Preferred equity, debt, co-investment and recapitalisation for top-tier European sponsors — mid-teen net IRR with structural downside protection. AI-backed, human-led.
Dry Capital is an AI-backed, human-led capital firm and recap platform. We connect institutional capital with top-tier European real estate sponsors — structuring bespoke equity and debt solutions across the capital stack, where the deals are actually sourced.
Every mandate underwritten like our own balance sheet. Priced for the market that exists, not the one we’d like.
Brussels HQ, Madrid coverage through Lake Capital for Iberia, DACH next. Local relationships across the corridors that matter.
Small enough to be selective, senior enough to move fast. Founder-led from first call to close.
Four ways we put asset-backed capital to work in live sponsor situations — from rescue recaps to seeded platforms.
Unlock liquidity trapped on sponsor balance sheets. Preferred equity, whole-loan and secondary structures that reset the cap stack without forced sales.
Bespoke debt solutions with institutional and private credit partners. Refinancing, extensions and bridges at market-realistic pricing.
Co-investment curated from our off-market pipeline — mid-teen net IRR profiles, clear downside protection, structural alignment with the sponsor.
End-to-end capital formation for platforms and seeded vehicles. SCSp / Club Deal structuring and a relationship-led introduction process.
Our partners have personally led €4.5BN+ of transactions and 70+ deals across seven asset classes — at Savills, IVG, TRIUVA, PATRIZIA, Atenor and DeA Capital. Figures illustrative; specifics under NDA.
€40–60M portfolio facing a refinance cliff. Preferred equity above senior released trapped equity, avoided a forced disposal at trough pricing, preserved 100% of recovery upside for the GP.
Co-investor roadshow run alongside a leading sponsor. Aligned interests, preserved developer liquidity through delivery, de-risked entry for institutional and family-office LPs.
Legacy residential and mixed-use repositioned into a new vehicle. Recapitalised at honest valuations, blended with fresh acquisitions, brought to institutional and family-office LPs.
Two founding partners with 45+ years of combined front-office experience across European real estate — equity, debt, development and capital markets. Founder-led from first call to close.
Nearly 20 years of institutional experience across Continental Europe — senior roles at Savills, IVG, TRIUVA, PATRIZIA and Atenor, overseeing transactions exceeding €2 billion across office, residential, logistics and retail. Founded Dry Capital in 2025.
Over 25 years of institutional real estate investment across Southern Europe. Head of Iberian Transactions at IVG, TRIUVA and PATRIZIA until 2020, before establishing DeA Capital’s Iberian platform. Acquisitions across logistics, residential, office, retail and hospitality.
Real estate runs on paper and patience. Dry Capital doesn’t — our platform was built AI-native from day one. LPs see the same numbers we see, at the same time.
Investment memos published as live web decks — filterable scenarios, embedded models, permissioned access.
Real-time position and market dashboards for every mandate — pricing, pipeline and portfolio metrics from source data.
Live cashflow models with scenario toggles, sensitivity analysis and stress tests — cap-stack and waterfall variants on demand.
Dedicated client-branded portals — investor updates, document rooms and deal materials in one curated place.
Continuous ingest of transactions, rents and yields with automated comps, benchmarking and sub-market signals daily.
Auto-generated quarterly letters, preferred-equity waterfalls and capital-account maintenance — LP-ready and auditable.
A running view of how Dry Capital sees the European cycle — written from Brussels and Madrid, roughly monthly. Opens on drycapital.eu.
A strategic alliance with Lake Capital, marking expansion into Southern Europe and the Iberian peninsula — combining Lake Capital’s sourcing and asset management with Dry Capital’s equity and capital solutions.
Whether you’re a sponsor facing a refinancing gap or an LP looking for asset-backed exposure to the recap cycle — a direct line to the deal team.
A concise, evolving view of how we see the European recapitalisation opportunity — the thesis, the platform, and where capital is being deployed today.
Rue des Atrébates 112
1040 Etterbeek, Belgium
C. del Marqués del Riscal, 2
Chamberí, 28010 Madrid