Tenax Capital
Tenax Capital is a London-based boutique asset manager founded in 2004, managing about €2.5 billion across Fixed Income, Private Debt, Insurance-Linked Securities (catastrophe bonds), and Equity strategies for European institutional investors, insurers, and family offices.
- Company typePrivate
- Founded2004
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Tenax Capital does
Tenax Capital Limited is a London-headquartered boutique asset manager founded in 2004 by Massimo Figna, operating through offices in London, Milan, and Frankfurt and distributing via two Irish vehicles — Tenax UCITS ICAV for daily-liquid regulated funds and Tenax QIAIF ICAV for qualifying-investor alternative strategies. The firm manages approximately €2.5 billion in assets across four strategies: Fixed Income (anchored by the open-ended Tenax Dynamic Income Fund and closed-ended unit-linked products with major insurance groups), Insurance-Linked Securities (the Tenax ILS UCITS Fund investing in catastrophe bonds exposed to hurricanes, earthquakes, and floods), Equity (Financials, Healthcare, and Global Equity UCITS funds), and Private Debt (the Tenax European Credit Fund for DACH and Northern Europe, plus the Tenax Sustainable Credit Fund for Italian SMEs).
The underlying technology stack rests on proprietary quantitative infrastructure: catastrophe risk pricing models, real-time weather-data analysis, and stochastic/historical event simulation for the ILS book, combined with a quantitative research layer supporting equity decisions. The business model is a classic asset-management revenue stack — recurring management fees on AUM across UCITS, QIAIF, and unit-linked vehicles, plus performance fees on absolute-return funds — monetised through institutional direct sales to insurers, pension funds, family offices, and government-backed entities (notably Intesa Sanpaolo as anchor/originator, the European Investment Fund as guarantee provider, Cassa Depositi e Prestiti as LP, and Fidelidade/Fosun as majority owner). Tenax is majority-owned (75%) by Fidelidade, Portugal's largest insurer, which is itself controlled by Fosun Group; management retains the remaining 25%. The firm is regulated by the FCA, files Pillar 3 / MIFIDPRU 8 disclosures, and maintains GDPR compliance and UK Stewardship Code adherence.
Tenax Capital firmographics
Firmographics- Name
- Tenax Capital
- Legal name
- Tenax Capital Limited
- Website
- https://tenaxcapital.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Tenax Capital is a London-based boutique asset manager founded in 2004, managing about €2.5 billion across Fixed Income, Private Debt, Insurance-Linked Securities (catastrophe bonds), and Equity strategies for European institutional investors, insurers, and family offices.
- Ownership category
- akta.pro rank
Tenax Capital industry classification
Industry- Product category
- Boutique Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
- akta.pro secondary industry
- Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)
Keywords
Where Tenax Capital is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Tenax Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Discretionary Investment Management Fees: Asset management fees charged to institutional clients and funds for discretionary investment management services across Fixed Income, Private Debt, ILS, and Equity strategies
- Performance Fees: Performance-based fees from absolute return strategies, including private debt funds and UCITS funds
- Fund Management Fees: Management fees from managing UCITS ICAV and QIAIF funds, unit-linked products, and private debt funds targeting €300 million+ fund sizes
Go-to-market motion1 record
Distribution channels5 records
Marketing channels6 records
Tenax Capital product offering
Product offeringCore offering
Tenax Capital is a boutique asset management firm providing discretionary investment management services across four core strategies: Fixed Income, Private Debt, Insurance-Linked Securities (ILS), and Equity. The firm manages approximately €2.5 billion in assets under management through regulated UCITS and QIAIF fund structures, serving institutional investors including insurance companies, family offices, and pension funds across European markets.
Product overview
Tenax Capital is a boutique asset management firm offering a diversified range of investment strategies across four core areas: Fixed Income (including the Tenax Dynamic Income Fund UCITS and Unit-Linked products), Insurance-Linked Securities (ILS Fund UCITS), Equity (Financials, Healthcare, and Global Equity UCITS Funds), and Private Debt (European Credit Fund for Northern Europe and Sustainable Credit Fund for Southern Europe). The firm operates through two umbrella structures: Tenax UCITS ICAV for regulated UCITS funds and Tenax QIAIF ICAV for qualifying investor alternative investment funds. The product suite includes both open-ended UCITS vehicles with daily liquidity and closed-ended private debt funds targeting institutional investors.
Differentiator
Problem solved
Functional benefit
Brands
- Tenax Dynamic Income Fund: Open-ended, actively managed UCITS fund investing mainly in global fixed income with daily liquidity.
