What Perini Capital does

Perini Capital is an SEC-registered investment adviser (File Number 158540) founded in 2011 by Michael Perini, CFA, headquartered in Scottsdale, Arizona. The firm manages capital for institutional investors and high-net-worth individuals focused on total return opportunities in residential and commercial real estate across both public and private credit markets. Its investment remit centers on non-Agency RMBS and private loan securities — complex, illiquid, and often opaque instruments — where the firm seeks to identify value through fundamental credit and prepayment analysis and long-term positioning.

The firm operates a three-product platform: (1) the Catalyst/Perini Strategic Income Fund (ticker CSIOX), a 1940 Act interval fund distributed through the Catalyst Funds platform; (2) privately offered funds accessible to accredited investors; and (3) separately managed accounts (SMAs) tailored to individual investor objectives. Underlying investment processes rely on deep relationships with dealers and originators in the OTC RMBS market and the private commercial loan market rather than disclosed quantitative or technology infrastructure. The five-person team brings over 90 years of combined structured credit experience, with senior professionals drawn from The Seaport Group, Jefferies, Cantor Fitzgerald, Amherst Securities Group, and The Interfin Companies.

Revenue is generated through management fees and performance fees (carry) on the firm's private funds, SMAs, and the CSIOX interval fund. The go-to-market is relationship-led and direct: private funds and SMAs require direct contact with the firm, while the interval fund is distributed through Catalyst Funds' platform. The firm emphasizes significant internal capital co-investment as an alignment mechanism. Perini Capital does not publicly disclose financial results, AUM, or fee terms, and operates without disclosed institutional backing or parent company.

Name

Perini Capital

Legal name

Perini Capital

Website

https://perinicapital.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Perini Capital is a Scottsdale-based SEC-registered investment adviser, founded in 2011, that manages private funds, separately managed accounts, and the CSIOX interval fund for institutional and high-net-worth investors seeking total return exposure to non-Agency RMBS and private real estate credit.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

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

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Structured credit management
• Non-Agency RMBS investing
• Private credit funds
• Separately managed accounts
• Real estate credit

Headquarters

HQ city

Scottsdale

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: Perini Capital generates revenue through management fees and performance fees (carry) from managing private funds and separately managed accounts (SMAs) focused on non-Agency RMBS and private credit investments.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Perini Capital provides investment management services for structured credit, portfolio management, and fixed income securities. The firm manages a suite of products including the publicly registered Catalyst/Perini Strategic Income Fund (CSIOX), private funds, and separately managed accounts (SMAs), all focused on total return opportunities in non-Agency RMBS and private loan markets across residential and commercial real estate credit.

Product overview

Perini Capital operates as an investment management firm offering a suite of products including the publicly registered Catalyst/Perini Strategic Income Fund (CSIOX), private funds focused on non-Agency RMBS and private loans, and separately managed accounts. The firm specializes in total return opportunities across residential and commercial real estate in both public and private credit markets, with a disciplined investment process rooted in fundamental credit and prepayment analysis.

Differentiator

Problem solved

Functional benefit

Products and services

• Catalyst/Perini Strategic Income Fund (CSIOX) An interval fund structured as a 1940 Act investment company with a continuous offering of shares at NAV, focused on absolute return opportunities in residential and commercial real estate across public and private credit markets. Distributed through Catalyst Funds' platform, the fund provides investors with daily liquidity and access to Perini Capital's structured credit expertise.
• Private Funds Privately offered investment funds enabling accredited investors to access non-Agency RMBS and private loan market opportunities with a total return focus. The funds leverage Perini Capital's fundamental credit and prepayment analysis across residential and commercial real estate credit markets.
• Separately Managed Accounts (SMAs) Customized portfolio management tailored to individual investor objectives across residential and commercial real estate credit markets, offering direct access to Perini Capital's investment expertise. SMAs require direct contact with the firm for investment minimums and onboarding.

Quantifiable outcome

• 14-year track record of attractive risk-adjusted returns

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and support.

• Catalyst FundscoreChannel Partner/ Reseller/ DistributorPerini Capital serves as sub-advisor to the Catalyst/Perini Strategic Income Fund (ticker: CSIOX), an interval fund distributed through Catalyst Funds' platform. This partnership provides distribution reach and regulatory infrastructure for the fund while Perini Capital provides investment management expertise.
• PINE AdvisorssupportImplementation/ SI/ Consulting PartnerPINE Advisors provides outsourced Chief Compliance Officer services to Perini Capital. Justin Long from PINE serves as the firm's CCO, providing ongoing compliance services for the SEC-registered investment advisory firm.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Fortress Investment Group: Alternative asset manager with significant real estate and structured credit capabilities. Comparable to Perini Capital in securitized credit exposure but with much broader strategy mix and institutional scale.
• Oaktree Capital Management: Major alternative investment manager with significant structured credit and real estate debt strategies. Comparable asset class exposure but with substantially larger scale, broader product suite, and institutional backing.
• Blackstone Mortgage Trust: Publicly traded mortgage REIT financed by Blackstone focused on senior loans on commercial real estate. Comparable CRE credit orientation but at substantially larger scale and senior-only positioning.
• Voya Investment Management: Large asset manager with structured credit and securitized products capabilities including RMBS. Comparable investment domain within a much broader multi-asset platform serving institutional clients.

Direct peers

• Angel Oak Capital Advisors: Atlanta-based asset manager specializing in non-Agency RMBS, structured credit, and real estate-related strategies. Directly comparable to Perini Capital in niche focus, product structure (multiple funds including interval-style vehicles), and institutional client base.
• Crossroads Capital: Structured credit and mortgage-related investment manager with comparable focus on non-Agency RMBS and esoteric ABS. Similar boutique scale and credit-driven investment process to Perini Capital.
• Ellington Financial: Publicly traded mortgage REIT and asset manager with deep expertise in non-Agency RMBS, structured credit, and CRE debt. Comparable investment strategy with broader product mix and public-market scale.
• AG Mortgage Investment Trust: Public mortgage REIT managed by Angelo Gordon focused on Agency and non-Agency RMBS, CMBS, and ABS. Comparable non-Agency RMBS investment focus though structured as a public REIT rather than private partnership.
• Pretium Partners: Alternative investment manager focused on residential and commercial real estate credit, including non-performing and re-performing loans. Comparable to Perini Capital in real estate credit specialization and institutional/HNW investor focus.

Emerging players

• Sylvan Capital Advisors: Boutique credit manager specializing in structured credit and mortgage-backed securities. Similar specialist positioning to Perini Capital with overlapping investor base in HNW and institutional channels.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Perini Capital