David Schiff, a former portfolio manager at Perella Weinberg Partners, and Andrew Dym, previously a partner at the same firm, have started their own investment shop, Innovatus Capital Partners.  The firm is set up like a private equity shop, with long-term lockup requirements for its investors. However, its founders are not expecting to do traditional private-equity-style leveraged buyouts. Instead, Innovatus will focus on providing credit to assets and businesses that have been underserved by traditional

banks.

“Rather than owning ships, we’re evaluating whether we want to move into ship lending, where banks have been retreating,” said Mr. Schiff,

The firm will seek assets that have a steady cash flow and can withstand volatile environments, and it plans to improve the businesses as well. The strategy is similar the one Mr. Schiff and Mr. Dym used at Perella Weinberg, where they were members of that firm’s asset-based value strategy fund.

Innovatus’s $1.9 billion in assets under management includes the legacy assets from Mr. Schiff and Mr. Dym’s tenure at Perella Weinberg.