- Tenax ILS UCITS Fund
- Tenax Healthcare UCITS Fund
- Tenax Global Equity Fund
- Tenax Financials UCITS Fund
- Tenax Sustainable Credit Fund
- Tenax European Credit Fund (TECF)
- Tenax Italian Credit Fund (TICF)
- Tenax QIAIF ICAV
- Tenax UCITS ICAV
Products and services
- Tenax Dynamic Income Fund (TDIF)
Quantifiable outcome
- Tenax ILS UCITS Fund delivered +17.9% return in 2023
- +3 more outcomes
Companies that use Tenax Capital
Customer profileSegments5 records
Ideal customer profiles3 records
Tenax Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Tenax Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Intesa SanpaolocoreIntesa Sanpaolo and Tenax Capital signed a memorandum of understanding to establish the 'Tenax Sustainable Credit Fund', a private debt fund with target size of at least €300 million to invest in Italian companies. Intesa Sanpaolo serves as anchor investor and non-exclusive originator through its IMI Corporate & Investment Banking Division, under an originate-to-share model.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Tenax Capital competitors and assessment
Company assessmentDirect peers
- Twelve Capital: Zurich-based boutique investment manager specialising exclusively in Insurance-Linked Securities, with a UCITS fund offering catastrophe bond and reinsurance-linked strategies. Closely comparable to Tenax's ILS UCITS Fund franchise, with similar institutional client focus and proprietary catastrophe modelling.
- Muzinich & Co: New York/London-based boutique fixed income and private credit manager offering European High Yield, leveraged finance, and direct lending strategies to institutional clients. Directly comparable to Tenax's European Credit Fund (TECF) and Fixed Income strategies, both serving institutional investors with bespoke credit solutions.
- Leadenhall Capital Partners: London-based specialist investment manager focused exclusively on Insurance-Linked Securities and reinsurance-linked strategies. Directly comparable to Tenax's ILS Fund offering, with overlapping institutional client base and similar boutique scale.
- Fermat Capital Management: US-based specialist Insurance-Linked Securities and catastrophe bond investment manager managing dedicated ILS funds for institutional clients. Most direct comparable to Tenax ILS UCITS Fund, sharing cat bond specialisation, institutional LP base, and proprietary cat risk modelling approach.
- MV Credit: London-based specialist direct lending manager providing senior secured loans to European mid-market companies. Directly comparable to Tenax's European Credit Fund for Northern Europe, sharing similar DACH-region focus and institutional LP base.
- Hayfin Capital Management: London-based alternative credit manager specialising in direct lending, special situations, and private debt across Europe. Closely comparable to Tenax's Northern European Credit Fund (TECF) and Italian private debt funds, sharing institutional client focus and senior-secured European SME lending model.
Broad incumbents
- Insight Investment: London-based fixed income and absolute return specialist managing multi-hundred-billion AUM for institutional clients, owned by Bank of New York Mellon. Overlaps with Tenax's Fixed Income (TDIF) and absolute return UCITS franchise, with similar institutional client focus and bottom-up credit research orientation.
- Schroders: London-headquartered global asset manager with significant capabilities across fixed income, private debt, insurance-linked strategies, and equities. Overlaps with all four Tenax strategy pillars but at substantially greater scale and with broader institutional distribution.
- Federated Hermes (formerly Hermes Investment Management): UK-based institutional asset manager offering equities, fixed income, private markets and ESG-integrated strategies to institutional clients globally. Larger-scale comparable to Tenax across multiple strategies, with overlap in credit and equity capabilities, but operating at much greater scale.
- Aviva Investors: London-based global asset manager (subsidiary of Aviva plc) offering fixed income, equities, real assets, and private credit to institutional clients. Directly overlaps with Tenax's institutional client base and multi-strategy approach, but with much larger scale and broader product suite.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Tenax Capital social profiles
Digital presenceTenax Capital compliance and trust
Trust signalCompliance3 records
Tenax Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tenax Capital leadership team
Management profileNumber of profiles
Profiles14 records
Tenax Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tenax Capital M&A and investment
M&A and investmentM&A
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tenax Capital
What does Tenax Capital do?
Tenax Capital is a boutique asset management firm providing discretionary investment management services across four core strategies: Fixed Income, Private Debt, Insurance-Linked Securities (ILS), and Equity. The firm manages approximately €2.5 billion in assets under management through regulated UCITS and QIAIF fund structures, serving institutional investors including insurance companies, family offices, and pension funds across European markets.
Is Tenax Capital a public or private company?
Tenax Capital is a private company. It is classified as corporate owned and is currently operating.
When was Tenax Capital founded?
Tenax Capital was founded in 2004. It employs 1 to 10 people.
Where is Tenax Capital based?
Tenax Capital is headquartered in London, United Kingdom, in the Europe region.
How does Tenax Capital make money?
Three revenue lines are on record. Discretionary Investment Management Fees are the primary driver. The others are performance Fees and fund Management Fees.
Who are Tenax Capital's main competitors?
Direct peers on record are Twelve Capital, Muzinich & Co, Leadenhall Capital Partners, Fermat Capital Management, MV Credit and Hayfin Capital Management. Broad incumbents are Insight Investment, Schroders, Federated Hermes (formerly Hermes Investment Management) and Aviva Investors.
Does Tenax Capital have an API?
No public API is recorded for Tenax Capital.
What industry is Tenax Capital in?
Tenax Capital's product category is Boutique Asset Management. Its primary akta.pro industry code is BPAHADAB, Corporate Finance & Capital Advisory, with a secondary code of FSAEALAM, Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds). Its NAICS code is 523940 and its SIC code is 6282.