Alma Capital

Laurent Kenigswald, the founder, serves as Chief Investment Officer and leads the investment committee. Pierre-Yves Moissonnier, co-founder and Managing Partner, oversees business development and strategic partnerships. The firm operates a lean partnership structure where senior investment professionals vet each underlying manager and strategy before structuring a Luxembourg vehicle around it.

Alma Capital relies on the senior team’s proprietary networks built during prior roles at global financial institutions, rather than on open RFP processes or intermediary pitches. The firm targets specialized managers in private credit, real estate, and hedge funds who have strong track records but lack European regulatory infrastructure. Manager relationships are often exclusive within the European institutional channel.

Alma Capital is a regulated asset manager, not a family office. Founded in 2016 by former banking executives, the firm operates as an alternative investment platform structuring and distributing Luxembourg-domiciled funds for European institutional clients. It does not manage a single family’s wealth but functions as a multi-strategy alternative investment firm.

The firm participates in both, but indirectly. Alma structures regulated funds that in turn commit to underlying private credit, real estate, and hedge fund managers, and increasingly to direct lending strategies. The 2024 European direct lending fund launch signals a move toward more direct portfolio construction, though the firm does not typically act as a co-investment lead alongside GPs.

Alma Capital does not target venture or growth equity stages in the traditional sense. Its focus is on mature, income-generating assets — mid-market direct lending, core-plus and value-add real estate, hedge fund strategies, and secondaries transactions. The firm seeks strategies where structuring complexity and regulatory barriers create an information advantage, rather than early-stage venture risk.

The firm explicitly avoids venture capital, technology startup investing, commodity trading, and strategies heavily dependent on short-term public market beta. Its emphasis on structured credit, real assets, and absolute-return hedge fund strategies reflects a consistent preference for downside protection and contractual cash flows over speculative upside.

Luxembourg is central to Alma Capital’s model. The jurisdiction offers a well-understood regulatory framework (UCITS and AIFMD) that European institutional investors recognize and trust, which makes capital-raising from insurers and pension funds significantly easier. It also provides tax neutrality and a deep pool of fund administration and legal services that allow a lean firm to operate at institutional scale.