Saluda Grade Appoints Patrick Lo as Co-CIO to Broaden Investment Capabilities
In the rapidly evolving landscape of alternative credit, the question of how firms can diversify and expand their investment strategies is more pressing than ever. Saluda Grade, an alternative investment firm specializing in asset-based finance, has taken a significant step forward by appointing Patrick Lo as Co-Chief Investment Officer. Founded in 2019 and headquartered in New York City, Saluda Grade manages $4.4 billion in assets as of January 1, 2026, and is known for its disciplined underwriting and structuring approach.
The appointment of Patrick Lo marks a pivotal moment for Saluda Grade. In his new role, Lo will jointly oversee the firm’s investment process with Timothy Carr and lead the expansion into a broader range of asset-based finance (ABF) capabilities. Expanding our ABF platform beyond residential and commercial real estate is a natural and important next step for Saluda Grade, said Ryan Craft, Founder & CEO of Saluda Grade. “Patrick has a strong track record of building institutional investment platforms across multiple sectors. His experience and leadership will help us broaden our reach while maintaining the same disciplined underwriting and structuring approach that has been central to our team and success so far.”
Key Insights at a Glance
- New Leadership: Patrick Lo joins Saluda Grade as Co-CIO, bringing over 20 years of experience in alternative credit and asset-based investing.
- Strategic Expansion: The firm is expanding its ABF platform beyond residential and commercial real estate.
- Industry Expertise: Lo’s experience in building and scaling diversified ABF investment strategies will enhance Saluda Grade’s capabilities.
- Investor Access: The expansion will offer institutional investors a wider range of differentiated private credit opportunities.
Why the Market Needs Diversified ABF Strategies
The asset-based finance market is growing rapidly, and the need for diversified investment strategies is becoming increasingly evident. Just as a well-diversified portfolio can mitigate risks in volatile markets, Saluda Grade’s expansion into additional ABF sectors represents a strategic move to offer institutional investors access to a wider range of opportunities. This expansion is crucial for maintaining a competitive edge and meeting the evolving demands of the market. The firm’s disciplined approach to underwriting and structuring will be key in navigating this new terrain, ensuring that investors have access to high-quality, diversified credit opportunities.
Why the Window for Action Is Closing Fast
Just as a ship must navigate through a narrow channel to reach its destination, Saluda Grade must act swiftly to capitalize on the growing demand for diversified ABF strategies. The appointment of Patrick Lo as Co-CIO is a strategic move that positions the firm to seize this opportunity. With his extensive experience in building and scaling investment platforms, Lo is well-equipped to lead Saluda Grade’s expansion. The firm’s ability to quickly adapt and expand its capabilities will be crucial in maintaining its position as a leader in the alternative credit space. The next few months will be critical as Saluda Grade rolls out its new strategies and continues to build its platform.
Saluda Grade Mobilizes for Strategic Expansion
Saluda Grade is committed to expanding its asset-based finance platform beyond its current focus on residential and commercial real estate. Patrick Lo, the new Co-CIO, will play a central role in this expansion. Most recently, Lo served as Co-CIO of Waterfall Asset Management, where he was instrumental in building and scaling diversified ABF investment strategies.
At Saluda Grade, Lo will work alongside Timothy Carr, who will continue to lead the firm’s residential credit investment business. “Saluda Grade has already built an impressive platform, and I am excited to help them become a major player in the ever-growing asset-based finance market,” said Lo. The firm’s expansion into additional ABF sectors is expected to position it as a leading provider of differentiated private credit opportunities for institutional investors.
Future Outlook
The expansion of Saluda Grade’s ABF platform is like a tree branching out to capture more sunlight. Just as a tree grows stronger and more resilient with each new branch, Saluda Grade’s diversified investment strategies will enhance its stability and growth. The firm’s disciplined approach to underwriting and structuring will be crucial in navigating the complexities of the expanding market. As Saluda Grade continues to build its platform, the firm is well-positioned to offer institutional investors a wider range of high-quality, diversified credit opportunities.
Conclusion
The appointment of Patrick Lo as Co-CIO marks a significant milestone for Saluda Grade. By expanding its ABF platform, the firm is poised to meet the growing demand for diversified investment strategies in the alternative credit market. Saluda Grade’s disciplined approach and experienced leadership team will be key in ensuring the firm’s continued success. Join the conversation in the comments below.
About Saluda Grade
Saluda Grade is an alternative investment firm specializing in asset-based credit. Founded in 2019, the firm has $4.4 billion in AUM as of January 1, 2026, and is headquartered in New York City. The firm’s leadership team brings collective experience navigating multiple market cycles and rate environments. The team offers industry knowledge and experience across structured credit, specialty finance, mortgage-backed securities, and growth equity investments.
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