400 Capital Management
400 Capital Management is a private, employee-owned alternative asset manager founded in 2008 that invests across structured and asset-based credit for global institutional investors, managing $7.3 billion through its Asset Based Term Fund series and customized separately managed accounts from offices in New York and London.
- Company typePrivate
- Founded2008
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What 400 Capital Management does
400 Capital Management LLC is a private, employee-owned alternative asset manager founded in 2008 by Chris Hentemann, headquartered in New York with a European office in London. The firm invests across structured and asset-based credit, deploying capital through a series of closed-end private credit funds (the Asset Based Term Fund series, currently in its fourth vintage at $1.39 billion) and customized separately managed accounts. Its investment strategies span residential credit (including RMBS 2.0, non-performing loans, and alternative housing finance), commercial real estate and CMBS, corporate and distressed credit, asset-backed securities, and capital markets services such as risk transfer and balance sheet solutions for financial institutions.
The firm distributes its products through a direct institutional sales motion targeting pension plans, endowments, foundations, sovereign wealth funds, insurance groups, family offices, and qualified high-net-worth investors, supported by an in-house quantitative research and data science capability and strategic partnerships with origination counterparties including Builder Capital, Dry Creek Capital Partners, and Renovate America. As of March 2026 (estimated), 400 Capital Management reported $7.3 billion in assets under management and 76 professionals across its two offices.
Revenue is generated primarily through management fees on AUM across commingled funds, separately managed accounts, and private credit portfolios, supplemented by performance fees as vintages realize. The firm is registered with the U.S. Securities and Exchange Commission as an investment adviser, is a UNPRI signatory, and operates under GDPR and CCPA privacy frameworks. Strategic priorities evidenced by recent activity include scaling flagship fund vintages, expanding into adjacent verticals such as distressed CRE and homebuilder land banking, and broadening the London-based European platform.
400 Capital Management firmographics
Firmographics- Name
- 400 Capital Management
- Legal name
- 400 Capital Management LLC
- Website
- https://400capital.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- 400 Capital Management is a private, employee-owned alternative asset manager founded in 2008 that invests across structured and asset-based credit for global institutional investors, managing $7.3 billion through its Asset Based Term Fund series and customized separately managed accounts from offices in New York and London.
- Ownership category
- akta.pro rank
400 Capital Management industry classification
Industry- Product category
- Alternative Credit Asset Management
- NAICS
- Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282), Asset-Backed Securities (6189)
- akta.pro primary industry
- Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)
- akta.pro secondary industries
- Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Corporate Finance & Capital Advisory (BPAHADAB)
Keywords
Where 400 Capital Management is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
400 Capital Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Asset Management Fees: The firm generates revenue through management fees charged on assets under management across its commingled funds, separately managed accounts, and private credit portfolios. The firm manages $7.3 billion for global institutional investors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
400 Capital Management product offering
Product offeringCore offering
400 Capital Management is an alternative asset manager that invests in structured credit and asset-based credit opportunities across residential real estate, commercial real estate, consumer finance, and specialty finance markets in the U.S. and Europe. The firm manages a series of Asset Based Term Funds (ABTF I–IV) and delivers total and absolute return strategies through flagship funds and customized portfolio solutions for global institutional investors.
Product overview
400 Capital Management is an alternative asset manager offering a platform of credit investment products through its Asset Based Term Fund series (ABTF I-IV) and specialized investment strategies. The firm provides total and absolute return strategies across flagship funds and customized portfolio solutions, investing primarily in residential real estate, commercial real estate, consumer finance, and specialty finance markets. The firm's product suite includes private credit funds (ABTF I-IV), various credit strategies (residential credit, CRE/CMBS, corporate & distressed credit, ABS), and capital markets services including risk transfer solutions and customized portfolio solutions for institutional investors.
Differentiator
Problem solved
Functional benefit
Products and services
- Asset Based Term Fund IV (ABTF IV) A private credit fund investing in illiquid credit opportunities across public and private credit markets in the U.S. and Europe, primarily in residential real estate, commercial real estate, consumer finance, and specialty finance markets. Offered to institutional investors.
