Karpus Investment Management

Karpus Investment Management

Thomas E. Karpus established Karpus Investment Management in 1980, positioning the firm as an independent registered investment advisor. The firm operates from Pittsford, New York, serving a client base that includes endowments, foundations, and wealthy families. It does not function as a single- or multi-family office, but as a traditional RIA with discretionary management authority. Karpus allocates capital across a multi-asset framework that includes infrastructure, private credit, real estate, and healthcare services. The firm takes both public equity and debt positions, as well as direct investments in operating companies. Confirmed exposures include infrastructure assets in the energy transition and renewables space, along with private credit vehicles providing capital to middle-market firms (per public filings, 2023). The geographic footprint centers on the United States, with select international positions in energy and infrastructure. The firm does not disclose its AUM publicly, nor does it report a headcount or additional office locations. As a registered advisor, Karpus files Form ADV with the SEC; the most recent public filing indicates a staff size and AUM consistent with a mid-sized RIA. The firm maintains a low public profile, with no major operational events surfaced in the last 24 months. Karpus structurally differs from most family offices by operating as a pure fiduciary RIA — it manages money for third-party clients, not the capital of a single family. This regulatory posture subjects the firm to SEC oversight and public Form ADV disclosures, distinguishing it from unregulated single-family offices that do not disclose holdings or strategy.