Principal capital for real assets.
Crenex Capital is an alternative investment firm with a $4B portfolio across real estate, operating businesses and private credit globally. We acquire assets and make select co-investments alongside established operators. See our investment criteria.
The Firm
Crenex Capital is the investment arm of a family office with a heritage spanning more than three centuries. Our investment horizon is not measured in economic cycles, but in generations.
We invest capital globally, across industries and asset classes, with a mandate for value creation, positive social impact, and preservation of legacy.
As balance-sheet investors, we provide patient, flexible capital and evaluate each opportunity on its individual merits. In co-investments, we value partners with deep expertise, proven experience, and the institutional infrastructure to execute effectively. Our approach enables us to support management teams, navigate market cycles, and make decisions focused on preserving and compounding value.
Investment Criteria
Investment Mandate 2027–2030
- AReal EstateAcquisitions of multifamily, mixed-use, hospitality, industrial, data center, office, retail, leisure and special purpose assets valued at $20MM+ each
- BOperating BusinessesAcquisitions of established companies in services, manufacturing, leisure and hospitality with $2MM+ EBITDA
- CPrivate Credit – Distressed DebtPurchases of senior secured notes, with a preference for distressed and non-performing loans, in $15MM+ positions
- DVentureSeed to Series A in PropTech, healthcare, energy, IT infrastructure, hospitality, logistics and mobility, agriculture and select social enterprises
Real Estate
We acquire commercial real estate for our own portfolio and can close without third-party financing.
| Asset value | $20MM+ |
|---|---|
| Types | Multifamily, mixed-use, hospitality, industrial, data center, office, retail, leisure, special purpose |
| Situations | Development sites, lease-up, stabilized, distressed, REO |
| Ownership | Fee simple |
Operating Businesses
We acquire established operating businesses outright and hold them for the long term.
| EBITDA | $2MM+ |
|---|---|
| Sectors | Business and professional services, manufacturing, leisure and hospitality |
| Situations | Owner succession, partner buyouts, legacy divestitures, distressed and creditor-led sales |
Private Credit – Distressed Debt
We buy distressed debt. A large volume of commercial real estate debt is coming due into a market with fewer lenders willing to refinance it, and we buy those positions from the holders who need to sell.
| Position size | $15MM+ |
|---|---|
| Position | Senior secured notes |
| Loan status | Performing, sub-performing, non-performing, matured, in default |
| Collateral | Collateralized by real assets only |
| Sellers | Banks, debt funds, special servicers, private lenders |
Venture
We back founders in companies that sit close to the assets we own and operate, where the family can be useful beyond the check.
- PropTech
- Healthcare
- Energy
- IT infrastructure
- Hospitality
- Logistics/Mobility
- Agriculture
- Social enterprises
Investment noteWe do not invest in the following businesses: gambling, cryptocurrency, weapons manufacturing, alcohol manufacturing, livestock processing, tobacco or vaping, pain management, mental health or insurance. We also do not invest in funds of funds or environmentally contaminated properties.
Asset Management Platform
By invitationThe platform behind a multi-billion-dollar global portfolio, now open to a few others.
In 2025, after several years of development, we launched a proprietary technology platform to manage our real estate and operating business investments. It is our single source of truth, purpose-built for asset surveillance, reporting and risk management, and for supporting operations across multiple geographies.
We now offer the platform to like-minded family offices and institutional investors as a courtesy. If you would like access, request an invite and we will follow up with you.
Request an invite →- Asset and Portfolio OversightAsset monitoring across multiple variables and KPIs.
- Document ManagementAutomated ingestion and processing of milestone and periodic documents, with search and abstraction functions.
- Financial ModelingAutomated underwriting and financial forecasting, with templates for project finance and other deal types.
- ReportingAsset, portfolio, functional and strategy-level reporting and insight generation.
- Risk ManagementDate- and milestone-based surveillance system with custom alerts, calendars and actions.