# Industry Capital

Industry Capital is an Asset Manager based in Houston, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Houston, United States
- **Region:** North America
- **Address:** Houston, TX, United States
- **Founded:** 2003
- **Assets under management:** Undisclosed
- **Website:** industrycapital.com
- **LinkedIn:** https://www.linkedin.com/company/industry-capital

## Regulatory record

- **Reports private funds:** No

## About

Industry Capital is a real assets private equity firm that builds purposeful partnerships and real asset businesses globally. Its affiliated entities and portfolio companies manage more than $3.4 billion in discretionary assets across investment platforms. The firm is an active, hands-on investor with teams targeting long-term asset-based platforms in the US and EMEA, and maintains corporate offices in Houston, San Francisco, and London.

## Sectors

- Real Estate
- Infrastructure
- Energy Transition & Renewables
- Private Credit
- Secondaries & Special Situations

## People

- Norman Villarina — Founder and Managing Partner
- Doug Wertheimer — Partner
- Kingston Wu — CFO and Partner
- Chase Robertson — Principal – Houston
- Michael Paranac — Operating Partner – NYC
- Raj Morjaria — Partner – London
- Thomas Richards — Director – Houston
- Tong Cui — Partner – Beijing

## Questions

### How does Industry Capital structure its investments?

The firm uses separately managed accounts and direct co-investment vehicles rather than traditional blind-pool funds. This structure gives capital partners co-decision rights and asset-level transparency not available in commingled fund formats. The firm does not publicly list a flagship fund series.

### What asset classes does Industry Capital target?

The platform spans real estate, infrastructure, energy transition, and private credit. Real estate exposure centers on multifamily, senior housing, and mixed-use in supply-constrained US markets. Infrastructure investments lean into midstream energy, transportation, and digital infrastructure with regulatory or physical barriers to entry. Private credit is deployed as structured debt and preferred equity against hard assets.

### Is Industry Capital involved in energy transition or just traditional energy infrastructure?

The firm's infrastructure mandate includes energy transition themes, reflecting broader industry shifts from pure-play hydrocarbons toward decarbonization assets. Midstream energy remains a core competency given the Houston base, but the platform's stated focus extends to areas where legacy energy infrastructure intersects with electrification, renewables, and related transition assets.

## Related profiles

- [Industrya](https://altss.com/profile/industrya)
- [Industry Ventures](https://altss.com/profile/industry-ventures)

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Last updated: 2026-08-11T15:07:05.535Z

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