Introduction

Off Road Capital Management, LLC, is a New York City investment firm focused on investing in private / illiquid assets that are idiosyncratic and less correlated to traditional asset classes, or companies that are misunderstood or are likely to exhibit substantial growth. Each of the founders have greater than twenty years of experience in public and private markets and both successfully operated their own investment firms, Altitude Capital Partners and Loeb King Capital Management. Off Road is a reflection of their combined investment expertise across a broad array of asset classes, and constitutes a formal process of sourcing, analyzing, and structuring investments in such private assets in order to earn high quality and attractive risk-adjusted returns for clients and founders.

About Us

Robert Kramer

Robert Kramer is a founder and Managing Member of Off Road Capital Management. In 2005, he founded Altitude Capital Partners. As the Managing Partner, he pioneered intellectual property as an asset class in the technology space. Five years after he founded the firm, he formed a strategic partnership with Apple, creating Altitude’s last portfolio company. The portfolio company later sold the majority of its assets to a public company, RPX Corporation. Altitude generated 26% net internal rates of return for its investors.* Prior to Altitude, Mr. Kramer served as a Managing Director for Fortress Investment Group’s Drawbridge Special Opportunities Fund, where he specialized in litigation claims and other illiquid eclectic investments. Mr. Kramer was a Managing Director at Merrill Lynch & Co., where he specialized in leveraged finance and communications.

Mr. Kramer received his Bachelor of Science degree with honors from the Wharton School of the University of Pennsylvania and his MBA from the Columbia Graduate School of Business in 1988.

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Gideon King

Gideon King is a founder and Managing Member of Off Road Capital Management. He was the former CEO/CIO and Principal of Loeb King Capital Management, a multi-strategy asset management firm managing assets of up to $1.4 billion. Loeb King’s flagship fund earned a 12.35% net internal rate of return with 6.49% volatility since its inception until November 2014.* During his time at Loeb King, Mr. King was lauded by Institutional Investor Magazine for being a responsible investor in periods of financial crisis. Being an integral part of a multi-asset-class vehicle for over 20 years accounts for Mr. King’s vast experience in a variety of areas, including global public and private assets, DIP Loans, trade claims, banks debt, arcane debt-linked and equity-linked instruments, public special situations and risk-arbitrage, litigation investments and vehicles, activist investments, SPACs, options, and other derivatives.

Mr. King received his Bachelor of the Arts degree in English from Northwestern University in 1992.

Denis Reshetnev

Denis Reshetnev is a Vice President of Off Road Capital Management. Mr. Reshetnev joined Off Road Capital Management, at the firm’s inception in 2016, as the first non-founding member of the investment team. Prior to joining Off Road, Mr. Reshetnev was an Associate at the Bank of Tokyo-Mitsubishi’s (MUFG) Corporate Advisory group within its Investment Banking division, where he was responsible for analyzing and underwriting M&A financing and other event-driven transactions. Prior to MUFG, Mr. Reshetnev worked as an investment banker at FBR Capital Markets where he focused on M&A and equity and equity-linked capital raises.

Mr. Reshetnev received his Bachelor of Science degree in Finance from the Pennsylvania State University in 2013.

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Jacob Bloch

Jacob Bloch joined Off Road Capital Management as an Associate in 2018.

Mr. Bloch attended the Wharton School of the University of Pennsylvania, where he studied Economics with a concentration in Finance.

* The composition of the Off Road investment team and the composition of Altitude Capital Partners and Loeb King responsible for investment performance discussed on this page are not the same, and Off Road is not affiliated with either Altitude Capital Partner or Loeb King. The success of the Altitude Capital Partners or Loeb King is not predictive of the success of Off Road. Certain performance calculations are prepared internally and have not been audited or verified by a third party. The use of a different methodology for preparing, calculating or presenting performance returns may lead to different results and such differences may be material.

Philosophy

Off Road Capital Management is governed by a select core of beliefs and principles. A strong alignment of interest with our investors and operating partners is central to our operating philosophy. Transacting and partnering with driven high-integrity professionals is an imperative. Having processes in place designed to protect downside is of paramount importance; we use financial structuring, deep value analysis, and scenario-based stress testing to exhaustively measure and mitigate the risk of loss. A search for the facts and a focus on transformative issues distinguishes our approach. We place great value on diversification, as we understand from vast experience that too much conviction and concentration is dangerous.
 
