Callodine Group Launches Interval Fund, Takes Majority Stake in $1.4B Corrum Capital
Callodine Group has launched the Callodine Specialty Income Fund, or CALIX, a closed-end interval fund designed to provide investors with high current income through exposure to private credit and other yield-oriented investment strategies.
The fund provides broader access to private credit strategies previously limited to institutional investors. It is managed by senior Callodine investment professionals with expertise across asset-based lending, life sciences finance, direct and real estate lending, high yield debt, and income-generating equity securities.
With CALIX, investors are “able to access Callodine’s specialized investment capabilities across private credit and alternative income strategies in a registered fund format,” said James Morrow, founder and chief executive officer of Callodine, and co-portfolio manager of the fund. “We believe CALIX offers a differentiated exposure within the evolving interval fund landscape, and a compelling risk-return profile.”
In the fall, Callodine Group acquired a majority stake in Corrum Capital Management LLC, a private investment firm with approximately $1.4 billion in assets under management.
Corrum Capital specializes in asset-backed and cashflow-oriented investments across the sports, music and entertainment industries, as well as aviation finance, with teams based in Charlotte and London. The company targets strategies across private credit, real estate credit, public equities and fixed income on behalf of institutional and individual investors.
The partnership with Callodine provides the company with enhanced resources to further diversify its sources of capital and expand on the firm’s investment execution.
“Our goal was to partner with an organization to ensure we have the appropriate resources in place to execute on our strong investment pipeline and strategy in our target sectors and that we can attract, retain and reward top talent across the organization,” said Jason Cipriani, founder and CEO of Corrum Capital.
Corrum Capital’s management team, investment committee, and investment process remained intact with the merger, with Callodine providing strategic guidance, as well as operational and capital resources. Also, Cipriani, Jonathan Mandle, and other members of the Corrum Capital executive team retained a significant equity stake.
“Corrum’s expertise in the sports, music, and entertainment sectors is highly synergistic with Callodine’s strategic capital partner, East Asset Management,” said Morrow. “Their team’s capabilities within the aviation finance market are also complementary to our asset-based credit platform and provide yet another attractive strategy and collateral type to offer our institutional and individual investors.”
Callodine Group is a Boston-based asset management platform with over $20 billion in assets under management across affiliated advisers. The firm pursues predominantly income-oriented investment strategies with high cash yields that offer the potential for equity-like returns.
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