./ DRY CAPITAL
drycapital — main

Bespoke capital
across Europe’s real estate stack.

Preferred equity, debt, co-investment and recapitalisation for top-tier European sponsors — core to opportunistic, across the capital stack. Human-led, technology-backed.

$ request --investor-brief → What we do →
RecapDebtEquitySeed

◆ With Intelligence — Emerging Manager to Watch · 2026 →
€4.5BN+
Combined deal volume
70+
Deals · all asset classes
45+ yrs
Combined front-office experience
7
Core asset classes
Combined past track record of the founding partners — both heads of investment for their regions at leading institutional investors, including PATRIZIA, IVG and TRIUVA. Figures reflect transactions led prior to Dry Capital.
./ special-situations

We take on what
primary markets can't absorb.

Broken cap stacks, refinancing gaps, stretched senior, stressed positions — the situations most capital avoids, and the ones every sponsor is carrying right now. Two decades on the principal side; deals we have owned, not adviser theory.

01 / 04Recap

Dynamic Recapitalisation Yield

Unlock liquidity trapped on sponsor balance sheets. Preferred equity, whole-loan and secondary structures that reset the cap stack without forced sales.

02 / 04Debt

Senior · Whole-loan · Mezz

Bespoke debt solutions with institutional and private credit partners. Refinancing, extensions and bridges at market-realistic pricing.

03 / 04Equity

Preferred · Co-invest · JV

Preferred equity, co-investment and JV structures sourced for sponsors from our off-market pipeline — core to opportunistic, clear downside protection, structural alignment with the sponsor.

04 / 04Seed

Platforms · Funds · Club deals

Platforms, funds and club-deal vehicles, seeded and backed alongside sponsors — long-term, relationship-led capital partnerships.

drycapital — diagnose
01 / 03 · THE SITUATION
$ Is your capital structure built for a market that has moved on?
# priced pre-2022 — now refinancing into a different world
01 / 03 · THE SITUATION
→ Most sponsors aren't. If debt cost more than doubled and the exit window closed, the structure is probably working against you.
02 / 03 · THE PRESSURE
$ Where's the pressure?
03 / 03 · THE DOOR
▸ size it in 60 seconds — run the pre-flight
or open the door directly — let's talk →
./ pre-flight

Screen your deal the way the market will
run it through the pre-flight

A major feature of the terminal, open to anyone. Seven figures in, a red / amber / green verdict out — sized, priced and read the way institutional capital reads it. Free, and anonymous until you choose otherwise.

$ run the pre-flight → 60s · free · EN · ES · FR · DE
drycapital — pre-flight
GREEN
placeable
AMBER
structurable
RED
doesn't fly
$ ./preflight --run
./ asset-backed

Asset-backed capital,
across the spectrum.

Three pillars, one discipline. Real assets with tangible collateral, underwritten across the capital stack.

Real Estate
The full property stack, across Europe's core markets.
  • Offices
  • Residential
  • Hotel & hospitality
  • Logistics
  • Retail
  • Land & development
Infrastructure
Long-duration, inflation-linked — including social infrastructure.
  • Social — schools, health, care
  • Digital — data centres, connectivity
  • Energy & transition
  • Transport
Natural Capital
Productive land and resource-based real assets.
  • Agriculture & productive land
  • Forestry & carbon
  • Water & resources
↳ if it's asset-backed, it's in scope
./ how-the-terminal-works

Days from teaser
to terms.

Market data, live transactions and investor behaviour stream in continuously. The terminal turns them into working materials; every call stays ours. See the full terminal →

$ ./receive

A deal lands

Teaser, OM, a call — deals arrive raw, at any hour.

platform
$ ./underwrite

We take it apart

Model rebuilt from source. Comps pulled. Stack stress-tested.

partners decide
$ ./build

It becomes alive

Interactive memo, live model, investor dashboard — in days.

platform
$ ./back

The right capital

Committed to the situation, tracked live. Every call stays ours.

partners decide
signal · live
The platform shows how investors engage with each deal — which sections, how long, how often — so the partners can follow up with the right material at the right time.
↳ interactive IM↳ live cashflow model↳ investor dashboards↳ deal portal↳ the weekly brief
See the full terminal →
./ the-terminal-live

See the platform
in motion.

A live interactive investment memo, the weekly brief and the intelligence layer — the terminal, running. Click a clip to play it here.

