Investments

9 Months Ended

Sep. 30, 2019

4. Investments

The following is a summary of the net investments managed by Third Point LLC as of September 30, 2019 and December 31, 2018:



	September 30, 2019		December 31, 2018
Assets
TP Fund	$	818,600	$	1,284,004
Debt securities	220,045		239,640
Total investments	1,038,645		1,523,644
Cash and cash equivalents	611,442		1,017
Restricted cash and cash equivalents	816,519		609,154
Due from brokers	—		1,411
Interest and dividends receivable	2,932		1,316
Other assets	6		—
Total assets	2,469,544		2,136,542
Liabilities
Accounts payable and accrued expenses	324		114
Participation agreement with related party investment fund	—		2,297
Total liabilities	324		2,411
Total net investments managed by Third Point LLC	$	2,469,220	$	2,134,131

The TP Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures.

Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in TP Fund, a related party investment fund. As a result, substantially all assets and related liabilities were transferred from the Company’s separate accounts to TP Fund and Third Point Re BDA and Third Point Re USA received limited partnership interests in TP Fund in exchange. For additional details regarding the Company’s change in its investment account structure, see Note 4 to the Company’s consolidated financial statements filed with the 2018 Form 10-K.

On May 24, 2019, Third Point Re BDA and Third Point Re USA entered into the Amended and Restated Collateral Assets Investment Management Agreement (the “Amended Collateral Assets IMA”) with Third Point LLC, effective May 24, 2019, pursuant to which, in addition to serving as the investment manager for the Company’s collateral assets, Third Point LLC will serve as investment manager of certain investment assets withdrawn from TP Fund. The Amended Collateral Assets IMA will continue in effect thereafter so long as either Third Point Re BDA or Third Point Re USA remains a limited partner of TP Fund.