A patient, disciplined, and nimble approach to niche market investing.
About
Bear Creek Asset Management is an employee-owned investment platform founded in 2005. Bear Creek manages assets on behalf of institutional clients and private investors across a variety of sectors and strategies. At our core, we seek to generate excess returns by applying our knowledge and relationship advantages in niche markets to create unique investment portfolios with asymmetric risk-return features.
AUM
$3B*
Locations
Denver and New York
Strategies
High-Yield
Credit & Lending
Primary and secondary market credit investments structured to generate outsized risk-adjusted returns relative to liquid securities.
Our high yield credit and lending strategy aims to deliver outsized yield relative to the underlying risk profile of the investment. This strategy often focuses on acquiring exposure to illiquid instruments with strong credit features that are priced at a discount to comparable publicly traded securities.
Private Equity /
Special Situations
Equity or equity-like investments in undervalued assets and businesses that provide for high absolute returns.
Our private equity and special situations strategy aims to produce outsized total returns over longer hold periods through a combination of current income and capital appreciation. Transactions will typically include a combination of novelty, structural complexity, distress, or some other form of mispricing.
Customized
Fixed Income
Customized, tax-efficient fixed income portfolios tailored to individual risk, duration, and tax profiles.
Our customized fixed income strategy aims to generate consistent, tax-advantaged yield over longer periods of time. Portfolios include a mix of taxable, tax-exempt, and qualified dividend securities. Returns can be enhanced by making opportunistic investments in less liquid, but sound credit quality instruments where a premium can be earned.
Corporate
Cash Management
Precision cash management with tailored liquidity and optimized yields.
Our corporate cash management strategy provides customized short-term portfolios tailored to specific liquidity profiles. These portfolios aim to generate excess returns over money market funds through careful issue selection, diligent credit risk management, and optimal liquidity management.
Team
Kevin Tulk
Partner
Jonathan Stern
Partner
Steve Mickelson
Partner
David Silver
CFO and CCO
Bill Jackson
Portfolio Manager
Derek Peters
Managing Director
Scott McKinney
Vice President
David Kuenzi
Vice President
Robert Jacobsen
Senior Advisor
Ed Curland
Senior Advisor
Shawn O'Neal
Founding Partner
Jim Roddy
Founding Partner
Contact
- Denver
- 1200 17th Street, Suite 970
- Denver, CO 80202
- New York
- 150 East 52nd Street, Suite 25001
- New York, NY 10022
*Approximate AUM as of 6/30/2024
Kevin Tulk
Partner
Kevin Tulk joined Bear Creek shortly after its founding in 2006 and has been involved in all aspects of the business, ranging from investments to operations to business development and capital formation. His current responsibilities include investment selection, structuring, and underwriting, overseeing firm operations, and investor relations. Throughout his tenure at Bear Creek, Mr. Tulk has invested throughout the capital stack in a diverse set of asset classes. He upholds the firm's steadfast commitment to rigorous underwriting and disciplined investment decisions that has been at the core of Bear Creek's successful track record. Prior to Bear Creek, Mr. Tulk was a Vice President at the alternative investing firm Three Palms. Mr. Tulk graduated from the University of Colorado with a B.A. in Economics and he has earned the Chartered Financial Analyst (CFA) Designation.
Jonathan Stern
Partner
Jonathan Stern is a Partner and co-leads Bear Creek Fund Advisors. Mr. Stern has spent his professional career making credit and equity investments, primarily in real assets. Over his 15-year tenure at a middle market private equity fund, Mr. Stern built businesses in housing, healthcare, energy, and municipal credit. He has invested throughout the capital structure and across industries, and has experience in distressed and performing credit, liquid securities and derivative trading, and joint venture partnerships. Mr. Stern was previously a Managing Director at Fundamental Advisors and graduated from Bucknell University with a B.A. in History.
David Silver
CFO and CCO
David Silver leads Bear Creek's accounting, organizational, and compliance activities across all segments of the firm. Mr. Silver joined Bear Creek in 2012 and has been instrumental in driving financial strategy and maintaining robust policies and procedures in an ever-evolving regulatory landscape. Mr. Silver also collaborates with the broader team on tax-efficient structuring, documentation, accounting, valuation, reporting, and investor relations. Prior to joining Bear Creek David was a senior auditor with Deloitte. David graduated from the University of Colorado with a B.S. and M.S. in Accounting and he is a Certified Public Accountant (CPA).
