Our portfolio

We focus our time, energy and capital on alternative assets.

Because we believe that investing in alternatives can deliver stable returns to investors across credit, equity, interest rate, and inflation cycles. We target a 10-15% net Return on Equity for our shareholders and have delivered average annual net investment returns of 11.5% since Tetragon’s initial public offering in 2007.(10)

Abhishek Agrawal, Senior Portfolio Manager, Polygon

Invested in three ways

Ownership stakes in asset managers

44% Ownership stakes in asset managers (TFG Asset Management)

Investment in managed funds

40% Investments in funds on the TFG Asset Management platform

8% Investments in external funds

Direct investments

8% Direct investments

As of 30 November 2022.

Focused on alternatives

Private equity stakes in asset management companies
44%
TFG Asset Management manages, oversees and supervises Tetragon’s private equity investments in asset management companies.
Event-driven equities, convertible bonds, other hedge funds
20%
Tetragon invests in event-driven equities and convertible bonds primarily through hedge funds managed by Polygon and Acasta Partners.
Bank loans
11%
Tetragon invests in both externally-managed Collateralised Loan Obligations and in CLOs managed by TFG Asset Management’s LCM and Tetragon Credit Partners businesses. Tetragon generally buys and holds a majority of the residual or “equity” tranches of CLOs, which provide exposure to senior secured loans on a levered basis.
Real estate
6%
Tetragon’s real estate investments are primarily through principal investment vehicles managed by BentallGreenOak, in which TFG Asset Management has a key strategic interest. These investments are geographically focused and include investments in the United States, Canada, Europe and Asia. The majority of Tetragon’s real estate investments are made through BentallGreenOak funds, which generally take an opportunistic private-equity style investment approach.
Private equity and venture capital
12%
Tetragon’s private equity and venture capital investments comprise several types of investments: Tetragon’s investments in Hawke’s Point funds and co-investments; investments in Banyan Square Partners funds and co-investments; private equity investments with third-party managers; and direct private equity investments, including venture capital investments.
Legal assets
1%
Tetragon has exposure to legal assets through its investment in Contingency Capital. Contingency Capital is a multi-product global asset management business that sponsors and manages credit-oriented investment funds focused on legal assets.
Other equities and credit
6%
Occasionally, Tetragon will make investments directly on its balance sheet that reflect single strategy ideas: either co-investing with some of its underlying managers or simply idiosyncratic investments that it believes are attractive but may be unsuitable for an investment via TFG Asset Management vehicles. These investments tend to be opportunistic and with a catalyst. We believe that the sourcing of these investments has been facilitated by the managers on the TFG Asset Management platform as well as third-party managers with whom Tetragon invests. We also believe this ability to invest flexibly is a benefit of Tetragon’s structure.
There are currently two types of investments in this category: liquid equity investments and liquid credit investments. The other equities and credit category is diversified across sectors, geographies and managers. There are several positions within category, with a focus on biotechnology and growth equity.

As of 30 November 2022

Diversified asset class exposure(11)

Private equity in asset management companies

22.5% Equitix

8.1% BentallGreenOak

10.0% LCM

2.9% Other asset managers

Event-driven equities, convertible bonds, other hedge funds

10.4% Polygon European Equity Opportunity Fund Absolute Return

4.6% Polygon European Equity Opportunity Fund Long Bias

1.1% Polygon Global Equities Fund

4.4% Acasta Funds

0.5% Other Hedge Funds

Bank loans

5.7% U.S. CLOs (LCM)

4.4% Tetragon Credit Partners Funds

0.5% U.S. CLOs (non-LCM)

Real estate

4.2% Bentall Green Oak Managed Funds

1.5% Other real estate

Private equity and venture capital

1.1% Hawke's Point Funds & Co-investments

4.1% Banyan Square Funds

4.6% Other Funds & Co-investments

1.4% Direct

Legal assets

0.9% Contingency Capital Funds

Other equities and credit

6.4% Other equities

0.6% Other credit

As of 30 September, 2022

Products/mandates listed are not necessarily open for new investment and are not an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction, but to illustrate the TFG Asset Management platform strategy.

TFG Asset Management

A key investment of Tetragon is TFG Asset Management, its diversified alternative asset management business. TFG Asset Management has $37 billion(9) in Assets Under Management across a range of investments, strategies and managers. TFG Asset Management, as a unified business, is intended to enhance the value of each individual investment and the entity through a shared strategic direction and operating infrastructure – encompassing critical business management functions such as risk management, investor relations, financial control, technology, and compliance/legal matters – while giving entrepreneurial independence to the managers of the underlying businesses.

Read more

Dagmara Michalczuk, Principal and Portfolio Manager, Tetragon Credit Partners

Risk management goes beyond a seat or a role. It is an essential part of what we do — managing a series of interconnected risks across our portfolio, operations and regulatory compliance.

Ruaraidh Campbell

Head of Risk

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