# Atalaya Asset Income
Atalaya Asset Income is a series of private credit funds, first raised in 2012, managed by Atalaya Capital Management LP, a New York-based alternative asset manager founded in March 2006 by Ivan Zinn. "Asset income" refers to performing, collateral-backed financial assets: consumer loans, commercial receivables, and other instruments that generate contractual income rather than equity upside. The successor evergreen (open-ended fund that accepts new investor money continuously) vehicle reported $1.44 billion sold to 91 investors by March 2024.[1](https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt)
## Key facts
| Fact | Detail |
|---|---|
| Manager founded | March 2006, by Ivan Zinn, Partner and Chief Investment Officer[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) |
| Headquarters | New York City; manager offices at One Rockefeller Plaza[1](https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt) |
| Strategy | Asset-based private credit in performing consumer, commercial, and real-estate-backed assets[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) |
| Scale (2021) | $5.3 billion firm AUM per Cliffwater due diligence; about $6 billion per the company's own March 2021 release[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) • [3](https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html) |
| Evergreen vehicle | $1,440,130,000 sold to 91 investors per Form D/A, March 2024[1](https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt) |
| Ownership | 80% employees, 20% Dyal Capital Partners, as of January 2021[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) |
| Status | Asset Income entities remained SEC-active through 2025[5](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&count=40&filenum=812-15715-217&owner=include) |
## History and people
Ivan Zinn founded Atalaya Capital Management in March 2006 after helping establish a similar investment strategy at two multi-strategy hedge funds, according to a Cliffwater due-diligence memo prepared for the Rhode Island Treasury when it considered an allocation to Fund V.[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) The Asset Income strategy itself launched in 2012 to complement the firm's Special Opportunities Fund strategy.[3](https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html)
By January 2021 the firm had 32 investment professionals led by five partners: Zinn (Chief Investment Officer), Raymond Chan, Joshua Ufberg, David Aidi, and Matthew Rothfleisch, with Drew Phillips as Chief Operating Officer. Ownership stood at 80% employees and 20% Dyal Capital Partners.[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) The Cayman IV filing names Ivan Zinn, Raymond Chan, Josh Ufberg, David Aidi, and Robert Flowers.[4](https://aum13f.com/fund/atalaya-asset-income-fund-cayman-iv-lp) The 2024 [Evergreen](https://www.edgepedia.org/evergreen) filing lists Zinn, Aidi, Chan, Phillips, Rothfleisch, and Ufberg as executive officers, with Zinn signing as Chief Investment Officer of the manager.[1](https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt)
## Investment strategy
The Asset Income strategy buys performing financial assets backed by consumer, commercial, or real estate collateral. The Fund V press release enumerates the target classes: consumer finance assets such as credit card originations, consumer installment loans, auto loans, and buy-now-pay-later receivables; commercial finance assets including small-business financing, merchant cash advance, and factoring; and select leasing in middle-market mission-critical equipment and aviation.[3](https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html)
Position sizing and return targets come from the Cliffwater memo. A typical fund makes investments of $20–40 million across 30–40 positions, targets gross internal rates of return of 12–17% and cash yields of 7–10%, and aims for net returns of 10–13%. Atalaya did not use fund-level leverage in the strategy through early 2021 and did not intend to for Fund V.[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) By the time of the Fund V close the strategy had made more than 135 investments in specialty finance, per the company.[3](https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html)
## Funds raised, by the numbers
The series combines Delaware onshore funds with parallel [Cayman Islands](https://www.edgepedia.org/cayman-islands) vehicles bearing the same fund numbers. Documented amounts include:
- **Fund IV**: the company said AIF IV closed at its $900 million hard cap in 2018.[3](https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html)
- **Cayman IV** (filed 2018-04-11): $272.3 million sold of a $900.0 million offering as of the 2018-03-01 sale date, a 506(b)/3(c)(7) exemption filing.[4](https://aum13f.com/fund/atalaya-asset-income-fund-cayman-iv-lp)
Cliffwater's January 2021 memo put committed capital across the four prior funds at approximately $1.7 billion.[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf)
Fund V closed at its $1 billion hard cap on March 1, 2021, exceeding a $900 million target; the company said its investors included public and corporate pension plans, sovereign wealth funds, foundations, and endowments. The firm also reported approximately $6 billion in assets under management at that close, versus the $5.3 billion in Cliffwater's January memo a few weeks earlier.[3](https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html) A separate, open-ended **Atalaya Asset Income Fund Evergreen LP**, formed in 2021, filed an initial Form D in December 2021 and by its March 2024 amendment reported $1,440,130,000 sold to 91 investors.[1](https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt)
**Onshore and Cayman vehicles.** Each vintage appears twice, once as a Delaware fund (for example, Atalaya Asset Income Fund IV LP) and once as a Cayman fund (Atalaya Asset Income Fund (Cayman) IV LP), both managed by Atalaya Capital Management LP. The record's sources do not explain the operational division between them; in pooled-fund practice parallel non-US entities of this kind typically serve non-US investors, but that purpose is not documented in the available sources.
## Performance and portfolio
Cliffwater's memo gives the strategy's track record through September 30, 2020: $1.8 billion called from limited partners, $1.4 billion distributed, a remaining fair market value of $700 million, and a net return of 1.31 times paid-in capital, against 4.9% for the Barclays High Yield Index over the same period.[2](https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf) The portfolio consists of loans and receivables rather than controlling equity stakes, so the strategy's outcomes show up as fund distributions and multiples, not named company exits; the sources in this record name no specific portfolio companies.
## The record in recent years
What the primary record does show is continued SEC activity under the Atalaya name:
- The Evergreen fund amended its Form D in March 2024, reporting $1.44 billion sold.[1](https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt)
- Atalaya Asset Income Fund Parallel 345 LP, a Delaware entity, filed an Investment Company Act Section 40-APP application for exemption on March 7, 2025, with amendments through April 9, 2025.[5](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&count=40&filenum=812-15715-217&owner=include)
The 2025 filing shows the Asset Income complex was still operating as a distinct fund family.
## References
1. SEC Form D/A, Atalaya Asset Income Fund Evergreen LP, filed 2024-03-12. https://www.sec.gov/Archives/edgar/data/1896019/000189601924000001/0001896019-24-000001.txt
2. Cliffwater Recommendation Memo, Atalaya Asset Income Fund V (Rhode Island Treasury, 2021-01-27). https://data.treasury.ri.gov/dataset/8325cff1-32fc-4bdb-bd17-1ffd034d50cf/resource/acdf2ac5-8f59-46d2-9336-09c17afb3c6d/download/cliffwater-atalaya-asset-income-fund-v-recommendation-memo.pdf
3. Atalaya Capital Management Closes Fifth Asset Income Fund at $1 Billion Hard Cap (PR Newswire, 2021-03-01). https://www.prnewswire.com/news-releases/atalaya-capital-management-closes-fifth-asset-income-fund-at-1-billion-hard-cap-301237243.html
4. Atalaya Asset Income Fund (Cayman) IV LP, Form D record. https://aum13f.com/fund/atalaya-asset-income-fund-cayman-iv-lp
5. SEC EDGAR, Atalaya Asset Income Fund Parallel 345 LP filings. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&count=40&filenum=812-15715-217&owner=include
---
*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Private credit and lending funds › Asset-based and specialty credit funds*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license