Overview
Advisory Business
A. Tilden Park Capital Management LP (“TPCM”), a Delaware limited liability company, is a registered
investment adviser located in New York, New York, founded on February 19th, 2009. Tilden Park
Management I LLC, a wholly-owned subsidiary and relying adviser of TPCM, serves as investment manager
to pooled investment vehicles (the “Funds”). The Funds are exempt from registration under the
Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section
3(c)(7) of the Investment Company Act. Interests in the Funds are privately offered only to qualified
investors, and in the United States these interests are offered under the private placement exemption
provided by Section 4(a)(2) of the Securities Act of 1933 and Regulation D promulgated thereunder. Tilden
Park also serves as an investment adviser to separately managed accounts (“Managed Accounts” and
collectively with the Funds, the “Clients”).
Tilden Park Management II LLC is also a wholly-owned subsidiary and relying adviser of TPCM. An affiliate
of Tilden Park serves as the general partner (the “General Partner”) of the applicable Funds. Tilden Park
or its affiliates may be entitled to receive performance-based compensation from the Clients as discussed
below. Josh Birnbaum is the principal owner of the Firm.
B.
Tilden Park offers discretionary investment advisory services to its Clients. The Firm seeks to
generate attractive risk-adjusted returns through a multi-disciplinary investment approach using a broad
array of securities (and related financial instruments) and strategies in accordance with the investment
mandate of each Client.
C. Tilden Park utilizes a similar investing approach for all its Clients; however, some Clients may differ
in their particular mandate. Tilden Park may also tailor the advisory services it provides to the Clients to
the extent that certain investments cannot be held by certain Clients for legal and tax purposes. Managed
Account Clients may impose guidelines or restrictions relating to the investments made in their Managed
Account.
D. Tilden Park does not participate in wrap fee programs.
E. As of December 31, 2023, Tilden Park managed approximately $1,498,041,900 in net assets, all
of which are managed on a discretionary basis.1
1 Please note that Tilden Park’s method for computing the net assets provided in this Item 4.E is different from the
method for computing “regulatory assets under management” required for Item 5.F in ADV Part 1A. Tilden Park’s
“regulatory assets under management” as of December 31, 2023 can be found in its response to Item 5.F of Form
ADV Part 1A, which is available at www.adviserinfo.sec.gov.