Thomas Majewski – Empty Rooms: Masterclass on CLOs at Eagle Point Credit Management (Capital Allocators, EP. 284)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.7 • 841 Ratings
🗓️ 1 December 2022
⏱️ 80 minutes
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Summary
Thomas Majewski is the Managing Partner and Founder of Eagle Point Credit Management, a $14 billion specialist credit manager that's believed to be one of the largest investors in CLO equity in the world. Tom has spent his entire career in the structured finance and credit markets, including the early days when he likely was the first person to refinance a CLO.
Our conversation offers a master class on CLOs across Tom's career history, the mechanics of CLOs, and nuances of the business. We discuss his early years in the business, characteristics and performance history of the asset, and the launch of Eagle Point in the aftermath of the financial crisis. We discuss Eagle Point's strategy, investment process, team, desired traits of successful CLO collateral managers, opportunities in CLO debt, and Tom's vision for the business going forward.
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Transcript
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| 0:00.0 | Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets. |
| 0:10.5 | Ten East brings benefits of having your own family office without the cost and headaches of doing so. |
| 0:16.8 | It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner. |
| 0:24.2 | Michael and his investment team offer members the opportunity to co-invest by offering at their |
| 0:29.1 | discretion. Michael and his team source, diligence, and commit material personal capital to each |
| 0:35.3 | investment. The opportunities shared on the Ten East platform |
| 0:38.9 | offer exposure to private credit, real estate, niche venture and private equity, and other |
| 0:44.5 | idiosyncratic investments that typically aren't available through traditional channels. |
| 0:49.2 | The principles have over a decade track record of investing in these types of exposures |
| 0:53.5 | across more than 350 |
| 0:55.7 | transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting, |
| 1:01.8 | just as you'd expect from an institutional investment organization. I've known Michael for about a |
| 1:07.0 | decade, and after becoming impressed by the quality of 10 East offerings, its research |
| 1:11.6 | process, and high-quality investment team, I became an advisor to the organization, an investor |
| 1:17.1 | in multiple offerings. You can learn more and join me as a member at 10east.com. That's the number 10, |
| 1:25.0 | east.co. |
| 1:38.1 | Hello, I'm Ted Sides, and this is Capital Allocators. |
| 1:43.9 | This show is an open exploration of the people and process behind capital allocation. Through conversations with |
| 1:45.9 | leaders in the money game, we learn how these holders of the keys to the kingdom allocate |
| 1:51.4 | their time and their capital. You can join our mailing list and access premium content |
| 1:56.8 | at capital allocators.com. All opinions expressed by TED and podcast guests are solely their own opinions and do not |
| 2:05.0 | reflect the opinion of capital allocators or their firms. |
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