FoxPath Capital Partners

Brian Laureano, CFA, is the Partner and Chief Investment Officer responsible for originating, underwriting, executing, and managing fund investments. He created Apollo Global Management's credit secondary strategy prior to launching FoxPath, and the senior investment team — Alex Truss and W. Curry Helton — also joined from Apollo's credit platform. The firm's investment committee is compact, with all senior professionals directly involved in underwriting and portfolio construction.

The firm invests exclusively in private credit secondaries, including LP-stake purchases and GP-led continuation vehicles. Its mandate spans senior direct-lending portfolios, performing credit strategies, and opportunistic credit pools. FoxPath does not allocate to private equity, venture capital, real estate, or infrastructure secondaries — the platform is purpose-built as a single-asset-class manager.

The firm cites a differentiated origination network built on relationships with secondary intermediaries, private credit GPs, and underlying private equity sponsors. Because the team previously sourced and underwrote credit secondaries within Apollo's institutional platform, the founders entered the independent market with established GP relationships. FoxPath also emphasizes that its independent structure allows unconstrained access to fund-level data, which some bank-affiliated managers cannot obtain.

FoxPath is a pure secondary investor. It does not make primary fund commitments. The entire strategy is designed to provide immediate deployment into seasoned loan portfolios, mitigating both the J-curve effect and blind-pool risk that characterize primary private credit fund investing.

FoxPath is an independent firm that shares significant human capital with Apollo's former credit secondaries franchise. Chief Investment Officer Brian Laureano founded Apollo's S3 Credit Solutions unit, and Alex Truss was the second employee dedicated to that strategy. Despite these career histories, FoxPath operates as a standalone, unaffiliated manager with no disclosed economic or contractual ties to Apollo.

Underwriting is asset-level and risk-weighted. The team evaluates each underlying loan in a target portfolio, applying credit analysis skills developed during their primary direct-lending and performing-credit careers. FoxPath argues that secondary buyers with asset-level credit expertise can price pools more accurately than managers who rely primarily on sponsor or manager-level due diligence.

The firm does not invest in venture debt, distressed credit, or non-performing loan pools. Its focus remains on performing and cash-flowing private credit portfolios. Additionally, as a dedicated credit secondaries platform, FoxPath avoids commitments to private equity, real assets, or infrastructure secondaries — any secondary portfolio outside private credit falls outside the mandate.