We invest across two core strategies—digital infrastructure and real estate—where deep domain expertise allows us to identify mispriced risk. Our mandate is flexible by design, allowing us to invest across the capital structure and express each view in the form that offers the most attractive combination of downside protection and return potential.
The physical infrastructure of artificial intelligence — data centers, the power that runs them, and the compute they house.
Senior secured lending against data centers with contracted demand and secured power. We take delivery risk, not demand risk.
Senior secured financing for compute, underwritten to the strength of the contracted user rather than the value of the hardware.
Common and preferred equity across asset-level and corporate opportunities, with a focus on basis, structure and execution.
Complex, dislocated, and event-driven opportunities in real assets.
Flexible capital, agnostic to asset class and geography — mortgage finance, construction loans, loan portfolios and bespoke financing solutions.
We buy debt at a discount to the value of the collateral behind it, where the problem sits in the balance sheet rather than the asset.
Equity investments in complex and event-driven opportunities across property types and markets.
We invest across geographies in top tier markets. The characteristics of a top-tier market vary by asset class.
Set by power and connectivity — substation capacity and time-to-power, fiber route diversity, carrier and cloud density, land and incentives.
Set by liquidity and growth — transaction depth, breadth of the buyer pool, access to debt capital, and population and employment growth.
