Structured Products
Third Lake’s Structured Products platform focuses on actively-managed investment strategies that utilize structured notes to tailor portfolio exposures, designed for enhanced income generation and lower beta equity market exposure.
By the numbers
Since launching its first strategy in 2021, the platform has traded more than $2.1 billion of structured products across its income-oriented, yield enhancement strategies and defensive equity strategies. The team leverages deep experience in derivatives and long-standing relationships with global investment-grade financial institutions to construct diversified portfolios of institutional-quality structured notes.
These strategies are designed to deliver defined and differentiated outcomes relative to traditional fixed income and equity allocations, with a focus on disciplined portfolio construction and diversification, active risk management and consistency across market environments.
20+
years of
derivatives experience
$110M+
cumulative coupon
income generated
$2.3B+
structured products
traded
21
global investment-grade
issuer relationships
Third Lake partners with a diversified group of global investment-grade financial institutions via a competitive auction process for structured note issuances.
This broad issuer network supports:
Diversification of counterparty exposure and reduced single-issuer risk
Competitive structuring and institutional quality pricing across market environments
Ability to customize notes to optimize portfolio exposures
Access to secondary market liquidity as necessary
Immediate accessibility to take advantage of temporary market dislocations
Diversification is a core component of the platform’s portfolio construction process. Third Lake’s structured product portfolios are built across multiple dimensions:
Underlying Indices & Securities: Broad exposure across major equity indices or ETFs and intentional basket combinations
Credit Quality: Exposure diversified across global investment-grade issuers
Structures & Payoff Profiles: Range of note types with varying income, protection and participation characteristics
Maturities & Reinvestment Timing: Low duration profile with laddered exposure to reduce timing concentration and market entry risk
Market Environments: Systematically designed and actively managed across changing market environment
This multi-dimensional approach is designed to reduce concentration risk and support consistency of outcomes over time.
Our Strategies
Third Lake’s platform includes two primary structured product strategies, each designed to serve a distinct role within a portfolio.
Our Process
Third Lake’s structured product strategies are typically implemented as complementary allocations within existing diversified portfolios:
More liquid alternative to traditional fixed income and private credit
Enhancing equity beta exposure with structured downside buffers or barriers and reduced volatility
Differentiated return profiles and risk characteristics from traditional asset classes
Third Lake constructs portfolios of structured notes issued by global investment-grade financial institutions. These instruments are linked to underlying equity indices or ETFs and are designed to deliver defined outcome profiles based on embedded option structures.
Return outcomes are determined by the terms of each note, including factors such as buffer or barrier levels, coupon rates, upside caps, participation rates and note tenors. These strategies typically involve trade-offs between downside protection and income generation or upside participation.
Active management across issuers, structures, and market conditions is a key component of the investment process.
The platform is available through multiple investment structures designed to meet the needs of a broad range of investors, including:
Commingled fund vehicles (private offerings currently available, with a registered vehicle expected in 2026 subject to regulatory approval)
Separately managed accounts (SMAs)
Customized portfolio solutions
Our team
Our structured products team brings decades of experience advising funds, families, and individuals across alternative investment strategies.
We're here to answer your questions and discuss how our advisory services can help you achieve your investment goals.
