Marblegate Asset Management

Marblegate Asset Management

Andrew Milgram founded Marblegate Asset Management in 2008 alongside managing partner Paul Arrouet. The firm operates as an alternative investment manager concentrating on credit and special situations. The wealth that seeded Marblegate is not publicly disclosed. Marblegate invests across the credit spectrum, including distressed debt, private credit, and special situations. The firm identifies opportunities in complex or underperforming businesses and works directly with management and stakeholders to restructure operations and capital structures. It has taken active roles in public company restructurings, such as its involvement in energy and retail sector turnarounds (per SEC filings, 2018–2023). The firm's footprint is North America–focused, with additional reach into select European and Asian credits when the structure fits. The firm maintains a lean partnership with two named managing partners and a professional team whose exact size is not disclosed. Marblegate does not operate a separate philanthropic foundation or adjacent operating-company vehicles that it discloses publicly. As of 2025, the firm continues to deploy capital in dislocation-driven strategies, though it does not disclose AUM or recent fund closes. Marblegate differentiates itself through its hands-on, operational approach to credit investing. Instead of passive debt positions, the firm acts as an active stakeholder, negotiating restructurings and pursuing value creation through business transformations. This approach resembles that of a private equity sponsor but executed through credit instruments.