Waterfall Asset Management, a global alternative investment adviser with a focus on specialized, asset-oriented markets, welcomed Zachary Liebmann and Kenneth Nick as partners in the firm. Brian Breakstone has re-joined the firm in his prior role as partner.
Liebmann, Nick and Breakstone are based in New York and join the seven current partners at the firm. These appointments reflect the significant contributions they have each made to Waterfall and their leadership throughout the firm’s continued growth.
“We are pleased to welcome Zach and Kenny, and have Brian back, as partners and appreciate their commitment and dedication to the firm. They embody the culture of collaboration and entrepreneurialism that are hallmarks of Waterfall and the firm’s focus on leveraging our differentiated expertise and capabilities to help clients achieve their investment goals,” Tom Capasse and Jack Ross, managing partners and co-founders of Waterfall, said. “It is an especially active and attractive environment for our innovative and rigorous approach to asset-oriented investing, and Zach, Kenny and Brian will play key roles as we strive to fully capitalize on that opportunity for our clients and continue to grow the firm.”
Breakstone is the chief financial officer at Waterfall. Breakstone previously served as chief financial officer and partner from 2008 to 2021 and rejoined the firm in May 2024 after managing his own consulting firm. Breakstone received his B.B.A. from the University of Michigan and his M.B.A. from New York University Stern School of Business.
Liebmann currently leads Waterfall’s CRE debt and CLO teams and is a member of the firm’s investment committee. Liebmann joined the firm in 2013 from Citigroup, where he started his career trading CMBS and CRE CDOs. He received his B.S.E. in operations research and financial engineering from Princeton University.
Nick is the chief operating officer, general counsel and chief compliance officer at Waterfall. He joined the firm in 2011 from Guggenheim Partners, where he was senior counsel. Nick previously worked at Fiduciary Trust and Bear Stearns. He received his A.B. in communication from the University of Michigan and his J.D. from New York Law School.