Dry Capital — the film · 1:10
./ who-we-are

Run by the people
who do the deals.

Founder-led and human-led — Dry Capital backs top-tier European sponsors across the capital stack (debt, preferred capital and recapitalisation), builds its own technology to run the analysis, and stays on the ground: close to every deal, sponsor and call.

01 / 03Principal mindset

Underwritten like our own

Every deal underwritten like our own balance sheet. Priced for the market that exists, not the one we'd like.

02 / 03Pan-European

Benelux · Iberia · Germany

Brussels HQ, Madrid coverage through Lake Capital for Iberia, and Germany. Local relationships across the corridors that matter.

03 / 03Senior team

The partners run every deal

Every deal is run by the two partners directly — you deal with the people on the ground, first call to close.

./ track-record

Forty-five years,
all asset classes.

Between them the partners have personally led €4.5BN+ of transactions and 70+ deals across seven asset classes — as heads of investment at PATRIZIA, IVG and TRIUVA. Figures illustrative; specifics under NDA.

Sheelam Chadha
Sheelam Chadha
Founder

Nearly 20 years across Continental Europe as a head of investment for leading institutional investors — PATRIZIA, IVG and TRIUVA. Between 2011 and 2016 she led the liquidation of IVG's fund portfolio for her region, executing several billion euros of asset sales through the cycle — a principal on the hook for every disposal, not an adviser on the sidelines. €2.5 billion+ of transactions across office, residential, logistics and retail. Founded Dry Capital in 2025 — full track record on LinkedIn.

Brussels, BelgiumLinkedIn →
Maria Laguna
Maria Laguna
Iberia Partner · Lake Capital

Over 25 years across Southern Europe. Head of Iberian Transactions at IVG, TRIUVA and PATRIZIA until 2020, before establishing DeA Capital's Iberian platform. Between 2011 and 2016 she ran the liquidation of IVG's Iberian funds, delivering billions of euros of sales — a principal making the hard calls through the downturn, not adviser theory. Acquisitions and disposals across logistics, residential, office, retail and hospitality — full track record on LinkedIn.

Madrid, SpainLinkedIn →
Full team & track record →
./ responsibility

ESG is
a prerequisite.

"Capital will simply not enter a project today without it. It is embedded in every business plan we prepare — because assets that fall short of minimum standards face real pricing discounts and shrinking exit options."

Embedded in underwriting — not bolted on

./ insights

Views & market
memos.

A running view of how Dry Capital sees the European cycle — written from Brussels and Madrid, roughly monthly. See all insights →

10
The Stadium Curse
16 Jul 2026
→ 09
2026 Real Estate: For Masochists Only — Or Am I Mentally Deranged?
17 Mar 2026
→ 08
Madrid Calling
03 Feb 2026
→ 07
Europe's Capital Magnets
17 Dec 2025
→ 06
YOU'RE FIRED…
10 Nov 2025
→ 05
How Many Euros Are Chasing Each Euro? The New Math of Real Estate Capital
22 Sep 2025
→
Read all posts →
./ in-the-press

What the market
is writing.

Dry Capital in the press, on the stage, and named among the managers to watch. See all press →

Unlocked · Leader Spotlight · 2026

The Power Partnership Advantage

A wide-ranging conversation with Maria Laguna & Sheelam Chadha on the forces reshaping European real estate — capital confidence, joint ventures, ESG as a liquidity driver, and building a lean firm on technology built in-house.

Conversation: Jenny Mourato · Edits: Joanna Henry

Read on LinkedIn → ↓ Full article (PDF) →
Maria Laguna & Sheelam Chadha
"The differences between us are real, but they are productive."
"Capital exists, but it is being deployed very conservatively."
"A well-structured JV creates optionality; a poorly drafted one becomes a liability."
As featured in El Confidencial Business Insider CRE Europe With Intelligence PERE Europe WIN Summit
See all press & recognition →
./ get-in-touch
A more efficient way
to recapitalise.

Request the Investor Brief

A concise, evolving view of how we see the European recapitalisation opportunity — the thesis, the platform, and where capital is being deployed today.

Opens your email app with the message ready to send — nothing is submitted to a third party. Or write to [email protected] directly.

Direct line to the deal team

./ brussels-hq

Brussels, Belgium

./ madrid-lake-capital

Madrid, Spain