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Killington Investments Management
David Tepper's family office invests public equities, credit, and real assets, and owns the Carolina Panthers and Charlotte FC.
Killington Investments Management
David Tepper launched Killington Investments Management in 2021 after converting his famed hedge fund, Appaloosa Management, into a family office. Tepper, a Pittsburgh native and Carnegie Mellon alumnus, founded Appaloosa in 1993 and generated annualized returns near 25% for decades, earning a reputation as one of Wall Street's most astute distressed-debt and equity investors. The decision to return external capital and restructure as Killington marked the formal separation of Tepper's personal and family wealth from outside limited partners, a move that followed similar transitions by peers like George Soros and Stanley Druckenmiller. The office deploys capital across a flexible mandate centered on public equities, structured credit, distressed debt, and opportunistic real estate. Known for concentrated positions and a willingness to size bets aggressively during market dislocations, Tepper's approach at Killington is an extension of his Appaloosa playbook — high conviction, macro-aware, and benchmark-agnostic. Confirmed public equity holdings in recent years have included stakes in Amazon, Alphabet, and Meta Platforms. The real estate portfolio includes commercial properties in Florida and the New York metro area. In February 2023, Tepper told CNBC that he favors a "long everything" stance in risk assets when central bank policy pivots, a signal of the office's macro-driven posture. Total assets overseen by Killington are undisclosed, though Tepper's net worth was estimated at $20.6 billion by Forbes in April 2024, placing the office's scale well into the multi-billion-dollar range. The firm operates from New York with a lean team, maintaining no additional public offices. Killington's most visible assets are the Carolina Panthers NFL franchise, acquired in 2018 for a then-record $2.275 billion, and Charlotte FC of Major League Soccer, awarded expansion rights in 2019 and launched in 2022. These sports holdings are held separately from the liquid investment portfolio but sit under the broader Killington umbrella. Killington's defining structural feature is the pairing of a liquid-markets hedge fund legacy with ownership of major-league sports franchises — a combination shared by few family offices and none at this scale. The sports assets create a permanent capital base and a generational asset outside traditional market cycles, while the liquid portfolio continues Tepper's four-decade pattern of opportunistic, concentrated investing. This dual structure shapes a mandate that is both deeply personal and institutionally formidable, with no external reporting obligations and no requirement to mark assets for outside investors.
General information
Firm type
Single Family Office
Year founded
2021
AUM
>$1B (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
David Tepper
Principal
Sector focus
Frequently asked questions
Who runs investment decisions at Killington?
David Tepper serves as the sole principal and primary investment decision-maker. His track record at Appaloosa Management, which he founded in 1993 and ran for 28 years, established him as one of the most successful distressed-debt and macro investors of his generation. The lean structure suggests a highly centralized process with Tepper directing all major capital allocation calls.
Why did David Tepper convert Appaloosa into a family office?
Tepper returned all outside capital in 2021, citing a desire for greater flexibility and reduced regulatory burden. The conversion allowed him to manage his personal wealth without the constraints of external LP mandates, quarterly reporting, or redemption pressures. This structure lets him pursue concentrated bets and hold illiquid assets — including the Carolina Panthers and Charlotte FC — indefinitely.
How are the Carolina Panthers and Charlotte FC held within Killington?
Tepper acquired the Panthers in 2018 for $2.275 billion and holds the franchise through Tepper Sports & Entertainment, a controlled entity under the Killington umbrella. Charlotte FC, launched in 2022 after a successful MLS expansion bid, is held through the same structure. The sports assets sit separate from the liquid investment portfolio but represent a significant portion of the family's overall net worth.
What is Killington's investment strategy?
Killington follows a concentrated, high-conviction approach across public equities, structured credit, distressed debt, and opportunistic real estate. The office is known for making large directional bets tied to macro conditions — historically favoring equity longs during accommodative monetary policy cycles. The strategy is an extension of Tepper's three-decade Appaloosa playbook, without external capital constraints.
Does Killington invest in venture capital or private equity funds?
There is no public record of Killington committing to VC or PE funds as a limited partner. The office's known activity is concentrated in liquid public markets and directly held assets, including real estate and professional sports franchises. Tepper's historical preference for direct, controllable positions makes fund commitments an unlikely allocation.
Where does the underlying wealth come from?
David Tepper built his fortune as the founder and portfolio manager of Appaloosa Management, which he launched in 1993 with $57 million in capital. The firm specialized in distressed debt and event-driven equities, generating annualized returns estimated near 25% through multiple market cycles. Forbes estimated Tepper's net worth at $20.6 billion in April 2024, derived almost entirely from his investment performance.
Is Killington hiring or expanding its team?
The office maintains a deliberately small team consistent with Tepper's single-decision-maker model. No public hiring activity or team expansion has been reported since the Appaloosa-to-Killington transition in 2021. The structure suggests continuity with the lean staffing that characterized Appaloosa's later years.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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