400 Capital Management

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.

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

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

• Structured credit investing
• Private credit funds
• Asset-based credit
• Alternative asset management
• Institutional credit strategies

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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

Core 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

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Builder CapitalcoreStrategic or Co-development Partner · 29 May 2024Expanded 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 PartnerscoreStrategic or Co-development Partner · 24 May 2021Exclusive 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 CapitalcoreStrategic or Co-development Partner · 24 May 2021Significant capital commitment from 400CM to Dry Creek Capital Partners joint venture for distressed commercial loan market investments.
• Freddie MaccoreStrategic or Co-development Partner · 22 May 2018Winning 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 or Co-development Partner · 17 March 2018Strategic 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 CapitalminorStrategic or Co-development Partner · 1 January 2016$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 AmericacoreStrategic or Co-development Partner · 18 November 2014Partnership 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

Direct 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

• LinkedInlinkedin.com/company/400-capital-management-llc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about 400 Capital Management