Humilis Investment Strategies

Michael W. Hufnagel serves as Founder and Chief Investment Officer and leads all investment decisions. Before founding Humilis in 2015, he worked at The Carlyle Group and TPG, focusing on structured credit and infrastructure investments. The firm operates with a lean team where Hufnagel acts as lead portfolio manager, consistent with a concentrated, principal-led investment approach.

The firm deploys private credit into US middle-market energy transition and real assets. Target areas include solar, battery storage, renewable natural gas, real estate bridge lending, and infrastructure projects. The strategy focuses on senior secured loans, mezzanine debt, and structured equity for deals typically between $5M and $30M, where traditional bank project finance has retrenched.

Humilis originates directly through developer relationships and regional project sponsors rather than relying on broad intermediary auctions. The firm has indicated it targets a segment of the market where larger alternative managers do not compete due to smaller ticket sizes, and where regional banks have pulled back from project finance.

Humilis is structured as an asset manager, not a family office. SEC filings have historically indicated exempt reporting adviser status, suggesting a concentrated base of external limited partners — likely family offices and high-net-worth individuals. The firm does not publicly disclose its LP base.

The firm has not publicly detailed a formal co-investment program. Given its small team, lean structure, and focus on directly originated middle-market deals, co-investment rights are likely negotiated on a case-by-case basis with its limited partners rather than offered through a standardized platform.