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Carronade Capital Management, LP

USDeep TechEnterpriseOther

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Investment thesis

Carronade Capital Management is a multi-strategy investment firm that focuses on process-driven investments in catalyst-rich situations. The firm employs a multi-strategy approach centered on idiosyncratic, event-driven situations designed to create durable and consistent uncorrelated rates of return, augmented by an understanding of 'Deal Ethos' and a commitment to deep, fundamental due diligence. Carronade invests in non-traditional, undervalued debt instruments, combining robust fundamental business valuation with proprietary legal and capital structure analysis. The firm invests across diverse credit strategies including restructuring positions, stressed credit, capital structure arbitrage, and event-driven positions, with a differentiated emphasis on where securities reside in the capital structure, analyzing legal disputes, and a deep understanding of the restructuring process.

Notable quotes

“If I were today sitting on the board of a major corporation, I'm not sure I'd build my new factory or start a new division or open 14 new restaurants. You'd want to know what's going to happen with the economy. And so even the uncertainty without the second- and third-order effects that can and will occur from tariffs, even before that happens, I think you're already seeing people starting to pull back.”

Dan Gropper · Bloomberg Intelligence / Beard Group Distressed Investment Media Night podcast · 2025-05-12

“We have been investors in Viasat since 2023 and are long-term believers in the Company's mission, the strength of its leadership team, and the extraordinary strategic position the Company holds at the intersection of secure communications, global connectivity, and aerospace and defense technology.”

Dan Gropper · Carronade open letter to Viasat shareholders (Globe Newswire) · 2025-07-31

“Carronade Capital is a multi-strategy investment firm based in Connecticut with over $2.2 billion in assets under management that focuses on process driven investments in catalyst-rich situations.”

Dan Gropper · SEC proxy filing DFAN14A (Carronade Capital Management, LP) · 2025-03-20

Team

Andy Taylor

Partner and Head of Research

Other

Anthony Chiodi

Chief Operating Officer & Chief Financial Officer

Dan Gropper

Founder, Managing Partner and Chief Investment Officer

Other

Khalil AbuManneh

Partner - Research

Other

Rinarisa Coronel DeFronze

Chief Compliance Officer and Legal Counsel

Ryan Eckert

Partner - Research

Other

Recent investments

CompanyRoundSizeDate
Viasat, Inc.Secondary / Public Equity—2023-01-01
Talen Energy Corp.Restructuring / Public Equity—2022-01-01
EchoStar Corp.Distressed Debt / Public Equity—2023-01-01
Brookdale Senior Living Inc.Distressed Debt / Public Equity—2023-01-01
Cannae Holdings, Inc.Public Equity / Event-Driven—2024-01-01
Acadia Healthcare Company, Inc.Public Equity / Special Situations—2024-01-01
Centuri Holdings, Inc.Public Equity / Event-Driven—2024-01-01
Comcast CorporationPublic Equity / Event-Driven—2024-01-01
Twitter, Inc. (X)Event-Driven / Merger Arbitrage—2022-01-01
GEO Group, Inc.Public Equity / Special Situations—2024-01-01

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