Tiburon Capital Management

Tiburon is an event driven fund which goes long or short anywhere in the capital structure, as dictated by the best risk adjusted opportunities. Our PM, Peter Lupoff left Millennium Management in June 2009 to form Tiburon. In the 20 years that he participated in the distress/event driven oriented markets. among other roles, he was a partner to Martin Whitman of Third Avenue Funds, ran Robeco WPG Distressed/Special Situations Fund, and managed a large allocation at Millennium. We took offices on November 2nd, 2009, announced our full team and service providers, and took in the initial committed capital on a managed account basis. Our Fund launched in February 2009 with managed account commitments rolling into the Fund. We are a Registered Investment Advisor as of April 2009, at the request of one of our institutional investors. We run liquid strategies, allocating among Stressed/Distressed, Special Situations and Capital Structure (Indenture) Arbitrage. Historically we differ from others in the space in that we: 1. Are long or short anywhere in the cap structure – others tend to have a long bias. 2. Are active traders around our core positions – if near term events influence, why not mitigate? 3. Focus of trade ideas not in other’s portfolios, often liquid mid-caps ($200-500mm debt capital) and/or constructed in different ways. We have historically created returns uncorrelated to other managers in our space, and beat event-driven indices.