White Wolf Lower Middle Market Access Strategy
Our Strategy provides differentiated access to the lower middle market private credit market by investing in a well-constructed portfolio of SBICs (Small Business Investment Companies (SBICs). Leveraging our experience managing credit portfolios through the full gamut of credit cycles, and our extensive network of relationships and proprietary models and data, we monitor the full universe of SBICs and opportunistically construct portfolios with diversification across >10 managers, >150 underlying companies, and a wide range of other risk parameters.
Investment Strategy
Small Business Investment Company (SBIC) funds drive economic growth across regions supporting businesses across most states, promoting growth in diverse regions and ensuring equitable access to capital.
White Wolf Lower Middle Market Access is a private investment firm focused on building portfolios of select Small Business Investment Company (SBIC) funds.
Why White Wolf LMMA?
White Wolf Lower Middle Market Access is a partner of White Wolf Capital Group, a private investment firm focused on lower middle market companies in North America which makes both direct and indirect investments.
White Wolf’s experience and relationships help enable sourcing, diligence, and favorable partnerships with SBIC fund managers.
LMMA has a dedicated, experienced investment and risk management team with decades of quantitative and fundamental credit portfolio management and valuable asset-management business experience.
The cyclicality of SBIC fund availability provides an ongoing opportunity: each Fund Series selectively invests in a highly diversified portfolio of SBIC funds.
Potential access to additional attractive secondary investments in SBIC funds.
Provides institutional investors and wealth management firms with a turnkey, differentiated, well vetted, risk managed, and diversified product offering, offering exposure to an under-represented niche asset class.
Why SBIC Funds?
SBIC funds are private investment funds, licensed and regulated by the U.S. Small Business Administration (SBA), with access to SBA financing at attractive rates and terms. Other benefits of SBICs include:
Rigorous vetting and regulation by the SBA, with fewer than 35% of applicants receiving SBA approval;
WW LMMA only invests in SBICs focused on profitable, lower middle market companies, which historically has led to lower loan default rates;
Less competitive deal environment – better loan rates and terms than larger private borrowers produces investments with less leverage at the borrower and typically with strong equity cushion and focused owner/operators;
Combination of attractive government-sponsored leverage on attractively priced credit assets leads to stronger returns than non-SBIC private credit strategies.
Summary Strategy Profile of typical LMMA Fund Series
8-12 underlying SBIC funds:
Lower-middle market, primarily debt, with long-tenured, cohesive investment teams
100+ experienced investment professionals
~150 underlying portfolio companies = ~10x the typical private credit portfolio
Average < $1m exposure per portfolio company
On average ~80% debt and 20% equity exposure.
Well diversified across dimensions such as geography, sector, deal sourcing, industry expertise, and strategy of underlying manager.
Our Team
Richard Donick - Managing Partner and Head of Investment Committee, WW LMMA Fund
Prior to joining White Wolf LMMA Fund, Richard was a Senior Managing Director and Co-Head of Blackstone Credit’s Systematic Strategies unit. Prior to Blackstone’s acquisition of DCI, LLC in 2020, Rich served as President and Chief Risk Officer of DC, which he partnered in launching in 2004. Before joining DCI, Richard was with the Financial Restructuring group of HLHZ. Prior to that, Richard held various roles at UBS AG, including serving as COO of UBS Capital, UBS’s private equity division and heading UBS’s FX derivatives business in Europe. Before joining UBS, Richard practiced law in the Washington, D.C. office of Johnson & Gibbs, PLC. Richard received a B.S. in Economics from the Wharton School and a J.D. from the University of Maryland School of Law and is a member of the Washington, D.C. bar.
rich.donick@whitewolfcapital.com
David Horowitz - Partner and Investment Committee Member, WW LMMA Fund
Prior to joining White Wolf LMMA Fund, David was the CEO and founder of Agilon capital, a boutique Credit hedge fund specializing in Systematic Credit, which was acquired by Centiva Capital in 2022. Before founding Agilon, David was the Deputy Chief Investment Officer for Systematic Fixed Income at BlackRock, Inc. David previously founded Malbec Partners, a hedge fund subsidiary of BNP Paribas. He began his career at Morgan Stanley Investment Management, where he focused on various fixed income roles, including Head of US Credit. David received a B.S. in Economics from the Wharton School and a B.S. in Computer Science Engineering from the University of Pennsylvania and is a Chartered Financial Analyst.
