./ DRY CAPITAL
drycapital — main


Preferred equity, debt, co-investment and recapitalisation for top-tier European sponsors — core to opportunistic, across the capital stack. Human-led, technology-backed.

$ request --investor-brief → What we do →
RecapDebtEquitySeed

◆ With Intelligence — Emerging Manager to Watch · 2026 →
€4.5BN+
Combined deal volume
70+
Deals · all asset classes
45+ yrs
Combined front-office experience
7
Core asset classes
Combined past track record of the founding partners — both heads of investment for their regions at leading institutional investors, including PATRIZIA, IVG and TRIUVA. Figures reflect transactions led prior to Dry Capital.
Special situations

We take on what
primary markets can't absorb.

Broken cap stacks, refinancing gaps, stretched senior, stressed positions — the situations most capital avoids, and the ones every sponsor is carrying right now. Two decades on the principal side; deals we have owned, not adviser theory.

drycapital — diagnose
01 / 03 · THE SITUATION
$ Is your capital structure built for a market that has moved on?
# priced pre-2022 — now refinancing into a different world
01 / 03 · THE SITUATION
→ Most sponsors aren't. If debt cost more than doubled and the exit window closed, the structure is probably working against you.
02 / 03 · THE PRESSURE
$ Where's the pressure?
03 / 03 · THE DOOR
▸ open the door — let's talk
What we do

Capital solutions across
the full stack.

Four ways we put asset-backed capital to work in live sponsor situations — from rescue recaps to seeded platforms.

01 / 04Recap

Dynamic Recapitalisation Yield

Unlock liquidity trapped on sponsor balance sheets. Preferred equity, whole-loan and secondary structures that reset the cap stack without forced sales.

02 / 04Debt

Senior · Whole-loan · Mezz

Bespoke debt solutions with institutional and private credit partners. Refinancing, extensions and bridges at market-realistic pricing.

03 / 04Equity

Preferred · Co-invest · JV

Co-investment alongside sponsors from our off-market pipeline — core to opportunistic, clear downside protection, structural alignment with the sponsor.

04 / 04Seed

Platforms · Funds · Club deals

Platforms, funds and club-deal vehicles, seeded and backed alongside sponsors — long-term, relationship-led capital partnerships.

Asset-backed

Asset-backed capital,
across the spectrum.

Three pillars, one discipline. Real assets with tangible collateral, underwritten across the capital stack.

Real Estate
The full property stack, across Europe's core markets.
  • Offices
  • Residential
  • Hotel & hospitality
  • Logistics
  • Retail
  • Land & development
Infrastructure
Long-duration, inflation-linked — including social infrastructure.
  • Social — schools, health, care
  • Digital — data centres, connectivity
  • Energy & transition
  • Transport
Natural Capital
Productive land and resource-based real assets.
  • Agriculture & productive land
  • Forestry & carbon
  • Water & resources
↳ if it's asset-backed, it's in scope
How the terminal works

Days from teaser
to terms.

Market data, live transactions and investor behaviour stream in continuously. The terminal turns them into working materials; every call stays ours.

$ ./receive

A deal lands

Teaser, OM, a call — deals arrive raw, at any hour.

platform
$ ./underwrite

We take it apart

Model rebuilt from source. Comps pulled. Stack stress-tested.

partners decide
$ ./build

It becomes alive

Interactive memo, live model, investor dashboard — in days.

platform
$ ./back

The right capital

Committed to the situation, tracked live. Every call stays ours.

partners decide
signal · live
The platform shows how investors engage with each deal — which sections, how long, how often — so the partners can follow up with the right material at the right time.
↳ interactive IM↳ live cashflow model↳ investor dashboards↳ deal portal↳ the weekly brief
The terminal, live

See the platform
in motion.

A live interactive investment memo, the weekly brief and the intelligence layer — the terminal, running. Click a clip to play it here.

Dry Capital — the film · 1:10
Track record

Forty-five years,
all asset classes.

Our partners have personally led €4.5BN+ of transactions and 70+ deals across seven asset classes — as heads of investment at leading institutional investors, including PATRIZIA, IVG and TRIUVA. Figures illustrative; specifics under NDA.

drycapital — track_record
#
$ ./residential --recap+
Residential portfolio · preferred equity recap. €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.
$ ./development --equity+
Prime development · preferred equity co-invest. Preferred equity co-investment committed alongside a leading sponsor. Aligned interests, and preserved developer liquidity through delivery.
$ ./platform --seed+
Platform vehicle · SCSp / club deal. Legacy residential and mixed-use repositioned into a new vehicle. Recapitalised at honest valuations, blended with fresh acquisitions, and seeded as principal.
Who we are

Run by the people
who do the deals.

