CACM

David S. Landau serves as Managing Partner and has led the firm since its founding in 1989. The firm does not publicly name an investment committee or detail the delegation of authority beyond Landau's role. Given the firm's small-team structure, he likely remains the central decision-maker on credit approvals and portfolio construction.

CACM sources through direct relationships with private equity sponsors, concentrated in the Western United States. The firm targets companies with EBITDA under $15 million, a segment where regional sponsors value speed and certainty of execution over brand-name lenders. Sourcing relies on a decades-old network rather than broad intermediary auctions.

CACM operates as a private fund manager, raising closed-end, commingled vehicles from institutional limited partners. It is not structured as a business development company (BDC) or publicly traded credit manager. That closed-end architecture aligns the fund lifecycle with the underlying loan maturities and avoids the asset-liability mismatches that perpetual-capital structures can create.

CACM provides senior secured loans, unitranche facilities, and subordinated debt to sponsor-backed, lower-middle-market companies. The firm focuses exclusively on cash-flow lending for leveraged buyouts, refinancings, and acquisition financing. Asset-based lending, special situations, and distressed credit fall outside its mandate.

CACM was originally formed in 1989 as CitiCorp Affiliated Capital Management, emerging from the wind-down of Citicorp's internal venture capital and direct lending operations. The firm later dropped the full name and now operates as CACM, fully independent of Citicorp and its successor, Citigroup. No residual ownership or strategic relationship remains.