Prosperity Asset Management Buys Majority Interest in Foundation Credit
Posted on 01/27/2022
Prosperity Asset Management (PAM) is an alternative asset manager specializing in credit and niche assets that currently provides investment management services to insurance companies. PAM is an affiliate of Prosperity Group Holdings, an insurance, reinsurance and asset management franchise focused on the U.S. retirement and life markets.
Founded in 2012, New York-based Foundation Credit is an established alternative asset manager dedicated to the multi-trillion-dollar municipal credit and infrastructure debt markets in the United States.
Prosperity Asset Management acquired a majority economic interest in Foundation Credit and made a contribution of growth capital to the business. Further, as part of the overall strategic relationship, certain PAM affiliates or advised entities will provide Foundation anchor capital to launch Foundation’s newest strategy, Foundation Infrastructure Opportunities. This ESG-focused direct lending infrastructure platform offers scalable, uncorrelated, absolute returns from private and public credit investments backed by local infrastructure projects in the United States. Hector Negroni, Chief Executive Officer of Foundation Credit, will continue to lead the firm and will retain control over the firm’s day-to-day operations and investments. Before creating Foundation Credit, Negroni was Managing Director, Municipals at Goldman Sachs.