FPA

Steven Romick has led the Crescent Fund as portfolio manager since its 1993 inception and now serves as Managing Partner. He is joined by Brian Selmo and Mark Landecker, who co-manage the firm's concentrated equity strategies. The team is small and decisions are made collectively without a separate CIO above them.

FPA does not operate a proprietary sourcing program akin to a private-equity firm. The Crescent Fund draws on public-market screens for distressed credit, management meetings for private placements, and relationships with sell-side desks for off-the-run structured products. The edge comes from the flexibility of the mandate — the team can look at any security type across the capital structure.

FPA does not target private-company stages. Its domain is public equities across market caps and distressed or special-situation credit. When private investments occur, they are opportunistic and often involve companies the team already knows from the public markets, such as PIPEs or restructurings.

The Capital Fund, a long-running small- and mid-cap value portfolio, was closed in 2019 following an extended period of underperformance and significant outflows. The closure concentrated FPA's public identity on the Crescent Fund and the remaining concentrated equity strategies managed by the Romick-Landecker-Selmo team.