Steve Mickelson
Partner
Steve Mickelson is a Partner and co-leads Bear Creek Fund Advisors. He first joined Bear Creek Asset Management in 2010 and has over 35 years of capital markets and investment experience. Prior to his role co-leading Bear Creek Fund Advisors, Mr. Mickelson has been responsible for over $400 million in real estate equity investments and $1 billion in lending transactions. Most recently Mr. Mickelson managed vehicles specializing in the affordable housing, and skilled nursing sectors. Prior to joining Bear Creek, Mr. Mickelson helped manage a multi-billion dollar real estate and bond portfolio as a Managing Director at Citigroup, where he also provided pricing for Community Reinvestment Act lending and investment transactions. Mr. Mickelson is a graduate of Trinity College with a B.A. in Economics.
Bill Jackson
Portfolio Manager
Bill Jackson joined Bear Creek in 2007 and manages liquid and short duration assets at the firm, across corporate, municipal, and mortgage markets. Mr. Jackson also collaborates with the broader team to assess and execute preferred stock and long-term municipal bond investments. Mr. Jackson has spent 40 years in the bond business, both on the sell-side and buy-side. He began his career at Boettcher & Company as a retail odd-lot trader and ultimately managed an institutional trading book. Mr. Jackson subsequently joined Norwest Bank to manage a municipal bond trading desk, and later assumed portfolio management responsibilities for the firm's national, intermediate, and money market municipal bond funds. While at Norwest, Mr. Jackson earned 4 and 5-star performance rankings from Lipper Analytics and Morningstar. Following Norwest's merger with Wells Fargo, Mr. Jackson transferred to the Private Bank division where he led the development of the Short-Term Asset Management product line, ultimately growing it to a $3bn AUM business. Bill graduated from Colgate University with a B.A. in Liberal Arts in 1984 and he has earned the Chartered Financial Analyst designation.
Derek Peters
Managing Director
Derek Peters joined Bear Creek in 2022 with a focus on sourcing and underwriting private investments in various asset classes, including charter schools and niche municipal credit subsectors. Mr. Peters also contributes to a number of portfolio management activities across both public and private markets. Prior to joining Bear Creek Derek worked as Director of Public Finance at Sunflower Bank, Senior Vice President at Texas Capital Bank, and Director of Public Finance at CoBiz Financial Inc. Derek graduated from Dordt College with a B.A in Business Administration with an emphasis in Finance and Marketing and received a Master of Business Administration from the University of Colorado Denver.
Scott McKinney
Vice President
Scott McKinney has been with Bear Creek since 2011 and currently spearheads operational and technological initiatives, focused on streamlining operations, optimizing workflow productivity, and ensuring accuracy. Prior to joining Bear Creek, Scott was Senior Vice President at the commodity trading advisor Seven Trust Global Advisors and Senior Financial Analyst at the alternative asset firm Three Palms. He graduated from the University of Colorado with a B.A. in Economics.
David Kuenzi
Vice President
David Kuenzi serves as a Vice President on the investment team for Bear Creek Fund Advisors. He has over 10 years of investment banking and capital markets experience spanning several industries including infrastructure, real estate and housing, energy, municipal finance, and credit derivatives. Most recently, Mr. Kuenzi was a Vice President at Goldman Sachs in the Investment Banking Division, having built his career in the Public Sector and Infrastructure ("PSI") and Natural Resources teams. During his tenure at Goldman Sachs, Mr. Kuenzi led execution and analysis for numerous transactions in the workforce housing, affordable housing, midstream energy, aviation, and general infrastructure / public-private partnership sectors. Mr. Kuenzi is a graduate of Calvin University with a B.A. in Economics and a minor in Biochemistry.
Robert Jacobsen
Senior Advisor
Robert Jacobsen serves as a Senior Advisor to Bear Creek Fund Advisors. He brings over 40 years of professional experience including serving as a Managing Director at Merrill Lynch, Goldman Sachs, and Fundamental Advisors. Mr. Jacobsen has accumulated expertise in municipal finance, housing, energy, and lease transactions, along with other real asset verticals. He currently serves on the Board of Managers for Greystone AF Manager LLC, overseeing a portfolio of mortgage revenue bonds for multifamily, seniors, and student housing properties. Mr. Jacobsen graduated with a B.A. and an M.A. from Columbia University and an M.B.A. from the University of Michigan.
