Braden Hudye and Matt Massick, co-founders of private asset investment
firm Altrus Capital,
know how to maximize finances and friendships.
Braden Hudye and Matt Massick, co-founders of Altrus Capital, were first introduced at a mutual acquaintance’s home in Idaho. The gathering consisted of friends and acquaintances, many of whom were business owners. Matt had most recently owned a company that resold technology products in the “cloud” and data storage industry. Braden had owned businesses and investments in the agriculture, real estate and oil industries. They kept in touch, and over the following few years they shared stock tips and cycle analysis, along with investment opportunities.
Braden’s insights into the market were yielding rewards, but just as valuable was the sense of collaboration with many others in their network. Through this collaboration and networking, they met a need for both themselves and their friends and networks in investment strategy as well as a diversified and practical approach to venture capital and private equity.
“We made the decision to partner with F&P and said, ‘We were determined to have a rock-solid organization from a legal, accounting, fund management and oversight auditing perspective.’ ”
Braden and Matt had already determined that they worked well together, and shared similar viewpoints on investing. Together, they decided to formalize the investment process, and create the structure to do it. Their Equity, Trading, and VC model had morphed into a hedge fund, and Altrus Capital was born.
The private asset investment firm grew to include two different focuses for investing: The first, venture capital: financing provided to startups, emerging and ongoing companies. And the second, a hedge fund for trading the markets (Altrus Titan Fund).
Even though Altrus was experiencing great success in an unstable market, they still had reservations. “We decided if we were going to involve our network, involve friends and family, then we better have a bullet-proof organization,” Matt says.
Enter Fogel & Potamianos LLP. The law firm was recommended by a friend — another client of F&P and Altrus Capital. “We made the decision to partner with F&P and said, ‘We want to have a rock-solid organization from a legal, accounting, fund management and oversight auditing perspective.’ Because it’s quite the responsibility to be managing other people’s capital.”
“Braden and Matt are winners … And perhaps most importantly, they are great human beings dedicated to helping everyone in their circle win in life, too.”
Altrus Capital and F&P were a natural fit. Beyond F&P’s broad-based experience that would prove to be essential in setting up the fund, they also shared similarities with Altrus in work styles and personalities. In short, they clicked. “As we got going, we really hit it off, and became friends over time,” Braden says. “Everyone was on the same page. They were thorough with the onboarding process. They took their time to understand who we are, what makes us tick, what we needed specifically, how we operated in terms of timelines.” The experience was, says Braden, “refreshing.”
The feeling was mutual. The team at F&P felt they weren’t only helping a client, but they were helping their friends. The firm got to work, aiding in the formation of the hedge fund, tackling investor questions, compliance and integration issues, even advising Altrus through the nuts and bolts of the administrative side of setting up a fund. “Where they helped us significantly was coming up with creative ideas in terms of what structure would be beneficial to ourselves and our shareholders,” Matt says. “And obviously avoiding the landmines that are out there.
“It was important to us that we had attorneys that were very competent, but in addition to that, would work at a faster pace than most. We had a lot of things that we needed to get structured. And they met our timelines — exceeded our timelines,” Matt says.
F&P partner Constantine Potamianos was especially helpful when it came to providing strategic advice for setting up the hedge fund. With years of experience co-heading the corporate practice group at Duval & Stachenfeld LLP, a noted New York law firm that provides high-end legal representation primarily to large institutional clients and hedge funds, Constantine was well-suited to give advice on approaching investors, structuring fees and providing a detailed guide in setting up the fund. “When we ultimately decided that we were going to start the hedge fund, which included venture and trading, Constantine’s background in trading significantly helped,” Matt says.
F&P partner Jerome Fogel made sure to push the ball forward whenever possible. Often the first point of contact for Altrus, he made sure to provide solutions whenever there was uncertainty, whether it was legal, contractual, or investor related. He set up regular check-ins, making sure nothing fell through the cracks. “Jerome had extensive experience in this — from doing it in the past — and helped us navigate the pitfalls,” Matt says.
“Where they helped us significantly was coming up with creative ideas in terms of what structure would be beneficial to ourselves and our shareholders.”
As Altrus Capital grew and investments increased, the team expanded to include recently appointed partner and president Chris Gruler, who came to the company in 2020 with more than fifteen years of marketing and branding experience. Also added to the team was Elizabeth Schull, who began working with Braden at the Hudye Group in 2015, where she managed daily operations. She now serves as the director of operations and a partner of Altrus Capital, where her work supports the entire infrastructure.
Braden and Matt, who had invested with a group of friends and fellow entrepreneurs in venture capital for nearly ten years kept the investments rolling at Altrus, where things began to pick up speed. One such deal was GravyStack — a financial literacy and money management app aimed at kids and teens — which raised $5.2 million of seed funds, led by Altrus Capital. Other investments included Uncle Nearest, a premium whiskey brand, and ECO Integrated Technologies Inc., a water conservation, safety and preservation company — all of which F&P worked on.
The firm was so impressed with the work that Altrus was doing that both partners, Jerome and Constantine, invested their own money in Altrus Capital and the Altrus Titan Fund. “Braden and Matt are winners,” Jerome says. “They have successfully exited companies, they are skilled at sourcing deals and selecting winning investments, and they are driven to deliver client value. And perhaps most importantly, they are great human beings dedicated to helping everyone in their circle win in life, too.”
When Altrus Capital was first formed, it came at a time when neither Matt nor Braden were ready for retirement. Both men had already held successful careers, and owned, operated and sold businesses. But neither of them was ready to call it quits on investing.
“We’re doing this to achieve returns and perform, but also to have fun. That’s what’s most important.”
They brought their network of friends and family along on their journey because they were equipped to take on the challenge of the work, seeing things through, investing with their own capital and creating a structure, with the help of F&P. “We weren’t necessarily doing it for a job, or to make a living,” Braden says. “It was more, ‘Let’s do this properly to build it, have fun and only work with people that we want to work with.’ And that’s when Jerome and Constantine came along.”
“They’re good guys,” Matt adds, “they’re people that we go play golf with, or have dinner with, or have a beer with. And at the same time, ten out of ten when it came to the legal aspects and competency.”
“As I previously said, we’re doing this to achieve returns and perform,” Braden affirms, “but also to have fun and give back to charity organizations that are important to us at Altrus as well as our investors. That’s what’s most important.”
