Keystone Capital Partners

Fredric Zaino leads investment decisions as Founder, Managing Partner, and CIO. He previously worked at Millennium Management, the multi-strategy hedge fund. Danny Wainstein, also a Founder and Managing Partner, shares leadership duties. The specific division of responsibilities between Zaino and Wainstein is not publicly detailed.

Keystone's real estate portfolio includes a mixed-use and hospitality portfolio in New York, a Dubai project called California Village, and the Hilton Hotel Doha in Qatar. The firm does not publicly describe its sourcing process. The New York and Doha assets suggest relationships with local operating partners, while the Dubai exposure points to development-stage access.

Keystone operates as a hybrid. The entity Keystone Capital Partners LLC has RANZ Group LLC as a managing member, while 613 Advisors — led by Fredric Zaino — manages KCP Fund I. Affiliated entities like Seven Knots LLC, directed by Marissa Welner, add further investment capacity. The structure resembles a holding company with fund-management capabilities more than a conventional third-party asset manager.

KCP Fund I, managed by 613 Advisors, indicates the firm pools capital through a fund vehicle. However, the direct real estate assets and the Nevada Canyon Gold stake suggest the firm also makes direct investments off its own balance sheet or through co-investment entities. The precise mix between fund commitments and direct deals is not publicly disclosed.

Keystone holds exposure to Nevada Canyon Gold, a publicly traded gold royalty company listed on the OTC market. The stake places Keystone in the natural-resources royalty space — an uncommon sleeve for a Hong Kong-based manager whose primary activities include venture capital and real estate. The size and acquisition date of the position are not public.