Capital Allocators – Inside the Institutional Investment Industry Andrew Milgram – Mid-Market Distressed Investing at Marblegate (Manager Meetings EP.29)
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Apr 21, 2022 
Andrew Milgram, Managing Partner and CIO of Marblegate Asset Management, shares his journey in distressed investing with insights from his firm, which focuses on middle-market opportunities. He delves into the intricacies of valuation, sourcing, and due diligence, enriching the discussion with examples from Education Management Corporation and New York Taxi medallions. Milgram also reflects on the state of distressed investing today and the ethical considerations essential for balancing financial returns with responsible practices.
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Early Introduction to Investing
- Andrew Milgram's father instilled in him a passion for investing at a young age.
- They would analyze company reports, visit local businesses, and even stage mock stock purchases.
Trial by Fire
- Milgram's first distressed investing experience came during the 1998 Russian financial crisis.
- He learned to extract value from distressed sovereign debt and companies under duress.
Middle Market Focus
- MarbleGate focuses on middle-market distressed companies, a niche overlooked by larger funds.
- This market segment offers unique opportunities due to its size and the frequency of restructurings.