Tilden Park Capital Management: Platform Profile

Overview

Tilden Park Capital Management is a New York-based multi-strategy alternative asset manager focused primarily on structured products and mortgages, fixed-income relative value and related corporate credit and equity strategies.

The firm was co-founded in 2008 by Josh Birnbaum, Jeremy Primer and Sam Alcoff.

May fit better for

• investors seeking structured-credit and mortgage expertise;
• allocators interested in fixed-income relative value;
• investors comfortable with complex securitized products;
• institutions able to evaluate hedge-fund liquidity and leverage;
• investors seeking a privately held manager with principal ownership.

May fit less well for

• retail investors seeking self-service access;
• investors who want simple long-only bond exposure;
• users who interpret capital-preservation focus as principal protection;
• investors uncomfortable with structured products and mortgage risk;
• users expecting a transparent 13F equity portfolio.

Tilden Park was founded in 2008

Current management page:

• Founded: 2008
• Co founders:
• Josh Birnbaum
• Jeremy Primer
• Sam Alcoff
• Privately held: Yes
• Principal owned: 100%

The firm spent roughly its first year and a half building infrastructure and research/technology platforms before investing outside capital.

Current strategy focus is structured products and fixed-income relative value

First-party description:

• Multi strategy: Yes
• Structured products: Yes
• Mortgages: Yes
• Fixed income relative value: Yes
• Corporate credit: Yes
• Related equity strategies: Yes
• Fundamental models: Yes
• Systematic tools: Yes
• Top down views: Yes

Capital preservation is a focus, not a guarantee

The website says capital preservation is a central focus.

“Asymmetric risk/return” and “attractive risk-adjusted returns” are investment objectives, not promises.

Regulatory AUM is $6.837B

Form ADV filings show:

• Regulatory AUM: $6.837B
• Regulatory AUM as of: 2026-06-30
• Discretionary AUM: $6.837B
• Client accounts: 9
• Employees: 37

The filing adviser is SEC registered.

Current IAPD also identifies relying advisers:

• Umbrella registration: Yes
• Relying advisers exist: Yes

The accessible private-fund schedule is older than current regulatory AUM

AUMdb's current adviser page reproduces a private-fund schedule sourced from a March 2024 filing.

That schedule identifies:

• Historical private fund schedule date: 2024-03
• Tilden Park Investment Master Fund: Yes
• Historical Master Fund gross assets: $7.1B
• Historical Master Fund minimum: $5M

13F data is not a useful core measure for this manager

Tilden Park's investment focus includes securitized products, mortgages and fixed-income instruments that are poorly represented by Form 13F.

Investor privacy materials confirm private account/fund servicing

The current privacy notice explicitly discusses investors, prospective investors, former investors, investor questionnaires and account servicing.

This supports a private-client/fund access model, not open public subscription.

Assessment

Tilden Park is a case where current regulatory data are stronger than the accessible vehicle schedule. The June 2026 Form ADV gives a current $6.837B regulatory AUM figure, while the readily accessible private-fund gross-asset and minimum references are tied to an older schedule.

The correct treatment is not to discard either source. It is to preserve the date boundary.