- Asset Based Term Fund III (ABTF III) A private credit fund investing in illiquid credit opportunities across public and private credit markets in the U.S. and Europe, primarily in residential real estate, commercial real estate, consumer finance, and specialty finance markets.
- Asset Based Term Fund II (ABTF II) A private credit fund investing in illiquid credit opportunities across public and private credit markets in the U.S. and Europe, primarily in residential real estate, commercial real estate, consumer finance, and specialty finance markets.
- Asset Based Term Fund I (ABTF I) The inaugural private credit fund in the Asset Based Term Fund series, investing in unique, idiosyncratic credit opportunities driven by cyclical and regulatory catalysts across U.S. and European credit markets.
- Residential Credit Strategy Investment strategy focused on sourcing, structuring, monitoring and executing loan origination and securities investments across performing and non-performing residential credit, RMBS 2.0, and alternative housing finance. Offered to institutional investors.
- Commercial Real Estate (CRE) and CMBS Strategy Investment strategy focused on originating, structuring and trading performing and non-performing commercial real estate-related loans and securities. Offered to institutional investors.
- Corporate & Distressed Credit Strategy Investment strategy focused on sourcing, trade execution and risk management within distressed corporate and financials credit. Offered to institutional investors.
- ABS Strategy Investment strategy focused on asset-backed securities across various asset classes. Offered to institutional investors.
- Customized Portfolio Solutions Tailored investment portfolio solutions, including separately managed accounts, for institutional investors seeking differentiated credit investment opportunities.
- Capital Markets Services Services including risk transfer solutions, balance sheet management, and product development for financial institutions.
Quantifiable outcome
- Asset Based Term Fund IV was significantly oversubscribed, closing with $1.39 billion vs $1 billion target
- +4 more outcomes
Companies that use 400 Capital Management
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
400 Capital Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
400 Capital Management partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Builder CapitalcoreExpanded partnership with land banking arrangement with Dream Finders Homes acquiring over 4,000 residential home sites. Strategic partnership has grown to over 11,250 lots of inventory and over $1.4 billion of total project cost.
- Dry Creek Capital PartnerscoreExclusive joint venture bringing breadth of capital solutions to distressed commercial real estate and small business debt investments. Dry Creek focuses on value credit opportunities including sub/non-performing commercial real estate loans, lower middle market and small business distressed debt.
- Builder CapitalcoreSignificant capital commitment from 400CM to Dry Creek Capital Partners joint venture for distressed commercial loan market investments.
- Freddie MaccoreWinning bidder for Freddie Mac Seasoned Loans Structured Transaction (SLST) 2018-1. 400 Capital acquired subordinate certificates backed by 2,617 seasoned re-performing loans with $497.5 million unpaid principal balance.
- Builder CapitalcoreStrategic partnership formed to provide capital to production homebuilders for the acquisition and development of single family residential lots nationwide. Builder Capital acquires property through rolling lot option contracts with homebuilders, with 400 Capital providing financing through affiliates.
- InterNex Capitalminor$100 million funding facility to provide short term working capital to small and mid-sized businesses seeking loans between $250,000 and $5 million through InterNex Capital's digital asset-based lending platform.
- Renovate AmericacorePartnership for PACE (Property Assessed Clean Energy) securitizations. Completed first ever securitization of residential PACE Bonds and second securitization resulting in $129.1 million Class A Notes rated AA(sf) by Kroll Bond Rating Agency.
Scale indicators13 records
Recent moves7 records
Expansion highlights6 records
400 Capital Management competitors and assessment
Company assessmentDirect peers
- Marathon Asset Management: Marathon is one of the closest direct peers to 400 Capital — a credit-focused alternative asset manager with deep expertise in structured credit, securitization, asset-based lending, and CLOs, serving institutional investors globally with a comparable fund structure and strategy mix.
