Illumination is an alternative investment manager specializing in mortgages, structured credit, and related assets. The firm was founded by Todd Sherer in 2012, and is an extension of strategies managed by Mr. Sherer since 2008. The firm seeks to generate industry-leading absolute returns for investors by implementing investment strategies involving structurally inefficient markets, while searching for market dislocations that can lead to exceptional returns for a given amount of risk. Mr. Sherer is the primary investment manager for the firm and is supported by an investment team of former colleagues from Countrywide Securities.
Prior to Dalton, Mr. Sherer was Senior Vice-President at Countrywide Securities, where he was responsible for trading distressed mortgage-backed securities, mortgage whole loans, and other credit sensitive products.
IAM launched in October 2012 with approximately $200mm in assets under management, comprised of investments in the Funds and separately managed accounts.