Saluda Grade appoints Patrick Lo as co-CIO

New York City-based Saluda Grade, an alternative investment firm with a concentration in asset-based finance, announced Thursday that Patrick Lo is joining the company as its co-chief investment officer.

Lo has more than 20 years of experience in alternative credit and asset-based investing. He will work with Timothy Carr in the newly created co-CIO role to oversee Saluda Grade‘s investment process and lead its expansion into a larger set of financing capabilities beyond its current focus in residential and commercial real estate.

Lo comes to Saluda Grade after a stint as co-CIO at Waterfall Asset Management, where he served in a key role to build and scale diversified asset-based finance (ABF) investment strategies.

“Expanding our ABF platform beyond residential and commercial real estate is a natural and important next step for Saluda Grade,” Ryan Craft, the company’s founder and CEO, said in a statement. “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. ”

“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,” Lo said.

Saluda Grade was founded in 2019 and reportedly has $4.4 billion in assets under management as of Jan. 1, 2026. It provides industry knowledge and experience across structured credit, specialty finance, mortgage-backed securities and growth equity investments.