david.horowitz@whitewolfcapital.com
Gordy Holterman - Partner and Investment Committee Member, WW LMMA Fund
Prior to joining White Wolf LMMA Fund, Gordy was a partner at 345 Partners and an active angel investor. He serves on several growth-stage company Boards. Previously Gordy was the Founder and CEO of Overland Advisors, a credit focused hedge fund created in partnership with Wells Fargo. Before founding Overland, Gordy served as Head of Financial Products at Wells Fargo, where he led development and management of structured investment solutions. Earlier in his career, Gordy was the COO at Farallon Fixed Income, and Head of West Coast Capital Markets for UBS O’Connor. He began his professional career as a securities lawyer at Skadden, Arps. Gordy holds a Bachelor of Science in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology and a Juris Doctor from Stanford Law School.
gordy.holterman@whitewolfcapital.com
Jon Bailey – Partner and Investment Committee Member, WW LMMA Fund
Prior to joining White Wolf LMMA Fund, Jon was a Managing Director in Blackstone Credit’s Systematic Strategies unit and a director on various Blackstone UCITS fund boards. Prior to Blackstone’s acquisition of DCI in 2020, Jon served as Chief Operating Officer and Chief Compliance Officer of DCI, LLC, which he joined in 2014. Earlier in his career, Jon was Director and Global Head of Alternative Investment Portfolio Analytics at BlackRock, where he built and led the infrastructure supporting the firm’s hedge fund and fund-of-funds business. He also held senior roles at Countrywide and RBC Capital Markets, with experience spanning structured credit, derivatives, and cross-border legal and tax structuring. Jon is a licensed attorney in New York and a CAIA charter holder. He holds a J.D. from Brooklyn Law School and a B.A. in English from the University of Delaware.
jon.bailey@whitewolfcapital.com
Rahul Hukeri - Head of Private Fund Research, White Wolf Capital and Investment Committee Member
Rahul Hukeri joined White Wolf Capital in June 2021 as Managing Director and Head of Fund Research. Rahul is also Portfolio Manager for White Wolf Capital exchange traded funds. Rahul has over 20 years of experience in the areas of finance, accounting, portfolio management, and alternative asset valuation. Rahul is a member of the White Wolf LMMA Fund Investment Committee. Before joining White Wolf, Rahul was a Principal at KKR in its Private Markets group where he oversaw firm-wide portfolio company valuations and played a key role in overseeing portfolio company reporting for KKR. Before KKR, Rahul worked at Centerbridge Partners, Apollo Global Management, and Cerberus Capital Management. Rahul is an integral member of the Company’s investment and leadership team, where he focuses on fund portfolio management, valuation, and general oversight, as well as the execution of due diligence activities. In addition, Rahul serves as a director (or observer) on portfolio company boards across a number of portfolio holdings. Rahul has an MBA from NYU’s Leonard N. Stern School of Business and is a member of the New York Society of Security Analysts.
rahul.hukeri@whitewolfcapital.com
Elie P. Azar – Founder and CIO, White Wolf Capital and Investment Committee Member
Elie P. Azar is the Founder, Chief Executive Officer and Chief Investment Officer of White Wolf Capital and its affiliates. Prior to founding White Wolf Capital and its affiliates, Elie worked at Cerberus Capital Management, Ernst & Young’s M&A Transaction Advisory group and Arthur Andersen. Elie is a member of the White Wolf LMMA Fund Investment Committee. Elie has an MBA from Cornell University and a BA from the American University of Beirut. Elie holds a Chartered Financial Analyst (CFA) charter and has also passed the U.S. Certified Public Accountant (CPA) Examination as well as the Chartered Alternative Investment Association (CAIA) Level I Examination. Elie manages the overall business of White Wolf Capital and its affiliates.
elie.azar@whitewolfcapital.com
Justin Kaplan – Managing Director, White Wolf Capital and Investment Committee Member
Justin Kaplan is Managing Partner of White Wolf Hybrid Capital, where he leads the firm’s one-stop investing strategy for lower middle market companies and independent sponsors. He brings more than 25 years of experience across private equity and private credit, with a focus on structured solutions that balance downside protection with meaningful equity upside. Before co-founding the Hybrid Capital strategy at White Wolf, Justin held senior investing roles at Balance Point Capital and earlier worked at BNY Mellon and Veronis Suhler, executing and managing investments across critical business services, tech-enabled services, niche manufacturing, and the food and consumer value chain. He has served on numerous boards, partnering with management teams on M&A, governance, and operational initiatives to scale profitable, capital-efficient businesses. Justin is a member of the White Wolf LMMA Fund Investment Committee. Justin earned a B.A. from Cornell University.
justin.kaplan@whitewolfcapital.com
Contact Us
We welcome the opportunity to discuss White Wolf Lower Middle Market Access.
To request further information, please complete the following contact form or email the link below.
lmma.ir@whitewolfcapital.com