EnTrust Investment Management

Gregg Hymowitz, the founder, has been the CEO and Chairman since 1997. All investment activity — from the Permal-era hedge fund selection to the current maritime credit origination — runs through his office, with no publicly named investment committee or co-CIO.

EnTrust managed a feeder platform that channeled client capital into Permal-managed hedge fund vehicles under a joint operating arrangement. In 2016, Legg Mason acquired the combined EnTrustPermal business for roughly $800 million (per Reuters, 2016). Hymowitz subsequently restructured EnTrust as an independent direct-lending manager, completely separate from Permal and Legg Mason.

The firm's public record shows a pivot away from the fund-of-hedge-funds model that defined its first two decades. Current activity centers on direct credit origination — maritime lending, real estate credit, and energy infrastructure — though the firm retains the capability to make opportunistic hedge fund allocations within managed accounts.

EnTrust originated a maritime lending strategy that competes directly with specialized shipping banks by underwriting loans against vessels and freight receivables — a deeply sector-specific credit niche. This concentration sets the firm apart from generalist private credit managers and reflects Hymowitz's willingness to build proprietary origination in an asset class most managers avoid.

The firm's post-Permal structure is a private investment manager accepting institutional and qualified individual capital through dedicated credit funds and separately managed accounts. It is not a single-family office, and it does not maintain a permanent-capital public vehicle today.