Ed Curland
Senior Advisor
Ed Curland serves as a Senior Advisor to Bear Creek Fund Advisors. He has over 40 years of experience as a lender, trader and principal investor in primarily municipal and not-for-profit credits. Over the past 25 years he was a Managing Director at Bank of America/Merrill Lynch where he was head of Municipal Capital Markets (MCM). At MCM he was responsible for the management of the $10 billion+ platform of affordable housing, not-for-profit healthcare, infrastructure and alternative energy lending and municipal proprietary trading. He was also President of the $40 billion Blue Ridge Bank of America affiliate specializing in non-bank eligible investments. Mr. Curland is a graduate of SUNY at Buffalo with a MS in Civil Engineering and has an MBA from Columbia University.
Shawn O'Neal
Founding Partners
Shawn O'Neal is a Founding Partner of Bear Creek and maintains an advisory role. In this capacity, Mr. O'Neal provides strategic guidance and plays a pivotal role in shaping the firm's long-term vision and strategic priorities. Prior to founding Bear Creek, Mr. O'Neal was a Managing Director of Fixed Income Sales U.S. Bancorp Investments/Piper Jaffray.
Jim Roddy
Founding Partners
Jim Roddy is a Founding Partner of Bear Creek and maintains an advisory role. In this capacity, Mr. Roddy guides the firm on finance, compliance, and strategic priorities. Prior to founding Bear Creek, Mr. Roddy was the Head of Institutional Fixed Income Sales U.S. Bancorp Investments/Piper Jaffray.
Royalty Roofing
- Company
- Royalty Roofing
- Headquarters
- Seymour, IN
- Investment Date
- 2023
- Website
- royaltyroofing.com
- Description
- Royalty provides national re-roofing, maintenance, inspection and repair services predominantly to customers in the commercial end-market.
Oilex
- Company
- Oilex
- Headquarters
- Denver, CO
- Investment Date
- 2023
- Website
- oilexgreasemonkey.com
- Description
- Oilex provides oil change and automotive maintenance services and is the largest operator of U.S.-based quick lube locations within the Grease Monkey franchise system.
Peak Nutritional Products
- Company
- Peak Nutritional Products
- Headquarters
- Tampa, FL
- Investment Date
- 2022
- Website
- peaknutritionalproducts.com
- Description
- Peak is a contract manufacturer of nutraceutical products primarily for sports nutrition, fitness, and health & wellness brands.
One Source Communications
- Company
- One Source Communications
- Headquarters
- Greenville, NC
- Investment Date
- 2022
- Website
- onesource.net
- Description
- One Source Communications is a managed services provider that implements and maintains telecom connectivity, infrastructure, and cybersecurity primarily for enterprises with multi-location operations.
SkyMark Refuelers
- Company
- SkyMark Refuelers
- Headquarters
- Kansas City, KS
- Investment Date
- 2021
- Website
- skymarkrefuelers.com
- Description
- SkyMark Refuelers assembles and distributes aircraft refueling trucks, liquid waste removal trucks, and related truck bodies/tanks.
Ro Health
- Company
- Ro Health
- Headquarters
- Seattle, WA
- Investment Date
- 2021
- Website
- rohealth.com
- Description
- Ro Health provides healthcare staffing solutions primarily on the West Coast. Ro specializes in providing school districts with nurses and behavioral health professionals who provide 1-to-1 care for students with chronic physical and mental disabilities.
Modani
- Company
- Modani
- Headquarters
- Miami, FL
- Investment Date
- 2021
- Website
- modani.com
- Description
- Modani is a modern furniture brand that sells online and through a network of 17 showrooms located throughout the United States.
Made By The Water
- Company
- Made By The Water
- Headquarters
- Apalachicola, FL
- Investment Date
- 2021
- Website
- oystercity.beer
- Description
- Made By The Water is one of the largest Southeast-based craft brewers and has three brands - Oyster City Brewing Company, Catawba Brewing, and Palmetto Brewing.
Sales Xceleration
- Company
- Sales Xceleration
- Headquarters
- Indianapolis, IN
- Investment Date
- 2021
- Website
- salesxceleration.com
- Description
- Sales Xceleration provides outsourced and fractional sales leadership services to small and mid-sized businesses through a network of experienced sales professionals.
High Speed Gear
- Company
- High Speed Gear
- Headquarters
- Swansboro, NC
- Investment Date
- 2021
- Website
- highspeedgear.com
- Description
- High Speed Gear designs and manufactures pouches and other tactical gear used by military, law enforcement, and enthusiasts.
Tax Advisors Group
- Company
- Tax Advisors Group
- Headquarters
- Dallas, TX
- Investment Date
- 2021
- Website
- taxadvisorsgroup.com
- Description
- Tax Advisors Group is a business tax consulting company specializing in business personal property tax filings in the state of Texas.
ON Services
- Company
- ON Services
- Industry
- Business Services
- Experience
- Prior Firm
- Description
- ON Services provides event rental equipment and related services.