 

One of our objectives is to expose Off Road partners to industries and asset classes to which most family offices and institutions are not privy. We believe such niche opportunities can provide attractive returns without stock market volatility and high correlation to traditional asset classes. We are prepared to take intelligent calculated risks and adopt “out of the box thinking.” From years of experience we have learned that impressive returns can be generated by focusing on smaller niche assets that are difficult to source, diligence, and structure. We believe that illiquidity can be an alpha-generative asset which many in the investment world simply cannot exploit because of structural impediments and asset-liability matching hurdles.

Simply, we are “Off Road” investors that have unstinting conviction in the idea that through a vigorous search process we attempt to find uncommon mispriced assets with upside optionality by partnering with best-in-class and ethical operators, asset managers, and industry specialists.

Our Universe

Off Road Capital Management sits at the nexus between those in search of differentiated investments and those with unique business models in need of flexible capital.

Off Road’s investor-base includes substantial family offices, investing institutions, and household name high-net-worth individuals. Our sophisticated and well-capitalized investor base affords us the ability to execute on “co-investment” opportunities of significant scale and of atypical nature.

Off Road is a solution for niche businesses and asset classes in need of strategic and creative capital to permit growth.

Focus

Where We Typically Invest

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  • Investment Size: $10-40 million
  • Agnostic to structure and instrument: debt, preferred equity, straight equity, contractual cash flow instruments
  • Investment Durations: 3-10 years
  • Governance: Control and minority positions with high visibility into business process with board representation if appropriate
  • Areas of interest: credit / cash flow assets, industry niches, specialty finance/insurance, special situations, litigation claims, energy, real estate

Off Road invests in uncommon risk-return profiles that have “visible returns,” or cash flow streams and stores of value that can be identified with probing research, an examination of history, and high-touch fact-finding.

 
Off Road’s founders understand that successful business relationships must be symbiotic; we strive to add value by helping to prepare companies, operators, and fund managers for their next phase of growth. After we invest we provide advice and support in capital allocation, strategic planning, mergers and acquisitions, sales and marketing, and other vital initiatives.

Key Factors

Which Act as a Catalyst for Off Road

Growth

Companies and industries that are close to inflection points in their business models

Regulatory

Regulatory change that often makes it cost prohibitive for large players to transact in certain assets or lines of business

Out of Favor Industries

Industries where players appear to be operating close to cyclical troughs and where price increases result in substantial cash flow generation.

Complexity

Off Road embraces structural, financial, legal, and human complexity as it often acts to diminish competition

Size

Asset classes that have not reached institutional scale and have therefore not attracted large pools of capital that drive returns lower

How Off Road Gains Exposure

1

Purchase assets in self liquidating pools by partnering with experienced operators

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Investing as a control or minority equity investor directly in companies

3

Create hybrid instruments that allow for investment in companies where management teams require creative solutions between debt and equity

4

Invest in specialized funds or vehicles

Strategy

To create a well-diversified portfolio which has the following attributes

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Less Correlation

Off Road portfolio is designed to make money irrespective of the performance of equities, interest rates, currencies, etc.
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Downside Protection

Focus on the return of capital in most scenarios
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Optionality

Percentage of the portfolio which is positioned to earn extraordinary returns

Existing Portfolio

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Amusement Park

Acquired the operations of an iconic amusement park on the west coast
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International Litigation and Arbitration

Financing international litigation and arbitration claims against sovereign entities
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Life Insurance

Acquiring a portfolio of short-duration life insurance assets which include policy purchases and loans against policies
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Energy Leasehold Interests and Mineral Rights

Financing the acquisition of leasehold interests and mineral rights in core basins across the U.S. to “flip” to larger competitors
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Carbon Credits

Acquired California Carbon Credits generated by California’s Low Carbon Fuel Standards mechanism
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Fall Protection Equipment

Acquired a manufacturer of Fall Protection Equipment and rigging products in the U.S.
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Self Storage

