Cheyne Capital Management

What Cheyne Capital Management does

Cheyne Capital Management is a London-based alternative investment manager founded in 2000 by Jonathan Lourie (CEO/CIO) and Stuart Fiertz (President), both formerly of Morgan Stanley's convertible bond management practice. The firm manages approximately USD 13.7 billion in assets under management through 12 offices worldwide and 178 employees, operating across five core investment strategies: Real Estate (USD 7.7bn AUM as of December 2025), Corporate Credit (USD 2bn+ AUM with a 24-year track record), Strategic Value Credit (European mid-market corporate credit, established 2017), Equity Alternatives (long-biased and long-short equity), and Multi-Strategy Solutions. The product platform spans senior and mezzanine loans, special situations, preferred equity, listed real estate bonds (via RECI, a USD 424m listed vehicle), impact real estate focused on UK affordable housing (USD 249m), and separately managed accounts launched from 2020 onward. Cheyne also operates a UCITS-compliant multi-strategy fund with daily liquidity.

The firm generates revenue primarily through management fees charged on AUM and performance fees on successful fund outcomes. Its go-to-market is a direct enterprise field sales model targeting institutional investors—pension funds, insurance companies, sovereign wealth funds, endowments, and fund investors—who represent over 80% of AUM, with the remainder from family offices and HNWI relationships. The Real Estate business alone serves over 100 global investors. Distribution relies on long-standing direct relationships supported by SMAs and co-investment opportunities for larger mandates.

The firm is regulated across multiple jurisdictions: FCA in the UK (firm reference 456864), SEC as an Investment Adviser in the US, Central Bank of Ireland as UCITS Manager and AIFM (via Cheyne Capital SMC Limited), and additional regulated entities in Switzerland, Germany, France, Spain, Australia, and Bermuda. Notable ESG credentials include UN-backed PRI signatory status since 2017 and SBAI Best Practice Standards compliance since 2008.

Name

Cheyne Capital Management

Legal name

Cheyne Capital Management (UK) LLP

Website

https://cheynecapital.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Cheyne Capital Management is a London-based alternative investment manager managing approximately USD 13.7 billion across real estate debt, corporate credit, strategic value credit, equity alternatives, and multi-strategy solutions, serving institutional investors globally through 12 offices.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Multi-Strategy — Single-Manager, Multi-PM (FSAHAFAB)

akta.pro secondary industries

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Real Assets — Fund-of-Funds & Secondaries (FSAAAKAK)

Keywords

• Alternative investment management
• Real estate debt financing
• Corporate credit strategies
• Private credit funds
• Institutional asset management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Investment Management Fees: Management fees charged on assets under management across various fund strategies including real estate debt funds, corporate credit funds, and equity alternative strategies.
2. Performance Fees: Performance fees from successful fund performance, particularly in alternative investment strategies including distressed credit and special situations investing.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Cheyne Capital Management is a London-headquartered alternative investment manager that launches and manages pooled fund vehicles, separately managed accounts, and co-investment opportunities across five core strategies: real estate debt (senior and mezzanine loans, special situations, equity), corporate credit (investment grade and crossover), strategic value credit (European mid-market stressed/distressed), equity alternatives (long-biased and long/short equity), and multi-strategy solutions. The firm serves predominantly institutional investors (pension funds, insurance companies, sovereign wealth funds, endowments) with over 80% of its USD 13.7 billion AUM sourced from institutional clients across 12 global offices.

Product overview

Cheyne Capital Management is a diversified alternative investment fund manager offering a platform of investment products spanning real estate, corporate credit, strategic value credit, and equity alternatives. The core platform includes Cheyne Real Estate (financing solutions across the capital structure), Corporate Credit (investment grade and crossover credit), Strategic Value Credit (European mid-market corporate credit), Equity Alternatives (long/short equity strategies), and Multi Strategy Solutions (customized multi-strategy mandates). Products include Real Estate Credit Holdings (USD 7bn AUM closed-ended credit), RECI (USD 424mn listed vehicle), UK Impact Real Estate (USD 249mn social housing), and Customised SMAs (tailored separately managed accounts). The offering is structured as a unified investment platform with modular products that can be combined for diversified client exposure.

Differentiator

Problem solved

Functional benefit

Brands

• Real Estate Credit Investments (RECI): Listed public vehicle investing in real estate loans and bonds, with inception in 2010 and approximately USD 424MN AUM.
• UK Impact Real Estate
• CRECH Programme
• Cheyne Real Estate