Drake Waterfowl
- Company
- Drake Waterfowl
- Industry
- Consumer Products
- Experience
- Prior Firm
- Description
- Drake develops and distributes branded hunting, fishing, outdoor, and casualwear products.
Specialized Desanders
- Company
- Specialized Desanders
- Industry
- Energy
- Experience
- Prior Firm
- Description
- Specialized Desanders provides engineered de-sanding solutions to high pressure oil and gas wells.
Fischbein
- Company
- Fischbein
- Industry
- Manufacturing / Industrials
- Experience
- Prior Firm
- Description
- Fischbein provides a full range of bag closing equipment and peripherals.
CIS Secure Computing
- Company
- CIS Secure Computing
- Industry
- Technology
- Experience
- Prior Firm
- Description
- CIS modifies IT equipment to meet military and intelligence community requirements.
Terms of Use and Legal Information
By accessing this site, you signify your agreement with and understanding of the following Terms of Use and Legal Information pertaining to both this site and any material in it.
Ownership of Site and Trademarks
Bear Creek Asset Management, LLC, Bear Creek Fund Advisors LLC, and their affiliates (collectively and/or individually “Bear Creek”) own and maintain this site. No act of downloading or otherwise copying from this site will transfer title to any software or material at this site to you. Anything that you transmit to this site becomes the property of Bear Creek may be used by Bear Creek for any lawful purpose, and is further subject to disclosure as deemed appropriate by Bear Creek, including to any legal or regulatory authority to which Bear Creek is subject. Bear Creek reserves all rights with respect to copyright ownership of all material at this site, and will enforce such rights to the full extent of the law. Reference to a company including its logo or symbol does not indicate, and should not be viewed as, an endorsement by Bear Creek of such company and does not imply that such company endorses Bear Creek.
No Reliance
While Bear Creek uses reasonable efforts to update the information on this site, it makes no representations or warranties as to the accuracy, reliability or completeness of any information at this site. Any contents at this site are subject to change without notice.
Material to be Consulted in its Entirety
All materials in this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do to the whole and will be deemed incorporated in the portion of any material or document that you consult or download.
Linked Sites
Bear Creek has not reviewed any of the sites linked to this site and is not responsible for the content of off-site pages or any other site linked or linking to the site. Your linking to any off-site pages, including those provided in any linked news articles or other sites is at your own risk. References to Bear Creek that are contained on any website, article or social media post should not be considered as a recommendation of or by Bear Creek.
No Warranty
The materials in this site are provided “as is” without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law. Bear Creek further assumes no responsibility for, and makes no warranties that functions contained at this site will be uninterrupted or error-free, that defects will be corrected, or that the site or the server that makes it available will be free of viruses or other harmful components. Bear Creek shall not be liable for any damages, viruses, or services, repairs or corrections that must be performed on your computer or other property on account of your accessing or using this site. Please note that some jurisdictions do not allow the exclusion of implied warranties, so some or all of the above exclusions may not apply to you.
Privacy Policy
Last Updated: 8/30/2024
In this Privacy Notice, the terms “we,” “our” and “us” refer to Bear Creek Asset Management, LLC and Bear Creek Fund Advisors LLC (collectively and/or individually “Bear Creek”), their affiliated entities, our funds under management, and our employees, collectively. The terms “you” and “your” in this Privacy Notice refer broadly to all the individual investors that have provided information to the Partnership and those who have accessed the website. This Privacy Policy outlines how Bear Creek collects, uses, discloses, and safeguards personal information obtained through our website (the "Website").
1. Information We Collect
1.1. Personal Information
We may collect the following types of personal information:
- Contact Information: Such as your name, email address, postal address, and phone number, when you provide it voluntarily through forms on our Website.
- User Account Information: If you create an account, we may collect information such as your username and password.
Your Personal Information will be retained for the time necessary in relation to the purpose(s) for which such information is processed. For example, we may retain limited amounts of your Personal Information to ensure compliance with a legal obligation to which we are subject or to market specific products and services. If you are an investor, your Personal Information will be processed for as long as you remain an investor with us, and when you are no longer an investor, we will continue to process your Personal Information which has a minimal privacy impact for the time which is necessary in relation to the purpose(s) for which such information is processed.
1.2. Automatically Collected Information
We may also automatically collect certain information when you visit our Website, including:
- Usage Data: Information about your interaction with our Website, including your IP address, browser type, device type, and pages visited.
- Cookies: We use cookies and similar tracking technologies to collect data about your browsing behavior and preferences. You can manage your cookie preferences through your browser settings.
