Recognition coincides with more capital allocators seeking diverse asset managers
DALLAS, TX – (May 22, 2023) — Sycamore Tree Capital Partners (“Sycamore Tree” or “the Firm”), a specialist asset manager with private and alternative credit investment expertise, announced today that it has received certification as a Minority Business Enterprise (“MBE”) from the National Minority Supplier Development Council.
Alongside performance and risk management, diversity is emerging as important criteria for asset managers pursuing mandates from capital allocators. MBE certification, which recognizes Sycamore Tree’s primarily diverse ownership, leadership, and overall teams, allows the Firm to participate in a broader range of state and local proposal requests.
“Creating a diverse and responsible business has been a core objective since we launched Sycamore Tree,” said Jack Yang, Co-founder and President. “Today, more than half of our Firm’s workforce are diverse individuals. MBE certification allows Sycamore Tree to better access and serve the growing community of investors who have Environmental, Social and Governance (ESG) considerations as part of their investment programs.”
Since its founding in November 2020, Sycamore Tree has signed on to the United Nations’ Principles for Responsible Investing (PRI) and sponsored several industry organizations advocating for diverse representation across asset management and institutional investing, including the Association of Asian American Investment Managers (AAAIM) and The Investment Diversity Exchange (TIDE). The Firm takes a holistic approach to promoting an inclusive culture across its operations, and encourages its employees to actively participate in community engagement through numerous mission-oriented organizations.
“There is a significant underrepresentation of Asian American and Pacific Islanders (AAPIs) across the U.S. asset management community,” said Mark Okada, Co-founder and CEO. “Sycamore Tree is committed to driving change through action, and we encourage other industry participants to broaden and deepen their efforts. Setting quantitative goals to achieve greater diversity, and implementing short- and long-term initiatives for progress are key steps our industry can take towards that end.”
A report published by the John S. and James L. Knight Foundation and Global Economics Group revealed that just 1.4% of the $82.24 trillion of U.S. assets under management was managed by diverse-owned firms. A separate research partnership between AAAIM and Bella Private Markets found that AAPI representation across private equity, hedge funds, public equity, and real estate investment management firms stands at just 3.5% for firm ownership and only 0.7% for AUM.
Having launched four distinct strategies to date, and with deep prior experience providing customized solutions, Sycamore Tree’s total AUM is approximately $1.6 billion.
About Sycamore Tree Capital Partners
Sycamore Tree Capital Partners is a value-oriented, durable-alpha investment firm specializing in alternative credit. Founded by industry veterans Mark Okada, Trey Parker and Jack Yang, the firm has deep experience across economic and market cycles, as well as investment expertise regarding bank loans, high yield bonds, structured credit, and special situations. Sycamore Tree is a certified Minority Business Enterprise and is headquartered in Dallas, TX with an office in New York City. For additional information, please visit www.sycamorelp.com.
Andrew Merrill & Aidan O’Connor