Billion Dollar Backstory 107: Bob Lind, Co-Founder of Lind Capital Partners, Specialist in Off the Run Credit Investments on Building an Investment Boutique Around Non-Rated Municipal Bonds
What do you do when the market tells you there’s no room for another fund? You tell a better story and carve your niche anyway.
In this episode, Stacy sits down with Bob Lind, Co-Founder of Lind Capital Partners, a boutique manager specializing in one of the most overlooked corners of the credit market: non-rated municipal bonds.
They dive into how Bob went from selling himself into his first research job to building a firm around a misunderstood asset class and why ditching the pitch helped him find the right investors.
They also cover:
- Why non-rated doesn’t mean “junk” (and how Bob spots value where others won’t look)
- The inflection point that sparked the launch of Lind Capital (hint: it involves a friend, a Fidelity broker, and a missed opportunity)
- How Bob went from BlackRock-comparison pitches to founder-forward storytelling
- The power of showing up as yourself and why authenticity wins with allocators
Plus: how to listen better in meetings, the magic of behavioral discovery questions, and the one Bruce Springsteen song that got Bob through everything.
About Bob Lind:
Bob is a co-founder of Lind Capital Partners. He has built the firm around his passion for finding opportunities in inefficient markets and providing innovative ways to deliver access to individual investors. With nearly 40 years of experience in the municipal bond market, there is little Bob has not done. Today, he leads the portfolio management team and strategic initiatives for LCP.
Prior to founding Lind Capital Partners, Bob managed a $500 million high yield municipal bond portfolio for Deutsche Bank, where he leveraged his prior sell-side experience and institutional relationships. Bob began his career as a municipal analyst at Nuveen before moving into institutional sales and trading at Kemper Securities and Raymond James, where he underwrote, traded and sold municipal bonds.
Bob received a BA in History from Kenyon College and an MBA in Finance and Accounting from the University of Chicago. He is a passionate bread baker/pizza maker, feeding and nourishing his 25+ year-old home-grown starter. Outside of the office and the kitchen, he enjoys paddle tennis, golf and telemark skiing.
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