We do not knowingly collect Personal Information from children under the age of 13. If you are under the age of 13, please do not submit any Personal Information through our website. We encourage parents and legal guardians to monitor their children's Internet usage and to help enforce our Privacy Policy by instructing their children never to provide Personal Information on our website without their permission.
2. How We Use Your Information
We may use your personal information for the following purposes:
- Communication: To communicate with you, respond to inquiries , and provide updates about our services.
- Analytics: To analyze and improve our Website's performance, user experience, and content.
3. Disclosure of Your Information
We may share your personal information in the following situations:
- Service Providers: We may share your information with third-party service providers who assist us in operating our Website, conducting business, or providing services to you.
- Legal Compliance: When required by law or in response to legal process, we may disclose your information to comply with legal obligations or protect our rights, privacy, safety, or property.
We do not disclose any Personal Information we collect, as described above, about our current or former investors to anyone other than to administrators, custodians, banks and service providers (including but not limited to our IT service providers, email archivists and CRM system providers) in connection with the administration, processing and servicing of customer accounts or to our accountants, attorneys and auditors (all such persons, collectively, “Third Parties”), or otherwise as required by law.
4. Your Rights and Choices
You have the right to receive confirmation from us of whether or not we are processing your Personal Information and, if so, to obtain a copy of that Personal Information, as provided for by applicable law. You also have the right to obtain the rectification of inaccurate Personal Information without undue delay. You can exercise these rights by contacting David Silver by e-mail at dsilver@bearcreekam.com.
5. Data Security
- We implement reasonable security measures to protect your personal information from unauthorized access, disclosure, alteration, or destruction.
The California Consumer Privacy Act of 2018, California Civil Code Sections 1798.100 et seq. (CCPA) additionally affords data protection rights to persons who are California residents, following a verifiable request, and under certain circumstances:
- the right of access—twice in a 12-month period, free of charge—to the 12-month period prior to the request, the categories and specific pieces of personal information Bear Creek has collected about the person, the categories of sources from which the personal information is collected, the business purpose for collecting the personal information; and
- the right to delete personal information under certain circumstances.
7. Changes to this Privacy Policy
We may update this Privacy Policy from time to time to reflect changes in our practices or for other operational, legal, or regulatory reasons. We reserve the right to update or modify this Privacy Policy at any time and from time to time without prior notice. Please review this policy periodically, and especially before you provide any Personal Information. This Privacy Policy was last updated on the date indicated above. Your continued use of our website after any changes or revisions to this Privacy Policy shall indicate your agreement with the terms of such revised Privacy Policy.
8. Contact Us
If you have any questions or concerns about this Privacy Policy, please contact David Silver by e-mail at dsilver@bearcreekam.com.
INTRODUCTION
This website is for informational purposes only. Nothing on the website is a recommendation that you purchase, sell or hold any investment and references to any investments are for illustrative purposes only. The material on this website does not take into account the particular investment objectives, restrictions, or financial, legal or tax situation of any specific investor. Bear Creek Asset Management, LLC, Bear Creek Fund Advisors LLC, and their affiliates (collectively and/or individually “Bear Creek”) do not make any representation to, and disclaims any liability with respect to, the accuracy, timeliness and/or completeness of the information contained herein. All information is subject to change.
The views and opinions expressed herein are those of Bear Creek as of the date hereof and are subject to change based on prevailing market and economic conditions and will not be updated or supplemented.
INVESTMENTS ENTAIL A HIGH DEGREE OF RISK, INCLUDING THE RISK OF LOSS.
There is no assurance that an investment objective will be achieved or that investors will receive a return on their capital. The recipient also must consult its own legal, accounting and tax advisors as to the legal, business, tax and related matters concerning the information contained in this document to make an independent determination and consequences of a potential investment with Bear Creek.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS OR A GUARANTEE OF FUTURE RETURNS.
The performance of Bear Creek or any investments discussed on this website is not necessarily indicative of future performance, and you should not assume that investments in the future will be profitable or will equal the performance of past investments.
REGISTRATION
Bear Creek Asset Management, LLC and Bear Creek Fund Advisors LLC are investment advisers registered with the Securities and Exchange Commission (“SEC”). Such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Additional important information about Bear Creek, including our Form ADV Part 2A Brochures, is available at the SEC’s website, http://www.adviserinfo.sec.gov.
EXTERNAL SOURCES
Certain information contained herein has been obtained from third-party sources. Although Bear Creek believes the information from such sources to be reliable, Bear Creek makes no representation as to its accuracy or completeness.