Business Details
21 Years
experience
Trusted Investment Advisers in Asset-Backed Finance
Founded in 2005 by industry veterans Jack Ross and Tom Capasse, Waterfall Asset Management brings decades of structured credit expertise to asset-backed finance markets. Our team of over 160 professionals leverages deep sector knowledge and global relationships to identify investment opportunities across 60+ sectors in public and private markets. With a focus on structured credit securities, whole loans, and commercial mortgage REITs, we deliver tailored solutions that align with client risk profiles and liquidity needs through evergreen and drawdown fund structures.Our institutional client base, comprising 90% of our business, benefits from our proprietary WAMCAM technology platform and four decades of experience navigating complex financial landscapes. Headquartered in New York with offices in London and Dublin, we maintain a disciplined approach to risk management while pursuing resilient, risk-adjusted returns with lower correlation to broader markets.
Services
Asset-Backed Credit Strategies
Loan Portfolio Management
REIT Advisory Services
Private Equity Strategies
Commercial Real Estate Equity
Details
- Year established: 2005
Highlights and features
- We offer 40+ years of structured credit expertise from founding partners
- Our proprietary WAMCAM technology enables nimble global loan sector navigation
- We manage $13.1 billion in assets with proven risk-adjusted return strategies
- Our platform spans 60+ specialized sectors across public and private markets
- We maintain integrated CRE ecosystems with proprietary deal flow channels
Associations and certifications
- United Nations Principles for Responsible Investment
Services
Asset-Backed Credit Strategies
Our asset-backed credit strategies focus on identifying relative value opportunities across residential and commercial real estate, consumer loans, and esoteric sectors. We employ deep credit analysis and proprietary sourcing networks to generate alpha through new issue securitizations, secondary trades, and bespoke private transactions. Our approach combines four decades of market experience with advanced analytics to capitalize on pricing inefficiencies.
Loan Portfolio Management
We manage performing and non-performing loan portfolios with emphasis on real estate secured assets. Our technology-enabled WAMCAM platform facilitates global oversight across 20+ loan sectors while direct lending programs access primary markets. We target opportunities where regulatory complexity creates liquidity premiums, leveraging our team's extensive experience in distressed asset recovery and portfolio restructuring.
REIT Advisory Services
Our REIT platform Ready Capital (NYSE: RC) specializes in commercial mortgage investments through transitional lending and SBA 7(a) programs. As the fourth-largest commercial mortgage REIT, we provide integrated deal flow through 300+ U.S. lending professionals. Our strategy combines proprietary origination networks with joint acquisition capabilities for distressed CRE portfolios.
Private Equity Strategies
We offer private equity solutions focused on lower middle-market financial services and CUSIP dislocation opportunities. Our strategies target undervalued assets through direct investments and joint ventures, utilizing specialized expertise in portfolio structuring and value creation. The platform has demonstrated success launching funds like the $252M Private Asset-Backed Credit Fund in 2025.
Commercial Real Estate Equity
Our commercial real estate equity strategies include the Atlas Fund, targeting transitional property investments. We combine asset management expertise with capital markets experience to identify undervalued properties and implement value-add strategies. The platform benefits from integrated relationships with servicers, brokers, and lenders across our global network.
People
Tom Capasse
Co-Managing Partner
Co-founder with 40+ years structured credit experience, previously led Merrill Lynch's ABS Group and managed credit trading at Greenwich Capital and Nomura Securities. Holds BA from Bowdoin College.
Jack Ross
Co-Managing Partner
Established Merrill Lynch's ABS Group in the 1980s, completed first ABS issues, and founded Licent Capital. Holds BS from University of Buffalo and MBA from Wharton School.
Brian Rebello
Co-Chief Investment Officer
Portfolio manager with 24 years industry experience, previously at Aberdeen Asset Management and Deutsche Asset Management. Holds MBA from Miami University and CFA designation.
Keerthi Raghavan
Co-Chief Investment Officer
16-year CMBS expert, former Director at Barclays Capital. Holds MBA from Indian Institute of Management and BS from Indian Institute of Technology.
Leo Wong
Head of Whole Loans
18-year loan strategy specialist, joined in 2007 from Fidelity Management. Holds BS in computer science and electrical engineering from MIT.
Questions
What investment strategies does Waterfall offer?
We offer asset-backed credit strategies, loan portfolio management, REIT advisory services, private equity funds, and commercial real estate equity strategies.
How does Waterfall approach risk management?
We integrate risk considerations throughout decision-making using proprietary analytics, structural protections, and our WAMCAM technology platform for comprehensive loan sector oversight.
What experience does the leadership team have?
Founders have 40+ years structured credit experience, with team members holding leadership roles at major financial institutions and collectively representing hundreds of years in asset finance.
How does Waterfall incorporate ESG principles?
As UNPRI signatories, we incorporate sustainable practices into investments, evaluating governance factors and value-creation opportunities during due diligence processes.
What geographic markets do you cover?
We operate globally across U.S., Europe, and Asia markets through specialized sourcing channels and direct lending programs in 60+ asset-backed sectors.
