E366: Keri Findley: The Credit Investor Peter Thiel Chose to Back

May 11, 2026

Keri Findley, founder and CEO of Tacora Capital who builds asset-based credit for fintech and specialty finance. She explains how illiquidity creates opportunities, using securitization and ratings arbitrage to exploit forced sellers. Keri describes financing startups banks avoid, the challenges of scaling credit funds, and why ethics, alignment, and creating assets matter for durable returns.

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INSIGHT

Time And Structural Pricing Can Be The Catalyst

Sometimes time and structural repricing (like NAIC pricing) are the catalysts that convert illiquid discounts into markups.
Bonds with fixed maturities can compound attractive yields to par even without an immediate catalyst.

ANECDOTE

Financing SoFi's Early Loan Pools

Tacora financed SoFi's early student and consumer loan pools when banks wouldn't, lending against top-school borrowers at tighter loss profiles.
They enabled product proof points until banks eventually stepped in once performance was proven.

ANECDOTE

How Peter Thiel Anchored Tacora

Peter Thiel became Tacora's anchor LP after building trust over time and conversations about lending and ideas.
Thiel offered to be the biggest investor and even said he'd be fine if it were just him and Keri to start the fund.

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What if the best investments aren’t the riskiest—but the ones everyone else can’t own? In this episode, I sit down with Keri Findley, Founder and CEO of Tacora Capital, to discuss how she built one of the most differentiated credit strategies by focusing on illiquidity, not risk. Keri explains how dislocations are often driven by forced sellers and structural constraints, why the best credit opportunities come from creating assets rather than just finding them, and how she partners with startups to finance products banks won’t touch. We also explore portfolio construction, why scaling is the hardest problem in credit, and how incentives, ethics, and alignment ultimately determine outcomes.

Highlights:

Why illiquidity—not risk—creates the best credit opportunities
How forced sellers and ratings constraints drive mispricing
The difference between finding assets and creating them
Why scaling a credit fund is harder than venture
How one bad deal can destroy an entire credit portfolio
Why alignment and ethics matter more than structure
The hidden equity upside inside credit strategies
Why solving real problems creates durable alpha

Guest Bio:

Keri Findley is the CEO of Tacora Capital, an investment firm focused on asset-based lending across fintech, insurtech, and specialty finance. She previously built and led the structured credit business at Third Point, one of the world’s leading hedge funds, and has spent her career investing in complex credit opportunities. Keri specializes in structuring and financing assets that fall outside traditional markets, partnering closely with founders to scale new financial products.

Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at david@weisburdcapital.com.

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Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Keri Findley:

LinkedIn:https://www.linkedin.com/in/keri-findley-4a974a10a/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why Being Young Made Her a Better Trader During the Financial Crisis (2:04) The Real Edge Great Credit Investors Have (4:49) The “$100 Bill on the Ground” Trade No One Wanted (7:15) The Mortgage Bond Trade That Changed How She Invests Forever (12:39) Why You Don’t Always Need a Catalyst to Make Money (16:11) How Peter Thiel Became Her Largest LP (21:15) Why Scaling a Credit Fund Can Actually Hurt Returns (30:51) The Deal That Made Her Swear Off Equipment Financing Forever (37:07) Why One Tiny Equity Stake Can Become a Billion-Dollar Outcome (40:44) The Dangerous Trap of Trying to “Speed Run” Your Career