Cherrywood Private Capital

Cherrywood Private Capital

Cherrywood Private Capital operates as a specialized investment manager with a focus on private credit and asset-based special situations. Founded and led by Managing Partner Jonathan Bilzin, the firm evaluates capital structures where collateral coverage, contractual cash flows, or hard-asset backing provide a margin of safety that pure-equity strategies lack. The firm's investment activities span direct lending, opportunistic real estate credit, and acquiring secondary interests in private funds and distressed debt instruments. The firm's credit-first approach targets mid-market opportunities — bridge financing for transitional real estate, rescue capital for over-levered operating companies, and purchases of limited partner interests in funds trading at deep discounts to NAV. Cherrywood evaluates senior secured loans across property types including multifamily, industrial, and hospitality, alongside corporate credit where underlying asset values or enterprise cash flows can be independently stressed. Geographic emphasis remains on primary and secondary US markets where the firm's principals have established origination networks and restructuring experience. Cherrywood's structure allows it to commit capital through traditional closed-end drawdown vehicles alongside co-investment SPVs for larger transactions. The firm sources through a combination of proprietary relationships and bank work-out groups, benefiting from the long-term retrenchment of regulated lenders from middle-market lending. The operating model emphasizes granular asset-level diligence and hands-on restructuring capabilities when credits underperform — a posture shaped by prior distressed-cycle experience. The firm's structural edge lies in its credit-only mandate applied to asset-heavy and contractual-yield situations, distinct from multi-strategy platforms that allocate capital across equity, venture, and long-only mandates. This credit purity means the portfolio's return profile is driven primarily by contractual spreads, origination fees, and recoveries rather than multiple expansion or revenue growth assumptions. Succession and governance remain closely held under the founding managing partner.