CRESCENT PARK MANAGEMENT, L.P.

Crescent Park is a fundamental equity investment firm dedicated to two objectives: providing superior returns for clients and a fulfilling environment for its team. The firm builds concentrated portfolios of its best ideas in three strategies: long/short, long-only, and opportunistic equities.

What We Do

Crescent Park was founded in Palo Alto, CA in 2014 by Eli Cohen and other members of the Palo Alto-based team that had worked for Ziff Brothers Investments – Equities since 2002. As of March 31, 2022, the firm invests approximately $500 million for external clients and the firm’s principals. Eli serves as the Chief Investment Officer leading a team of four investment analysts responsible for researching ideas across a broad range of industries and geographies.

Crescent Park invests in publicly traded global equity securities. The investment approach is primarily bottom-up driven, focused on long-duration change-intensive themes and utilizing long-established investment frameworks. The investment team seeks to identify situations where its work demonstrates a variant perception and value can be compounded over multi-year periods.

Team

Crescent Park has a small team of investment professionals with training in analytical, investigative, and psychological aspects of investing. The investment team takes a long-term approach to investing which is consistent with the heritage of its members: family office and private equity investing, management consulting and leadership development.

Investment Philosophy

Our investment philosophy is founded on four core principles which have been consistently applied, and adhered to, since our inception. These core principles are outlined below:
We identify important, and often misunderstood, thematic changes in technology, industries and companies.
Be Different.
We own companies rather than rent stocks; we prioritize large multi-year outcomes over short-term trading.
Invest for the long-term.
Long term free cash flow generation is our focus as it is ultimately what drives value creation.
Focus on strong business profiles and sustainable competitive advantages.
We focus on our best ideas and embrace volatility that comes with concentration by being "greedy while others are fearful."
Concentrate our investments.

Investment Strategies

  • Fundamental Long/Short
    The Crescent Park Long/Short Strategy invests in a concentrated portfolio of businesses. The strategy is focused on long duration change-intensive themes driven by proprietary investment frameworks. The investment team seeks to identify situations where its work demonstrates a variant perception and value can be compounded over multi-year periods.
  • Fundamental Long-Only
    The Crescent Park Long-Only Strategy replicates the long positions in the long/short fund adjusted for leverage. As a result, Crescent Park's long-only investment approach is a natural extension of its existing long/short strategy but designed for clients seeking returns in excess of a global equity benchmark.
  • Opportunistic
    Crescent Park will often create opportunistic strategies to pursue one off trades or transactions in which they have excess capacity. These strategies may consist of investments in public companies who have gone through a dramatic dislocation in price or in special situations where Crescent Park partners with management teams with whom they have long-standing relationships. Other equity related co-investment opportunities may arise over time.

Environmental,

Social &

Governance

  • Data
  • Integrated Approach
  • Evaluation
  • Engagement
Crescent Park collects information on Environmental, Social & Governance factors through company websites, news articles, corporate social responsibility (CSR) or sustainability reports, company annual and quarterly reports, investor relations updates and other direct contact with companies. Crescent Park also utilizes ESG ratings services from MSCI. MSCI maintains an ESG database with evaluations on 7,500 companies (13,500 issuers) and more than 650,000 equity and fixed income securities. In addition to the information sourced directly from companies, Crescent Park references MSCI ESG Reports to help identify meaningful ESG risks as well as opportunities for engagement.
Our goal is to integrate ESG factors in our stock selection process. Crescent Park's research analysts and CIO determine how identified risks and opportunities may impact company valuation and positioning over time (positively or negatively). Research analysts and the CIO also seek to discuss ESG issues directly with portfolio companies through direct engagement.
Crescent Park considers ESG factors in the investment decision making process at both the stock and the aggregated portfolio level. Factors evaluated include (but are not limited to): carbon emissions, climate change effect, pollution, waste disposal, renewable energy, resource depletion, supply chain, political contributions, discrimination, diversity, community relations, human rights, cumulative voting, executive compensation, shareholders' rights, takeover defense, staggered boards, and independent directors.
Where appropriate, Crescent Park seeks to proactively engage in dialogue with companies to better understand, manage and/or address identified ESG issues. Our efforts seek to encourage good governance and standards of conduct.

Contact Us

Pete Philips

Pete Philips, CFA
Managing Director

investorrelations@crespark.com

    Crescent Park Management. L.P.

    1900 University Avenue, Suite 501
    East Palo Alto, CA 94303