# Claren Road

Claren Road is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2005
- **Assets under management:** Undisclosed
- **LinkedIn:** https://www.linkedin.com/company/claren-road-private-credit-solutions-llc

## Regulatory record

- **CRD number:** 336373
- **SEC file number:** 801-132820
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/336373

## About

Claren Road Private Credit Solutions LLC is an SEC-registered investment adviser in New York, NY, registered since 2025. The firm manages approximately $278 million in regulatory assets. It has 6 employees and 4 investment advisers.

## Sectors

- Private Credit
- Hedge Funds
- Secondaries & Special Situations

## Offices

- London, UK

## People

- Brian Riano — Co-Founder
- Sean Fahey — Co-Founder
- Albert Marino — Co-Founder

## Questions

### Who founded Claren Road and what is their background?

Claren Road was co-founded in 2005 by Brian Riano, Sean Fahey, and Albert Marino. All three were senior credit traders and portfolio managers at Citigroup Alternative Investments, where they had built a track record managing internal and external capital across liquid and structured credit products. Their spinout was part of a wave of proprietary-desk departures as banks restructured after the early-2000s regulatory shifts.

### What was Claren Road's investment strategy?

The firm operated as a long/short credit manager with the ability to invest across the liquidity spectrum — from broadly syndicated corporate bonds and loans to private structured credit, distressed debt, and asset-backed consumer finance. The portfolio was concentrated in a few high-conviction themes each year, favoring off-the-run situations where bank balance sheets or rating-agency requirements distorted prices.

### What was the relationship between Claren Road and The Carlyle Group?

Carlyle acquired a 55% controlling interest in Claren Road in 2010 as part of its strategy to build an in-house liquid-credit capability. The co-founders continued to manage the portfolio day-to-day, and Carlyle seeded the firm with additional balance-sheet capital. After a drawdown in 2015, Carlyle investors began to redeem en masse, and the entity was fully wound down by 2019 (per Bloomberg, 2019).

### Why did Claren Road close?

Performance declined sharply in 2015 and 2016 due to concentrated bets on emerging-market corporate credit and high-yield energy names that soured during the commodity-price collapse. As investors redeemed, AUM fell from $8.5B at its 2014 peak to under $2B by late 2017, triggering key-person provisions tied to the co-founders and making the separate vehicle uneconomical for Carlyle to maintain (per Institutional Investor, 2017).

### Did Claren Road accept external capital?

Yes, Claren Road managed capital for external institutional investors including pension funds, endowments, and fund-of-funds from its founding through 2017. The Carlyle stake in 2010 was meant to accelerate institutional fundraising, which it did — at peak roughly 40% of AUM came from outside Carlyle's own balance sheet and affiliated vehicles (per Carlyle public filings, 2014).

### Where were Claren Road's offices located?

The firm's primary investment and business office was in New York City, with a small London presence that handled European credit sourcing and certain portfolio-management functions. The London office was scaled down as part of the 2016–2017 cost-cutting during the wind-down period.

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Last updated: 2026-06-03T20:00:00.000Z

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