Our team combines decades of experience across credit investing, restructuring, and operations. Drawing from backgrounds in private equity, special situations, and corporate and municipal finance, we bring disciplined underwriting and hands-on expertise to complex opportunities.
Mrs. Hatch is the Founder and a Managing Principal of Lapis Advisers and has focused her career in special situation securities. She has served as a portfolio manager and acquisitions specialist in alternative investments for over twenty five years, managing over a thousand investments in municipal bonds, illiquid real estate and over 150 distressed and bankrupt companies totaling well in excess of $1 billion. Over her long career she has a proven track record of underwriting and managing special situation and distressed investments often through creative win-win solutions. Mrs. Hatch earned a Bachelor of Arts degree in the Political Economy of Industrialized Societies from the University of California, Berkeley and is a member of the National Federation of Municipal Analysts, 100 Women in Hedge Funds, the American Bankruptcy Institute and is a frequent speaker and media contributor on the topic of specialized securities.
Mrs. Terrell is responsible for sourcing and managing special situation investments both through secondary purchases, as well as primary underwriting with an emphasis on healthcare, hospitality, and senior living assets. During the past 15 years with Lapis, Mrs. Terrell negotiated, restructured, and/or managed over 75 municipal bond work-out situations. Prior to joining Lapis, she had extensive experience analyzing and investing in distressed situations, mezzanine loans, and equity securities. Mrs. Terrell was part of a small team that built a $3 billion credit portfolio at Och Ziff Capital Management (now Sculptor Capital) in London, served as Vice President of the Proprietary Investing Desk of Merrill Lynch, and worked in the Restructuring Group at Houlihan Lokey in Toronto and London. Mrs. Terrell graduated with an honors degree in Finance from the University of British Columbia, Canada and holds the Chartered Financial Analyst® designation.
Mr. Landen is a Managing Director with Lapis Advisers. He is responsible for underwriting and managing distressed senior and junior debt, mezzanine loans, and municipal securities. Mr. Landen’s previous experience includes providing a variety of financial advisory services to debtors and creditors as a Director with FTI Consulting, underwriting and managing distressed debt investments as a Portfolio Director with Madison Capital Management, and performing business valuations with Willamette Management Associates. Mr. Landen earned a Bachelor of Business Administration with an Accounting Concentration degree from Roanoke College and a Masters of Science in Accounting degree from the University of Virginia. Mr. Landen holds the Chartered Financial Analyst® designation.
Cody Noll is a Managing Director with Lapis Advisers. Mr. Noll is primarily responsible for the sourcing, underwriting, and execution of direct lending and municipal security origination investment opportunities, as well as other special situation investments. Prior to joining Lapis, Mr. Noll was a Director at Fundamental Advisors, a New York based municipal-focused alternative investment manager. While at Fundamental, Mr. Noll served as a senior member of the investment team responsible for the sourcing, underwriting, execution, and ongoing asset management of municipal-related investments across numerous sectors. Mr. Noll has also previously held senior alternative investment management roles at SBZ Select Investments and Madison Capital Management. Mr. Noll earned a Bachelor of Science degree in Finance & Accounting from the University of Colorado at Denver.
Curtis Erickson is a Managing Director with Lapis Advisers. Mr. Erickson is primarily responsible for sourcing tax-exempt investment opportunities for the firm’s direct lending and special situation strategies. Prior to joining Lapis, Mr. Erickson led the Capital Markets group at Preston Hollow Community Capital, where he was responsible for capital formation, trading, and structured finance initiatives. Earlier in his career, Mr. Erickson was a Senior Managing Director at J.P. Morgan and Bear Stearns, where he ran the tax-exempt trading desks. Mr. Erickson earned a Bachelor of Arts degree in Economics from the Whittemore School of Business and Economics at the University of New Hampshire.
Ray AuYeung is a Director with Lapis Advisers. Mr. AuYeung is responsible for sourcing, underwriting, and managing distressed debt, origination investments, and specialized securities. Prior to joining Lapis, Mr. AuYeung was a Senior Consultant at FTI Consulting focused on debtor / creditor side restructuring, interim management, and M&A due diligence with companies ranging from those in a high-growth environment to those experiencing significant distress. Prior to FTI, Mr. AuYeung was an Analyst at J2 Partners, a lower middle market private equity firm. Mr. AuYeung earned a Bachelor of Science degree in Applied Mathematics, a Bachelor of Science degree in Finance, and a Master of Science degree in Accounting from the University of Colorado, Boulder.
