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EXS Capital
Eric Solberg, formerly Deutsche Bank's head of real estate private equity for Asia Pacific, established EXS Capital in Singapore in 2007. The firm emerged as a...
EXS Capital
Eric Solberg, formerly Deutsche Bank's head of real estate private equity for Asia Pacific, established EXS Capital in Singapore in 2007. The firm emerged as a specialist lender and equity partner for mid-market real estate operators during a period when regional banks were retreating from development finance. Solberg's structuring background at Deutsche Bank shaped EXS Capital's emphasis on collateralized lending rather than blind pool equity, giving the firm a credit-first identity uncommon among Asia-focused real estate platforms. EXS Capital operates across the capital stack, providing senior secured loans, mezzanine debt, and structured equity to developers and property companies. Asset classes include residential, hospitality, industrial, and mixed-use projects. Stage coverage spans pre-development land financing through construction and recapitalization. The firm deploys capital through its EXS Credit Fund and separate managed accounts for institutional and family-office limited partners. Confirmed transactions include structured credit facilities for Thai residential developers and hospitality projects in Bali (per the firm's official communications). Geographic focus runs from Vietnam and Thailand through Malaysia and Indonesia, with selective exposure in Australia. Headquartered in Singapore with an additional office in Hong Kong, EXS Capital operates a lean team structured around origination, credit underwriting, and asset management. The firm has not publicly disclosed total assets under management or deployment figures. In recent years, EXS Capital has maintained its focus on structured real estate credit in Southeast Asia's underbanked mid-market, where local bank lending remains constrained by regulatory limits and developer balance-sheet risk. EXS Capital's structural differentiator is its credit-first approach in a region where most real estate investment managers default to equity. By originating and structuring debt directly — rather than competing for limited equity deals — the firm commands seniority in the capital stack, collateral packages, and cash-flow priority. Solberg remains active in all investment-committee decisions, reflecting a founder-led governance structure that is typical of specialist credit managers in Asia.
General information
Firm type
Bank / Wealth / Trust
Year founded
2007
AUM
Undisclosed
Location
Region
Asia
Country
Singapore
City
Singapore
Corporate office
Singapore, Singapore
Additional offices
Hong Kong, Hong Kong
Principals
Eric Solberg
Chairman & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at EXS Capital?
Eric Solberg, the firm's founder and Chairman & CEO, chairs the investment committee and is directly involved in all allocation and structuring decisions. Solberg previously led real estate private equity for Deutsche Bank in Asia Pacific before founding EXS Capital in 2007. His structuring expertise from Deutsche Bank's principal finance desk informs the firm's credit-first underwriting approach.
How does EXS Capital source its deal flow?
EXS Capital sources opportunities through long-standing relationships with regional property developers, local banks, and advisory firms across Southeast Asia. Solberg's two decades of real estate finance experience in the region provides direct access to mid-market developers who require structured capital that local banks cannot underwrite. The firm's Hong Kong and Singapore presence supports origination across both North and Southeast Asian capital networks.
Is EXS Capital a lender or an equity investor?
EXS Capital operates primarily as a structured lender, providing senior secured loans and mezzanine debt, with selective structured equity co-investments. The firm's credit-first posture means the majority of its deployed capital carries collateral packages, seniority rights, and contractual cash-flow priority — a structure that distinguishes it from equity-focused real estate investment managers in Asia.
What types of real estate projects does EXS Capital finance?
The firm finances residential developments, hospitality projects, industrial assets, and mixed-use properties across Southeast Asia. Larger exposures historically include pre-development and construction lending for condominium projects in Thailand and resort developments in Bali and Vietnam. EXS Capital focuses on the mid-market segment, where project sizes are too small for global institutional lenders but too large for local banks' single-borrower limits.
Does EXS Capital raise third-party capital or manage its own balance sheet?
EXS Capital manages capital on behalf of institutional investors and family offices through its flagship EXS Credit Fund and separate managed accounts. The firm does not publicly disclose its balance-sheet capital, and available information suggests the majority of deployed capital comes from external limited partners rather than a proprietary family-office balance sheet.
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