Joe Siprut of Kerberos Capital Management

Join us for a private Family Office Insights Webinar featuring Joe Siprut, founder and CEO of Kerberos Capital Management, a Chicago-based alternative investment management firm specializing in opportunistic credit with a focus on legal assets. Founded in 2018, Kerberos now manages over $330 million for a diverse group of institutional investors and family offices through its flagship funds and co-investment platform. Learn more about Kerberos' credit-focused investment platform and approach, which features equity-like returns with little to no correlation to traditional asset classes and macro-economic cycles.

May 15, 2025 at 2:15pm-3:15pm EST

Investors Only Please!

About Kerberos Capital Management

Kerberos is an SEC-registered investment advisor and pioneer in legal assets and law firm lending, delivering proven results through an innovative and uncorrelated investment strategy that aims to generate alpha from complexity, not increased risk, by originating, underwriting, funding, and managing loans collateralized by complex legal assets. The success of Kerberos' strategies requires an unrelenting focus on protecting principal and protecting the downside, and they structure their transactions accordingly. The Kerberos investment approach incorporates rigorous risk oversight at both enterprise and fund levels, utilizing a mix of bottom-up asset selection and top-down portfolio management. They enforce single-position risk limits and diversification to mitigate exposure, while durational targets are set to optimize opportunities. Critical to their strategy are detailed reviews of financials, credit, and counterparty risks, seeking a balanced and secure investment environment for their clients.

Target Audience
Kerberos has extensive experience creating and managing bespoke portfolios for institutional investors and family offices globally. Kerberos’ investment thesis is to generate alpha from complexity, not increased risk, by originating, underwriting, funding, and managing loans collateralized by complex legal assets. This strategy has delivered net IRRs of 15–19% with little to no correlation to traditional equity and fixed income markets. Investment performance is driven by cash flows from case proceeds in a law firm’s portfolio, making success largely independent of macroeconomic cycles. As a result, Kerberos’ approach presents an attractive opportunity for any investor seeking equity-like returns while enhancing portfolio diversification.

Differentiators
Early Mover Advantage - Founded in 2018, Kerberos was among the first litigation finance firms to adopt law firm lending collateralized by a law firm’s entire case portfolio, positioning itself to scale ahead of newer entrants. This early mover advantage allows the firm to leverage a well-established network and source exclusive opportunities, potentially securing a first look at the most attractive deals.

Underwriting - Kerberos team members have significant experience (in their former capacities as trial lawyers/senior litigators) with the same or similar collateral underlying a typical Kerberos loan transaction. At the same time, Kerberos has developed extensive data analytics capabilities, including a proprietary data library. The firm's diligence and underwriting fully harness these resources.

Information Edge - Kerberos has invested in loans collateralized by tens of thousands of cases across numerous law firms. As part of its monitoring process, the firm receives quarterly updates on mass tort cases from the lead attorneys, providing an information advantage that helps Kerberos assess which cases are most likely to monetize in the near term.

Business Status
Since 2018, Kerberos has deployed over $350M to $390M into law firm loans, yet the firm believes the opportunity set for legal asset lending has never been stronger, as evidenced by its robust pipeline of over $200 million. This pipeline allows the team to select deals with the most attractive risk/reward profiles. While traditional law firm loans remain the cornerstone of Kerberos' investment strategy, the firm has recently identified compelling opportunities in more opportunistic areas such as direct case acquisitions and insurance-backed loans. Kerberos expects these investments to enhance Fund III's overall returns compared to prior vintages.

Funding Status
After managing two fund-of-one products (2019 and 2020 vintages), Kerberos is now fundraising for Kerberos Fund III with a minimum investment size of $1 million (although this may be reduced at manager discretion). The Fund had its first close in late 2024 is expected to reach its final close by the end of 2025. Kerberos plans to provide a GP commitment of 2% of total capital raised. In addition to its flagship funds, Kerberos frequently invests through separately managed accounts and co-investment vehicles. The firm’s LP base includes a diverse group of institutional investors, RIAs, and family offices.

Team

Joe Siprut is the Founder, Chief Executive Officer, and Chief Investment Officer of Kerberos Capital Management. As the CEO and CIO of Kerberos, Joe is responsible for ensuring the firm’s adherence to its core investment philosophies; communicating closely with clients on products and strategies; and overseeing firm operations.

Prior to founding Kerberos, Joe was a nationally recognized attorney. He was named to the LawDragon 500 (the top 500 attorneys in the United States across all practice areas); was repeatedly named a “Super Lawyer” and “Leading Lawyer” for litigation, class actions, and mass torts practice; was listed in America’s Top 100 Attorneys; and holds an AV Preeminent rating by Martindale-Hubbell, the highest possible peer review rating. He was called a “fearless game-changer” by the Chicago Daily Law Bulletin. Earlier in his career, Joe was also named one of the Top 40 attorneys in Illinois under the age of 40, and was named one of the “Top 40 Under 40” by the National Trial Lawyers Association. Joe was selected for membership in the Multi-Million Dollar Advocates forum, limited to attorneys who have won million and multi-million dollar verdicts and settlements.

Joe is a frequent speaker and panelist at private credit and alternative investment conferences worldwide. Joe’s national television appearances include Legal View with Ashleigh Banfield; Fault Lines; and Fox Sports, among others. Joe has also published academically, with featured papers and scholarship in the nation’s leading law reviews. Joe is a graduate of the Northwestern University School of Law, where he served as the Managing Editor of the Northwestern Law Review.

Jon Miller is a Managing Director at Kerberos Capital Management. As part of the Investment Team, Jon is responsible for underwriting new opportunities and for the servicing and monitoring of existing positions. Prior to joining Kerberos, Mr. Miller was a litigation partner at Williams Barber & Morel Ltd. (f/k/a Williams Montgomery & John Ltd.), where he focused on commercial and securities litigation. Mr. Miller brings extensive litigation experience involving the financial industry, having defended global trading firms, law firms and high-net worth individuals in investigations by governmental authorities and various complex lawsuits. He received his law degree from the University of Virginia School of Law, where he was the recipient of the Virginia Law Scholarship, and his undergraduate degree, summa cum laude, from Temple University.

Michael Stathakis is a Senior Finance Associate at Kerberos Capital Management. As part of the Investment Team, he is responsible for the financial analysis and underwriting of potential borrowers and the monitoring of existing borrowers. Prior to joining Kerberos, Mr. Stathakis was a senior investment analyst at SpringTide Partners, where he was responsible for investment manager diligence and conducted both macro and micro research across a diverse set of asset classes. Prior to his role at SpringTide, Mr. Stathakis was an investment analyst at Morningstar, Inc, where he conducted fixed income asset class research which included sovereign, investment grade, and high yield corporate bonds. He received his MBA from the University of Chicago Booth School of Business and undergraduate degree in economics from the University of Michigan. Mr. Stathakis also holds the Chartered Financial Analyst (“CFA”) designation.

John Garcia is the Finance Associate at Kerberos and a member of the Investment Team. In this role, he is responsible for the financial analysis and underwriting of potential borrowers as well as assisting in other investment and operations related functions. Prior to joining Kerberos, John Garcia was a research analyst at GCM Grosvenor, where he focused on credit-related investment diligence and monitoring across both public and private markets within the fund of funds space. His coverage responsibilities spanned the credit universe including corporate, structured, and niche strategies such as litigation finance, emerging markets, music royalties, and hard assets. He received his undergraduate degree in economics from Princeton University.

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