TFG Asset Management

Emily Cox, Business Development

Tetragon’s diversified alternative asset management platform

TFG Asset Management enables Tetragon to produce asset level returns on its investments in managed funds on the platform, and to enhance those returns through capital appreciation and investment income from its ownership stakes in the asset management businesses. The combination of relatively uncorrelated businesses across different asset classes and at different stages of development under TFG Asset Management is also intended to create a collectively more robust and diversified business and income stream.

Asset managers
(Excluding BentallGreenOak)
$ 42 bn
Assets Under Management(9)

Delivering for Tetragon


Proven value creation


Specialised products on favourable terms


Insights from alternative asset managers


Wide range of income streams

Our investment in TFG Asset Management has been a powerful driver of Tetragon’s performance. Through the growth of our investments in alternative asset managers, we benefit from diversified income streams, supporting performance across various economic and market conditions. We also benefit from access to underlying products and opportunities that we may not otherwise have.

Reade Griffith

Chief Investment Officer

Delivering for our managers


High-quality support for niche and scalable businesses

Access to capital

Tetragon can seed business growth

Management expertise

Experienced, strategic insight


Access to relationships and information

TFG Asset Management enhances the value of each investment through a shared strategic direction and operating infrastructure – while giving entrepreneurial independence to the managers of the underlying businesses. We support both niche and scalable strategies, leveraging Tetragon’s long-term capital and our ecosystem of ideas, insights, connections and expertise.

Stephen Prince

Chief Executive Officer

Philip Reyes, Technology Team

Our managers

All AUM data at 31 December 2023, unless otherwise noted.



Key Facts




  • LCM Asset Management is a specialist in below-investment grade U.S. broadly syndicated leveraged loans.
  • LCM manages loan assets through Collateralised Loan Obligations (CLOs), which are long-term, multi-year investment vehicles. LCM has a track record of over 20 years in CLO issuance and management and has launched 40 CLOs to date.
  • The team combines fundamental credit analysis with expertise in CLO structuring.
  • LCM is based in New York.
  • TFG Asset Management owns 100% of the business and Tetragon is an investor in LCM products.
  • Find out more at


Global real estate funds

Key Facts



*Tetragon’s pro rata share (12.86%) of BGO ‘s $83.2bn of AUM at 31 December 2023.


  • BGO is a real estate-focused principal investing, lending and advisory firm.
  • BGO has $83 billion in Assets Under Management and over 750 clients and partners. They have 28 offices around the world and 64 million square feet of assets under administration.
  • BGO was formed in June 2019 upon the merger of TFG Asset Management’s GreenOak Real Estate joint venture with Bentall Kennedy, an affiliate of SLC Management, a global institutional asset management arm of Sun Life Financial Inc.
  • BGO is a key strategic investment of TFG Asset Management, which owns approximately 13% of the combined business, and Tetragon invests in BGO products.
  • Further information on BGO is available at*

*Clicking this link takes you to a website owned and operated by BGO, a third party. BGO’s website is not under the control of Tetragon and Tetragon is not responsible for the content of any hyperlink contained.


Event-driven equities

Key Facts



Westbourne River Partners

  • Westbourne River Partners is an alternative asset management firm focused on event-driven investing in European small and mid-cap equities.
  • Westbourne River Partners has offices in New York and London.
  • TFG Asset Management owns 100% of the business and Tetragon invests in the Westbourne River Partners funds.
  • Find out more at



Key Facts

$1.0bn AUM


  • Acasta Partners is an alternative investment firm that employs a multidisciplinary approach to investing.
  • Acasta Partners’ approach includes strategies directed at convertible bonds and volatility linked instruments, metals and mining companies and commodities, as well as fundamental and event-driven opportunities across the credit markets.
  • Acasta Partners has offices in New York, London and Florida.
  • TFG Asset Management owns a non-controlling interest in the business, and provides infrastructure and other services. Tetragon invests in Acasta funds.
  • Find out more at


Infrastructure Funds

Key Facts



*USD-GBP exchange rate at reporting date.


  • Equitix is an integrated core infrastructure asset management and primary project platform, with a sector focus on social infrastructure, transport, renewable power, environmental services, network utilities and data infrastructure.
  • Equitix has over 360 assets, across 21 countries, including projects in the United Kingdom, Europe, North America, the Middle East and Asia.
  • TFG Asset Management owns 75% of the business.
  • Further information on Equitix is available at*

*Clicking this link takes you to a website owned and operated by Equitix, a third party. Equitix’s website is not under the control of Tetragon and Tetragon is not responsible for the content or any hyperlink contained.


Resource finance

Key Facts



Hawke’s Point

  • Hawke’s Point is an asset management business that provides strategic capital to companies in the mining and resource sectors.
  • The team’s investment approach is supported by detailed technical analysis and mineral resource modelling, coupled with financial modelling based on first-principles-bottom-up analysis.
  • Hawke’s Point’s investments currently include a series of gold and battery metal assets in North America and Australia.
  • Hawke’s Point has offices in London and New York.
  • TFG Asset Management owns 100% of the business and Tetragon is an investor in Hawke’s Point funds.
  • Find out more at


Structured credit

Key Facts


Committed capital

Tetragon Credit Partners

  • Tetragon Credit Partners is a structured credit investing business focused on control CLO equity as well as a broader series of offerings across the CLO capital structure.
  • Tetragon Credit Partners is one of the largest, longest-tenured CLO equity investors globally, having invested across 124 CLOs and 35 managers since 2005.
  • Tetragon Credit Partners is based in New York.
  • TFG Asset Management owns 100% of the business, and Tetragon is an investor in Tetragon Credit Partners’ products.
  • Find out more at


Private equity

Key Facts



Banyan Square

  • Banyan Square Partners is a private equity firm focused on non-control equity investments, as well as opportunistic investments in public equity and credit instruments.
  • Banyan Square Partners primarily invests in enterprise software and technology companies.
  • Banyan Square Partners is based in New York.
  • TFG Asset Management owns 100% of the business, and Tetragon invests in Banyan Square products.
  • Find out more at


Legal assets

Key Facts



Contingency Capital

  • Contingency Capital is a multi-product global asset management business that sponsors and manages investment funds focused on credit-oriented legal assets.
  • Contingency Capital invests in a broad spectrum of legal assets including loans to law firms, portfolios of litigation, and distressed special situations investments where the primary driver is related to a legal, tax or regulatory process.
  • Contingency Capital is based in New York.
  • TFG Asset Management owns a non-controlling interest in this business as well as providing infrastructure
  • Tetragon invests in Contingency Capital products.
  • Find out more at

Assets Under Management (12)



    Joint venture established










    GreenOak merger with Bentall Kennedy




    Polygon convertible fund rebranded


    Polygon European Event Business rebranded

    As of 31 December 2023

    Jessica Gold, Deputy Chief Compliance Officer

    News and insights from our managers

    View all

    Dec 2022


    Equitix agrees to purchase Aurora Infrastructure

    Jun 2022

    Equitix agrees to purchase Aurora Infrastructure

    Polygon 2021 EuroHedge Award Nomination – Event Driven & Distressed

    Jan 2022

    Polygon 2021 EuroHedge Award Nomination – Event Driven & Distressed

    Polygon 2021 EuroHedge Award Nomination – Convertibles & Volatility

    Jan 2022

    Polygon 2021 EuroHedge Award Nomination – Convertibles & Volatility

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