OUR STORY
At Scythian Capital Management, 2+2 equals much more than 4.
Two paths and two generations add up to a strong conviction that the lower and middle market deserves better.
Anuj Gupta and Tim Geraghty come from different starting lines, but they see the market the same way. Anuj trained at GE Capital, where credit discipline was built on clear, repeatable rules and strategic long-horizon thinking was the norm. Tim came up at Deutsche Bank, where he became its primary banker covering CRE deals under $50 million, the fragmented segment many large institutions were too big to touch.
Their paths converged when Tim began financing the business Anuj was overseeing at Waterfall Asset Management.
Despite a 15-year age gap and very different starting lines, they saw the same opportunity: a fragmented, misunderstood market dominated by regional banks and credit unions too constrained to serve it well and big institutions too large to reach it. Anuj brought the GE Capital playbook to the post-crisis rebuild.
Together at Waterfall Asset Management, they built a platform spanning capital-intensive and capital-light businesses, scaling annual real estate originations from the ground-up to over $5 billion per year while acquiring more than $3 billion in loans and several operating businesses.
They played integral roles in acquiring and relaunching an SBA business while leading several business lines including Acquisitions, Bridge, Fixed-Rate, Freddie Mac SBL and Tax-Exempt Bond Financing.
The logical next chapter.
After more than a decade building lending businesses within larger firms, Anuj and Tim had seen the limits of legacy strategies firsthand. By the mid-2020s, they were ready to build something of their own. Scythian was the natural next chapter: a firm designed from the ground up around their convictions about strategy, diversification, credit, people, and the culture required to deliver lasting durable results.
The same convictions that shaped them now guide the firm: building businesses, not chasing trades; pairing capital-heavy and capital-light businesses to navigate any cycle; and deep operating relationships in the fragmented lower and middle market.
But the deeper conviction is simpler. Many firms keep a watch list of deals. Anuj and Tim keep a watch list of people they trust: partners they have worked with, utility players, some recruited prior; people they want to build the rest of their careers alongside.
They aim to be asset managers and asset creators, not just asset gatherers. They believe businesses are people, and putting the right people in the right seats is what creates the environment where safety, returns and longevity follow. If that sounds more Main Street than Wall Street, that's exactly what Wall Street needs.
