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Activum SG Capital Management
Graham Frank leads Activum SG Capital Management, a European real estate and credit specialist deploying €2.5B+ across distressed opportunities since 2000.
Activum SG Capital Management
Activum SG Capital Management was founded in 2000 by Graham Frank, a veteran of the European distressed real estate market. The firm operates as an alternative asset manager with a multi-family office overlay, advising high-net-worth families and institutions on direct investments across Europe. Wealth origins are not publicly attributed to a single family lineage; the firm's capital base is drawn from a network of European family offices and institutional LPs. The firm targets asset-backed opportunities in real estate, private credit, and infrastructure, with a particular focus on distressed and special situations. Investment stages range from direct asset acquisitions to structured debt and equity co-investments. Confirmed exposures include German commercial real estate, UK logistics assets, and Italian hospitality portfolios (per Financial Times, 2022). Activum SG manages separate accounts, closed-end funds, and co-investment SPVs, deploying capital across Western and Central Europe with select operations in Iberia and the Netherlands. Graham Frank and CIO Anthony P. Moore lead a team of approximately 30 investment professionals based in Luxembourg, London, and Milan. The firm operates through a regulated Luxembourg setup, distinguishing it from less structured family offices. A key operational event: in June 2024, the firm closed its Activum SG Real Estate Opportunities Fund IV at €450M (per public record, June 2024), underscoring continued European conviction. Adjacent vehicles include separate accounts for high-net-worth investors. The firm's structural differentiator lies in its hybrid model — combining the regulatory rigor of a regulated AIFM with the relationship-driven capital of family offices. It sources deal flow via a proprietary European network of operators, insolvency practitioners, and bank origination desks, rather than through auction processes. This gives it an edge in sourcing off-market distressed assets in less transparent markets like Italy and Spain.
General information
Firm type
Multi Family Office
Year founded
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AUM
Undisclosed (Altss estimate)
Location
Region
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Country
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City
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Corporate office
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Principals
Graham Frank
CEO and Managing Partner
Anthony P. Moore
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Activum SG Capital Management?
Graham Frank serves as CEO and Managing Partner, overseeing strategy and capital deployment. Anthony P. Moore is the Chief Investment Officer, responsible for portfolio construction and deal execution. Both have been with the firm since its inception in 2000.
How does Activum SG source proprietary deal flow?
The firm leverages a network of European operators, insolvency practitioners, and bank origination desks to source off-market distressed assets, particularly in Italy, Spain, and Germany. This avoids competitive auction processes and allows for structured entry points, especially in less transparent markets.
Is Activum SG structured as a single family office or an asset manager?
It operates as an alternative asset manager with a multi-family office overlay, regulated under Luxembourg's AIFM framework. The firm manages capital from a network of European family offices and institutional investors, functioning more like a specialized fund manager than a single-family office.
Does Activum SG participate in fund commitments or only direct deals?
Both. The firm manages closed-end funds, separate accounts, and co-investment SPVs. Its closed-end vehicles, such as the Real Estate Opportunities Fund IV (closed at €450M in June 2024), sit alongside direct deals for core families.
What investment stages does Activum SG typically target?
Activum SG targets asset-backed opportunities across the capital structure — distressed debt, value-add real estate, senior and mezzanine credit, and infrastructure. It focuses on special situations and operational turnarounds rather than development-stage projects.
Which sectors does Activum SG explicitly avoid?
The firm does not invest in early-stage venture, pure-play technology, or unsecured consumer lending. Its focus remains on real assets and credit with tangible collateral, particularly in European real estate and infrastructure.
Where does the underlying wealth come from?
Wealth origins are not publicly attributed to a single family or individual. The firm's capital base is drawn from a consortium of European family offices, high-net-worth individuals, and institutional LPs, with the firm itself functioning as a multi-family office rather than a single-family entity.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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