Products and services

• Cheyne Real Estate One of Europe's leading providers of real estate financing solutions, offering innovative lending across the capital structure from senior and mezzanine loans through to special situations investing and equity solutions, with a focus on impact real estate for affordable housing. Manages USD 7.7 billion in Real Estate AUM as of December 2025 across over 70 dedicated real estate professionals and 4 European offices (London, Paris, Berlin, Madrid).
• Corporate Credit Global investment grade and crossover corporate credit management with a 24-year track record, managing over USD 2 billion across strategies including long biased strategies, long short strategies, and risk transfer transactions (Significant Risk Transfer). Combines fundamental credit research with advanced portfolio construction and risk management.
• Strategic Value Credit (SVC) Value-oriented credit strategy capturing value in European mid-market corporate credit through secondary disposals at discounts to par and provision of holistic capital structure solutions, including the SVC Hybrid Credit Strategy offering bespoke and flexible capital solutions (growth and development capital) to predominantly non-sponsored enterprises where shareholders prefer debt-based financing as an alternative to minority equity. Comprises over 20 investment professionals based in London, Paris, Madrid and Munich.
• Equity Alternatives Strategies emphasising fundamental research and capital preservation in periods of market stress, seeking to capitalise on pricing anomalies and idiosyncratic opportunities within a defined risk management framework. Includes Global Equity, Thematic Long Short Equity, and EMEA Long Short Equity strategies in liquid fund format.
• Multi Strategy Solutions Multi-strategy investment platform providing clients diversified exposure across Cheyne's investment strategies through tailored solutions across private and liquid strategies, also offering exposure to flagship liquid alternatives strategies through a multi-strategy UCITS fund with daily liquidity.
• Real Estate Credit Investments Ltd (RECI) Listed public vehicle investing in real estate loans and bonds, managing USD 424 million in AUM since 2010, providing defensive credit exposure to UK and European real estate markets with stable dividends and a highly diversified portfolio.
• UK Impact Real Estate Long-term investment strategy managing USD 249 million focused on developing and investing in UK residential property for key demographics, covering general needs housing, affordable and social rent, sheltered and supported accommodation, and senior care for the elderly.
• Customised Mandates / Separately Managed Accounts (SMAs) Tailored investment solutions working alongside investors to customise mandates in terms of investment strategy, objectives, and restrictions, allowing investors to invest alongside other Cheyne funds in the same underlying transactions.

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered major.

• GSA - Global Student AccommodationmajorStrategic or Co-development Partner · 1 June 2026Cheyne provided debt finance to a joint venture formed between GSA and Cain to develop a landmark 561-bed student residence in Rome's Prenestino district. This represents Cheyne's continued expansion in the European purpose-built student accommodation sector.
• CainmajorStrategic or Co-development Partner · 1 June 2026Cain joined with GSA in a joint venture with Cheyne Capital debt finance to develop a 561-bed student residence in Rome's Prenestino district, representing collaborative real estate development in the European student housing sector.
• DominusmajorStrategic or Co-development Partner · 1 February 2026Partnership between Dominus and Cheyne Capital received approval from City of London Corporation to convert Ibex House into a 382-key landmark hotel. The refurbishment will retain 90% of existing superstructure and include public areas, conference centre, café, and restored Peacock pub. Scheduled to open late 2028.

Scale indicators15 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Intermediate Capital Group (ICG): London-headquartered alternative asset manager focused on European mid-market private credit, real estate debt, and strategic capital solutions. Highly comparable to Cheyne's Strategic Value Credit and Real Estate Credit Holdings strategies, with similar vintage fund structures and institutional LP base.
• Hayfin Capital Management: London-based alternative credit manager specializing in European mid-market direct lending, special situations, and real estate credit. Closely comparable to Cheyne's Strategic Value Credit and Real Estate Credit businesses, sharing similar vintage fund and SMA distribution model.
• Pemberton Asset Management: European-focused direct lending and mid-market credit manager headquartered in London. Closely comparable to Cheyne's Strategic Value Credit and SVC Hybrid strategies serving European mid-market corporates.
• Bridgepoint: European mid-market private equity and credit investor with comparable geographic focus and institutional LP base. Overlaps with Cheyne on bespoke capital solutions for European mid-market corporates.
• Angelo Gordon (TPG Angelo Gordon): Alternative investment manager with strong European real estate debt, structured credit, and mid-market credit franchises. Closely comparable to Cheyne's CRECH programme and Strategic Value Credit strategies.

Broad incumbents

• Ares Management: Large global alternative manager with significant European private credit, real estate debt, and special situations franchises. Overlaps with Cheyne's CRECH programme and Corporate Credit team, though at meaningfully greater AUM scale and product breadth.
• Oaktree Capital Management: Global alternative investment firm with leading European real estate debt and corporate credit capabilities. Directly comparable to Cheyne Real Estate's senior/mezzanine lending and Corporate Credit team's stressed/distressed focus, though at much larger scale.
• Partners Group: Swiss-headquartered private markets manager with multi-strategy offerings across private credit, real estate, and equity alternatives. Comparable in product breadth and European institutional client base, though operating at significantly greater AUM.
• Brookfield Asset Management: Global alternative manager with substantial European real estate debt and credit operations. Comparable in real estate debt origination and institutional distribution, though operating with much larger AUM and broader product breadth.

Regional players

• Permira: European-headquartered alternative asset manager offering credit and equity solutions to mid-market companies. Comparable institutional client base and European mid-market focus, though with stronger private equity orientation than Cheyne.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cheyne-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cheyne Capital Management