What Avellinia Capital does

Avellinia Capital (trading as AvCap) is a London-headquartered private credit and alternative asset management firm founded in 2017 that provides capital to non-bank, alternative lenders through asset-based lending structures. The firm finances originators across SME lending (invoice financing, revenue-based lending), consumer lending, rental and leasing, receivables, and special situations/esoteric assets, generally preferring granular pools of short-duration revolving exposures. Underwriting emphasizes significant overcollateralization and strict performance covenants.

The firm runs a private credit investment strategy for institutional investors, offering diversified secured alternative credit with income returns plus equity upside participation in financed originators. The underlying technology stack is a proprietary quantitative analytics platform built on cloud distributed calculation engines, supporting investment analytics and risk management, developed under the firm's CTO/Head of Quantitative Analytics. Distribution is institutional and direct via sales-led engagement and an investor portal for existing LPs. Fund vehicles are structured through AvCap Investments Luxembourg SCSp SICAV-RAIF (classified Article 8 under SFDR), with operations across the UK, Luxembourg, Germany, Finland, France, Malaysia, and the United States.

Revenue is generated through management fees and performance incentives on the private credit strategy, plus transaction-level economics from origination financing (senior, unitranche, mezzanine, subordinated, and first-loss capital). Pricing is deal-by-deal and not publicly disclosed. The customer base is bifurcated: institutional investors allocate into the firm's funds, while alternative lenders and fintech originators (such as re:cap, supported via a €125M facility alongside HSBC Innovation Banking in 2025) receive capital. The firm holds approximately 1-10 employees led by Co-Founders/Managing Partners Matthias Dux and Julian S. Schickel, with a Chief Credit Officer and senior operating advisors from Deutsche Bank, ZAIS Group, Lehman Brothers, Glencore, Morgan Stanley, and BNP Paribas backgrounds.

Name

Avellinia Capital

Legal name

Avellinia Capital Ltd.

Website

https://avellinia.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Avellinia Capital (AvCap) is a London-based private credit and alternative asset management firm that provides asset-based lending capital to alternative lenders and manages a diversified secured alternative credit fund for institutional investors.

Ownership category

akta.pro rank

Product category

Private Credit / Asset-Based Lending

NAICS

Portfolio Management and Investment Advice (52394), Credit Intermediation and Related Activities (522)

SIC

Asset-Backed Securities (6189), Investment Advice (6282)

akta.pro primary industry

Debt Advisory & Financing Advisory (FSAEAGAD)

akta.pro secondary industry

Multi-Sector / Total Return Fixed Income (FSAAAHAJ)

Keywords

• Private credit lending
• Asset-based financing
• Specialty finance capital
• Alternative lender funding
• Institutional credit investing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset-Based Lending Returns: Income returns from asset-based lending investments in alternative lenders, with additional upside captured through equity participation in financed companies. Focus on granular pools of short duration revolving exposures allowing effective risk management.
2. Specialty Finance Financing: Providing senior financing, unitranche, junior capital, mezzanine, subordinated capital, and secured first-loss/risk retention capital to alternative lenders and originators across SME lending, consumer lending, rental and leasing, receivables, and special situations.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Avellinia Capital (AvCap) provides asset-based lending capital to alternative lenders and originators across SME lending, consumer lending, rental and leasing, receivables, and special situations. It operates a diversified secured alternative credit investment strategy, offering institutional private credit investors income returns with equity upside participation through senior financing, unitranche, mezzanine, subordinated capital, and secured first-loss/risk retention facilities. The firm serves as both a capital partner to non-bank originators and an investment manager for private credit investors.

Product overview

Avellinia Capital (AvCap) offers a unified platform consisting of asset-based lending solutions for the innovation economy and a private credit investment strategy targeting attractive income returns with additional equity upside. Their core offering provides financing to alternative lenders in specialty finance areas including SME lending, receivables, rental and leasing, consumer lending, esoteric assets, and special situations. The Investor Portal provides existing investors with exclusive access to fund performance, investor letters, and account management.

Differentiator

Problem solved

Functional benefit

Products and services

• Asset-Based Lending Solutions Flexible and tailored asset-based lending facilities for early and growth-stage alternative lenders and originators in specialty finance verticals, including senior financing, unitranche, mezzanine, subordinated capital, and secured first-loss/risk retention capital. Targets underserved SMEs and consumers with a long-term partnership approach.
• AvCap Investor Portal An exclusive investor portal exclusively for existing AvCap investors to access fund information, performance data, investor letters, and account management features.

Quantifiable outcome

• Zero defaults in Germany and the Netherlands

Named customers1 record

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• i80 Group: Asset-based lending platform providing structured capital to specialty finance companies and originators. Most directly comparable to AvCap given overlapping product set (senior financing, mezzanine, unitranche to alternative lenders) and AvCap advisor Asher Hochberg's prior role as MD at i80.
• ZAIS Group: Specialist alternative credit manager focused on structured and complex credit strategies. Highly comparable to AvCap given co-founder Julian Schickel's prior role as CEO of ZAIS EMEA, and overlapping focus on asset-based lending and structured credit.
• Capital Four Management: European credit asset manager investing across corporate credit, asset-based finance, and structured credit. Comparable as a boutique-scale European credit manager with overlapping asset-based and specialty finance strategies.
• Eiffel Investment Group: Paris-based private debt and asset manager focused on European private debt, including asset-based and specialty finance. Comparable as a mid-sized European private credit competitor with overlapping originator financing activities.

Broad incumbents

• Pemberton Asset Management: Major European direct lending and private credit manager with multi-billion AUM. Comparable as a competing institutional capital provider to European alternative lenders, though substantially larger and broader in mandate.
• Tikehau Capital: European alternative asset manager with sizeable private debt and asset-based lending strategies. Comparable as a competitor for institutional LP capital and specialty finance originator relationships across Europe.
• Muzinich & Co: Global private credit specialist managing fixed income, leveraged finance, and asset-based credit strategies. Comparable as a competing European-anchored private credit manager with similar LP base and credit underwriting orientation.
• Arcmont Asset Management: European direct lending and private credit manager. Comparable as a competitor in providing financing to European mid-market and specialty finance borrowers, with substantially larger AUM scale.
• Partners Group (Private Credit): Global private markets giant with a sizeable private credit franchise. Comparable as a broader incumbent competing for the same institutional LP allocations and asset-based lending opportunities.
• Varagon Capital Partners: US-headquartered direct lending firm with growing European footprint. Comparable as a competitor in middle-market and asset-based private credit, though primarily US-focused with different geographic emphasis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/avellinia-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments11 records

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

Frequently asked questions about Avellinia Capital