Acquiring and aggregating a portfolio of one-off / family-run self storage facilities across the U.S.
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Spectrum

Acquiring low-band spectrum licenses across different markets in the U.S.
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Cosmetic Rejuvenation Company

Funding the rebirth of a virtual cosmetic rejuvenation company with an experienced CEO
 
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Audio Streaming App

Invested in a hip-hop streaming platform
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San Juan Office Building

Acquired a Class-A office building in San Juan, Puerto Rico
 

Advisory Board

David L. Cohen

Mr. Cohen, Co-President, Co-Chief Executive and Co-Chief Investment Officer, was a co-founder of Iridian Asset Management (“Iridian”) in 1996. Iridian manages $15.7 billion in mid cap equities and alternative strategies. Previously he worked seven years as a portfolio manager with Arnhold and S. Bleichroeder, Inc., one year as a portfolio manager with Furman Selz Mager Dietz & Birney, and three years as a portfolio manager with W.R. Family Associates. In addition, from 1981 to 1985, he served as a research analyst with Central National Gottesman and Lehman Brothers Kuhn Loeb. Mr. Cohen holds a B.A. in Economics from Vassar College (1977), an MBA from New York University (1978), and a J.D. from the University of Miami School of Law (1981).

Adam Fisher

Mr. Fisher is a Partner at Soros Funds and is responsible for the Macro portfolio and all private real estate assets. Prior to Soros Funds, Mr. Fisher was the co-founder and Chief Investment Officer of Commonwealth Opportunity Capital GP LLC (“Commonwealth”), a discretionary global macro investment management firm that had $1.6 billion of assets under management. Prior to Commonwealth , in 2006 he co-founded Orient Property Group (“OPG”) which focused on real estate investments throughout the Asia Pacific region. In 2003, he founded Irongate Capital Partners (“Irongate”), a property investment and development firm that was involved in property transactions in Florida, California, Hawaii, Mexico, and Canada. Prior to Irongate, Mr. Fisher worked in New York for two private equity firms; NMS Capital and TD Capital, as well as a risk arbitrage firm affiliated with Reservoir Capital. Mr. Fisher holds a JD/MBA from Columbia University and a BA from Washington University in St. Louis.
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Nick Orum

Nick Orum co-founded private equity investment firm Gryphon Investors in 1995 and has served as its President since 2009. With over $2 billion of cumulative equity commitments, Gryphon has completed over 100 control acquisitions in the U.S. lower middle market since inception, and it is ranked among the “top 25 most consistent performers” of nearly 1500 North American buyout fund managers tracked by Private Equity International. Mr. Orum also serves as head of Gryphon’s Healthcare Group and previously served as head of its Business Services Group, and he has been responsible for leading or co-leading investments in fifteen Gryphon platform companies and leading or overseeing over thirty add-on acquisitions. Prior to 1995, Mr. Orum was a principal investor at Oak Hill Partners where he was responsible for sourcing, analyzing, executing, and monitoring private equity investments. Before joining Oak Hill, Mr. Orum was a member of Merrill Lynch’s High Yield Finance Group, where he was involved in financings for various leveraged acquisitions and corporate clients. Mr. Orum earned a B.A. with honors in Quantitative Economics from Stanford University.

Jeremy Bronfman

Mr. Bronfman Is the CIO of BHB Holdings, his family’s investment office, and the managing member of Lincoln Avenue Capital, an affordable housing investment firm. Prior to joining BHB Holdings and founding Lincoln Avenue Capital, Jeremy was CEO of Enigma Technologies Inc, a fast growing Big Data software company with backing from American Express, Comcast and Crosslink Capital. Prior to Enigma Jeremy founded, built and sold an independent Oil and Gas E&P company in Dallas, TX. He began his career and became a partner at Iroquois Capital where he identified and executed PIPE investments in small cap public companies. Jeremy holds a B.A. from Stanford University in Public Policy and an MBA with Distinction from Harvard Business School.
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Contact Us

Off Road Capital Partners

485 Madison Ave., 23rd Floor
New York, NY 10022

(212) 584-2184

info@offroadcp.com

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