Dry Capital is a human-led capital and recapitalisation platform. We back top-tier European sponsors across the capital stack — debt, preferred capital and recapitalisation. We build our own technology to run the analysis; the partners stay on the ground — close to every deal, sponsor and call.

01 / 03Principal mindset

Underwritten like our own

Every deal underwritten like our own balance sheet. Priced for the market that exists, not the one we'd like.

02 / 03Pan-European

Benelux · Iberia · Germany

Brussels HQ, Madrid coverage through Lake Capital for Iberia, and Germany. Local relationships across the corridors that matter.

03 / 03Senior team

The partners run every deal

Every deal is run by the two partners directly — you deal with the people on the ground, first call to close.

The team

The partners
behind the platform.

Dry Capital is founder-led — 45+ years of combined front-office experience across European real estate: equity, debt, development and capital markets. Every deal is run by the partners themselves.

Sheelam Chadha
Sheelam Chadha
Founder

Nearly 20 years across Continental Europe as a head of investment for leading institutional investors — PATRIZIA, IVG and TRIUVA. Between 2011 and 2016 she led the liquidation of IVG's fund portfolio for her region, executing several billion euros of asset sales through the cycle — a principal on the hook for every disposal, not an adviser on the sidelines. €2.5 billion+ of transactions across office, residential, logistics and retail. Founded Dry Capital in 2025 — full track record on LinkedIn.

Brussels, BelgiumLinkedIn →
Maria Laguna
Maria Laguna
Iberia Partner · Lake Capital

Over 25 years across Southern Europe. Head of Iberian Transactions at IVG, TRIUVA and PATRIZIA until 2020, before establishing DeA Capital's Iberian platform. Between 2011 and 2016 she ran the liquidation of IVG's Iberian funds, delivering billions of euros of sales — a principal making the hard calls through the downturn, not adviser theory. Acquisitions and disposals across logistics, residential, office, retail and hospitality — full track record on LinkedIn.

Madrid, SpainLinkedIn →
Responsibility

ESG is
a prerequisite.

"Capital will simply not enter a project today without it. It is embedded in every business plan we prepare — because assets that fall short of minimum standards face real pricing discounts and shrinking exit options."

Embedded in underwriting — not bolted on

Insights

Views & market
memos.

A running view of how Dry Capital sees the European cycle — written from Brussels and Madrid, roughly monthly.

10
The Stadium Curse
16 Jul 2026
→ 09
2026 Real Estate: For Masochists Only — Or Am I Mentally Deranged?
17 Mar 2026
→ 08
Madrid Calling
03 Feb 2026
→ 07
Europe's Capital Magnets
17 Dec 2025
→ 06
YOU'RE FIRED…
10 Nov 2025
→ 05
How Many Euros Are Chasing Each Euro? The New Math of Real Estate Capital
22 Sep 2025
→ 04
From Recap to Real Life: Why Capital Restructuring Might Be Your New Best Friend
14 Jul 2025
→ 03
The Blossoming New Era of Secondaries
28 May 2025
→ 02
Secondaries, Shifting Capital, and the Rising European Edge
01 Apr 2025
→ 01
Survive Till 25 — We Made It. Now What? Why Dry Capital?
15 Mar 2025
→
Read all posts →
In the press

What the market
is writing.

Dry Capital in the press, on the stage, and named among the managers to watch. See all press →

Unlocked · Leader Spotlight · 2026

The Power Partnership Advantage

A wide-ranging conversation with Maria Laguna & Sheelam Chadha on the forces reshaping European real estate — capital confidence, joint ventures, ESG as a liquidity driver, and building a lean firm on technology they built themselves.

Conversation: Jenny Mourato · Edits: Joanna Henry

Read on LinkedIn → ↓ Full article (PDF) →
Maria Laguna & Sheelam Chadha
"The differences between us are real, but they are productive."
"Capital exists, but it is being deployed very conservatively."
"A well-structured JV creates optionality; a poorly drafted one becomes a liability."
As featured in El Confidencial Business Insider CRE Europe With Intelligence PERE Europe WIN Summit
See all press & recognition →
Get in touch
A more efficient way
to recapitalise.

Request the Investor Brief

A concise, evolving view of how we see the European recapitalisation opportunity — the thesis, the platform, and where capital is being deployed today.

By submitting you agree to be contacted by Dry Capital. Submissions are delivered to info@drycapital.eu.

Direct line to the deal team

Brussels · HQ

Rue des Atrébates 112
1040 Etterbeek, Belgium

Madrid · Lake Capital

C. del Marqués del Riscal, 2
Chamberí, 28010 Madrid