Jackson Rueter is a Director with Lapis Advisers. He is responsible for originating, underwriting, and managing distressed debt and special situation investments with an emphasis on healthcare and senior living assets. Mr. Rueter has been hands-on in the management of more than 15+ restructuring, work-out, and/or turnaround investments totaling over $1 billion in value, including over $300 million of senior living investments with Lapis in the last five years. Before joining Lapis, he worked at FTI Consulting where he provided restructuring and interim management services across a variety of industries including data centers, telecom, and manufacturing. Mr. Rueter earned a Bachelor of Science in Business Administration with an emphasis in Finance and Accounting from the University of Colorado Boulder, graduating with Honors and High Distinction.
Richard Akulich is a Senior Director at Lapis Advisers. Mr. Akulich is responsible for sourcing, underwriting, and managing distressed debt and special situations investments. He brings deep expertise in municipal credit and structured finance, with a particular focus on high-yield opportunities. Mr. Akulich is tasked to develop and apply advanced data science techniques to identify mispriced credits, enhance surveillance efforts, and enable more predictive investment decision-making. Prior to joining Lapis Advisers, Mr. Akulich was a Director with Preston Hollow Community Capital focused on analyzing, recommending, and surveilling primary and secondary investments in municipal high yield sectors. Mr. Akulich earned a Bachelor of Science from Carnegie Mellon University, a Juris Doctor from Brooklyn Law School, and a Master of Science in Data Science from Northwestern University School of Professional Studies.
Mr. Golomb is responsible for overseeing the implementation of operations for Lapis’ Senior Housing and Multifamily investments. Mr. Golomb has over 15 years of experience in real estate underwriting, acquisitions, asset management, and operations. Mr. Golomb was previously a Vice President at Trammell Crow Residential where he oversaw the Development of over 1,200 apartment units and 50,000 square feet of retail space. Mr. Golomb has also had previous real estate roles including in operations, acquisitions and asset management at Madison Capital Management and Boston Capital. Mr. Golomb earned a Bachelor of Arts Degree in Economics-Operations Research from Columbia University.
Mr. Chavez is Chief Financial Officer and Chief Compliance Officer of Lapis Advisers. As Chief Financial Officer, Mr. Chavez is responsible for all financial operations, treasury functions and investor reporting. As Chief Compliance Officer, Mr. Chavez is responsible for ensuring Lapis Advisers complies with all external regulatory requirements and internal policies. Prior to joining Lapis, Mr. Chavez spent seven years at GIC (formerly known as Government of Singapore Investment Corporation), a sovereign wealth fund established by the government of Singapore, where he served as Vice-President and Regional Portfolio Controller responsible for overseeing financial operations, treasury, financial control and reporting functions. Prior to GIC, Mr. Chavez served in a number of accounting and finance roles at Conifer Securities, Colony Capital and Great West Capital Management. Mr. Chavez earned a Bachelor of Arts degree with a concentration in Accounting from The College of Santa Fe and a Masters of Business Administration with a concentration in Finance from the University of Denver.
Paul Crabtree is the Portfolio Controller at Lapis Advisers, where he coordinates with the outside fund administrator to review all periodic financials for the Lapis funds. He assists the CFO with compliance, responses to investor requests, distribution calculations, and fund cash management. Before joining Lapis Advisers, Paul was a financial leader with Avanta Residential, Confluent Development, and Real Capital Solutions, all private equity national development firms focused on a variety of Muti-Family, Senior Living, Mixed-Use, and Industrial developments. With 20 years of finance and accounting experience, Paul has developed deep expertise in operational financial planning, budgeting, reporting, forecasting, cash flow management, shareholder communication, insurance, and debt management. Paul holds a Bachelor of Business Administration in Finance and a Bachelor of Business Administration in Accounting, both from Abilene Christian University.
Mrs. Araneta-Delfin handles operations and compliance for Lapis Advisers. She has twenty years of experience in compliance and operations in the financial services industry. Mrs. Araneta-Delfin previously worked for Citigroup and B. Riley & Co. Kathy graduated from the University of California at Berkeley.