- LCM Asset Management: LCM is a specialist structured credit and CLO manager with a focus similar to 400 Capital's ABS and structured product strategies. Both firms target institutional investors with institutional-grade structured credit solutions and emphasize securitization expertise.
- Angelo Gordon (TPG): Pre-acquisition by TPG, Angelo Gordon was a direct peer in structured credit, real estate credit, and asset-based strategies. The firm's focus on alternative credit, distressed, and securitization activities closely mirrors 400 Capital's core competencies.
- CIFC Asset Management: CIFC is a dedicated structured credit and CLO-focused asset manager competing directly with 400 Capital in the institutional credit space, with overlap in CLO issuance, ABS strategy, and structured product investment.
- Octagon Credit Investors: Octagon is a specialist structured credit manager with a similar profile to 400 Capital — focused on CLOs, leveraged loans, and structured products for institutional clients, with comparable fund structures and risk-return objectives.
- Pretium Partners: Pretium is a credit-oriented alternative manager with significant overlap in residential credit, NPLs, RMBS, and housing finance — a clear comparable to 400 Capital's residential credit strategy and Builder Capital-style land banking activities.
Broad incumbents
- Apollo Global Management: Apollo is a mega alternative manager with a broad credit platform spanning structured credit, direct lending, and asset-based finance. While far larger and more diversified, Apollo competes with 400 Capital for institutional credit allocations and securitization deals.
- Ares Management: Ares is a leading global alternative investment manager with a major credit franchise across direct lending, structured credit, and asset-based finance. Competes with 400 Capital for institutional LPs and structured product opportunities at a much larger scale.
- Blue Owl Capital: Blue Owl, formed via the Owl Rock/Dyal merger, is a major alternative credit and private equity manager with strong institutional relationships. Competes for direct lending and alternative credit mandates that overlap with 400 Capital's structured and asset-based credit offerings.
- Cerberus Capital Management: Cerberus is a diversified alternative manager with significant structured credit, distressed, and asset-based investment activities that overlap with 400 Capital's core strategies. Competes for similar institutional allocations and securitization opportunities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
400 Capital Management social profiles
Digital presence400 Capital Management compliance and trust
Trust signalCompliance5 records
400 Capital Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
400 Capital Management leadership team
Management profileNumber of profiles
Profiles17 records
400 Capital Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
400 Capital Management M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 400 Capital Management
What does 400 Capital Management do?
400 Capital Management is an alternative asset manager that invests in structured credit and asset-based credit opportunities across residential real estate, commercial real estate, consumer finance, and specialty finance markets in the U.S. and Europe. The firm manages a series of Asset Based Term Funds (ABTF I–IV) and delivers total and absolute return strategies through flagship funds and customized portfolio solutions for global institutional investors.
Is 400 Capital Management a public or private company?
400 Capital Management is a private company. It is classified as management employee owned and is currently operating.
When was 400 Capital Management founded?
400 Capital Management was founded in 2008. It employs 51 to 100 people.
Where is 400 Capital Management based?
400 Capital Management is headquartered in New York, United States, in the North America region.
How does 400 Capital Management make money?
One revenue line is on record: asset Management Fees.
Who are 400 Capital Management's main competitors?
Direct peers on record are Marathon Asset Management, LCM Asset Management, Angelo Gordon (TPG), CIFC Asset Management, Octagon Credit Investors and Pretium Partners. Broad incumbents are Apollo Global Management, Ares Management, Blue Owl Capital and Cerberus Capital Management.
Does 400 Capital Management have an API?
No public API is recorded for 400 Capital Management.
What industry is 400 Capital Management in?
400 Capital Management's product category is Alternative Credit Asset Management. Its primary akta.pro industry code is FSAAAGAG, Insurance General Accounts (Institutional Asset Owners), with a secondary code of BPAJAMAJ, Real Estate Portfolio & Fund Management (Institutional/REIT/PE). Its NAICS code is 52394 and its SIC code is 6282.