternatives platform.
• Apollo Global Management: Massive multi-strategy alternative manager with extensive credit, CLO, and insurance-linked strategies (Athene). Comparable as a broad incumbent in credit/insurance rather than a specialist peer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/as-birch-grove

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 AS Birch Grove