TBH Global Asset Management

Robert J. Kincade, the firm's Founder and Chief Investment Officer, leads all portfolio construction and investment-committee decisions. He built the firm's process drawing from his tenure as a Partner and Senior Portfolio Manager at Marathon Asset Management. The investment team operates a flat structure with senior analysts contributing directly to sourcing and underwriting, but Kincade retains final authority on position sizing and restructuring strategy. The firm has not publicly announced any CIO succession structure.

TBH sources primarily through its senior team's long-tenured relationships with restructuring advisors, law firms, and independent sponsors, rather than auction processes. Kincade's two decades in distressed credit have built a referral network that the firm considers its primary origination channel. The firm also maintains direct dialogue with corporate issuers facing discrete liquidity events, often structuring bilateral capital infusions before a broad market process begins. TBH explicitly avoids deals that are widely marketed to dozens of competing funds.

TBH invests across the capital structure in both public and private markets. The firm participates in broadly syndicated distressed bank debt and high-yield bonds when dislocation creates pricing inefficiency, but a significant portion of its capital is deployed in private, negotiated transactions—mezzanine financing, structured preferred equity, and debtor-in-possession facilities. TBH does not originate plain-vanilla direct-lending middle-market loans; its private activity is exclusively event-driven, tied to a restructuring, recapitalization, or ownership change.

TBH targets 25–35 core positions per fund, which is substantially more concentrated than the 60–80 names typical at large distressed desks. The firm's fund vehicles are structured with standard hedge-fund liquidity terms, but the underlying strategy involves multi-year engagement with portfolio companies through reorganizations and operational turnarounds. TBH communicates to limited partners that realized outcomes often span two to four years, and the fund's return profile depends on restructuring catalysts rather than market-timing.

TBH does not publish an explicit restricted-sectors list, but the firm's historic posture suggests aversion to exploration-and-production energy, early-stage biotech, and sovereign-linked exposures where legal recourse is limited or political risk dominates the credit analysis. The firm's situation-led approach also means it will avoid any sector when underwriting cannot achieve the desired margin of safety or legal-structural clarity. No current positions in Chinese corporate credit have been reported.

The firm's founder and senior investment professionals have the substantial majority of their personal liquid net worth invested alongside limited partners in the fund vehicles. TBH charges a standard hedge-fund management-and-performance fee structure, with no publicly disclosed co-investment carry waivers for large LPs—though co-investment terms are negotiated bilaterally. The heavy internal co-investment is a deliberate signal TBH uses in LP discussions to reinforce alignment in an industry where manager-LP incentive gaps have widened at scale.

TBH is an independent firm launched by former Marathon Asset Management Partner and Senior Portfolio Manager Robert J. Kincade in 2018. Marathon and TBH are operationally and financially distinct entities with no shared infrastructure, overlapping ownership, or disclosed co-investment programs. Kincade's strategy at TBH draws on the distressed and special-situations framework he developed at Marathon, but the two firms compete independently for institutional allocations and deal opportunities.