Home - Lapis Advisers, LP

A Widely Recognized Leader In Municipal Special Situations

Lapis [la.pis]

Latin for stone or milestone. Romans placed ‘lapis’ markers every 1000 paces along their roads. At Lapis, we mark our progress with successful investments and longstanding relationships

15+ Year Track Record | $1.7B+ Invested

Lapis Advisers

Lapis was founded in 2009 to invest in special situation opportunities in the municipal bond market. Over time, the firm has expanded its platform to include high yield performing credit and equity investments in a wide variety of industries.

Our Team

Our team brings decades of investing experience and delivers value through disciplined underwriting and active asset management, leveraging our long-standing relationships within our targeted industries. Our team of seasoned professionals work collaboratively to address complex or time-sensitive capital needs with creativity, flexibility, and precision.

Platform Strengths

Integrity

We act with honesty, discipline, and respect for all stakeholders – from borrowers and operators to community partners and bondholders.

Purpose

We target investments that preserve essential community services, aligning mission with outcome.

Rigor

We do the right things, the right way. Our underwriting is grounded in fundamentals, and we don’t cut corners on process.

Trust

Lapis is a reliable capital partner for quick-moving, unconventional situations throughout market cycles.

Senior Living and Healthcare

Lapis has significant experience investing in healthcare and senior living assets, including Continuing Care Retirement Communities (CCRCs), hospitals, and behavioral health facilities. Our investments span acquisitions, restructurings, and recapitalizations of both performing and value-add facilities, often in partnership with non-profit sponsors or mission-driven operators.

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Municipal Investments

Lapis invests in municipal securities and direct loans that generate both current income and capital appreciation. Lapis provides cross-sector diversity through investments secured by public-purpose assets including airport facilities, community infrastructure, charter schools, colleges and universities, government facilities, essential and student housing, and more.

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Special Situations

Lapis specializes in the acquisition and financing of stressed or underperforming assets, including those encumbered by income restrictions, low-income housing tax credits, non-profit ownership structures, or other municipal constraints. Our involvement is focused on operational and capital improvements that may unlock or enhance asset value.

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