01
Underwrite the building
We start with fabric, location, tenure, and the occupier. A model is only as good as the building it describes. If we cannot walk the floors and read the leases, we do not bid.
Approach
Patient capital. Particular challenges.
We invest as principals in Ireland, the United Kingdom, and Europe. The method is unhurried: understand the asset, align the capital, and deliver the results.
Investment
Not a fund. A private book.
Hibernian Capital does not raise commingled vehicles. We invest private capital — our own, and that of a small circle of aligned counterparties — into buildings we are prepared to own.
That structure lets us ignore vintage-year pressure and the fashion of the moment. It also means we can decline more than we accept.
Principles
How decisions are made.
02
Hold for the work
Our capital is not on a fund clock. We hold through a leasing cycle, a planning period, or a recapitalisation — as long as the original thesis remains intact.
03
Align the stack
Mispriced debt, orphaned equity, and stalled developments are often a capital-structure problem before they are an asset problem. We recapitalise where that is the unlock.
04
Keep the book small
Concentration is a feature. A handful of projects we understand is preferable to a list we merely monitor. Discretion follows from that.
Process
From introduction to ownership.
01
Source
Off-market introductions, bilateral conversations, and the occasional public process. We do not run a coverage machine.
02
Diligence
Title, tenancy, condition, planning, and environmental. Legal and technical advisors sit alongside our own reading of the asset.
03
Structure
The bid is the easy part. The capital stack, the hold period, and the occupier plan are decided together.
04
Steward
Leasing, works, and reporting. We manage as owners, not as distant capital.
If a building, a loan, or a stalled project needs a principal, we want to see it.
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