# Lodbrok Capital

Lodbrok Capital is an Asset Manager based in London, Luxembourg.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, Luxembourg
- **Region:** Europe
- **Address:** Luxembourg, Luxembourg
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** lodbrokcapital.com

## Regulatory record

- **CRD number:** 286525
- **SEC file number:** 802-110389
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/286525

## About

LODBROK CAPITAL LLP is a London-based investment adviser registered with the SEC since 2017. It operates as a limited liability partnership.

## Sectors

- Private Credit
- Energy Transition & Renewables
- Secondaries & Special Situations

## People

- Mikael Hanell — Chief Investment Officer & Managing Partner
- Bob Kramer — Senior Portfolio Manager

## Questions

### What is Lodbrok Capital's investment strategy?

Lodbrok Capital focuses on European private credit and special situations, targeting mid-market opportunities where regulatory retrenchment by banks has opened a lending gap. The firm originates direct loans, buys non-performing loan portfolios, and participates in secondary-market credit trades when dislocations appear. The strategy is complexity-driven: rather than competing on scale, it targets situations under roughly €100 million where bespoke structuring is required.

### Who runs investment decisions at Lodbrok Capital?

Mikael Hanell, the founder and managing partner, serves as chief investment officer. He spent over a decade at Värde Partners as a senior distressed-debt investor before launching Lodbrok in 2016. The investment team also includes senior professionals like Bob Kramer, who previously held roles with structured-credit expertise at similar firms.

### What differentiates Lodbrok Capital from larger direct-lending platforms?

Lodbrok deliberately avoids competing with large-scale direct lenders for broadly syndicated facilities. Instead, it targets situations where complexity — such as regulatory structuring, non-performing loan acquisitions, or asset-backed credit — creates a barrier to entry for passive capital. This relationship-driven segment favors managers who can underwrite and structure in-house without relying on rating-agency models.

### Does Lodbrok Capital invest outside of Europe?

Lodbrok's investment mandate is concentrated on Europe, with a historical focus on Western and Northern European markets where post-crisis regulatory dynamics have most clearly reshaped bank lending behavior. The firm has not publicly disclosed a systematic expansion into North American or Asian credit markets.

### What asset classes does Lodbrok Capital typically deploy into?

The firm's deployment spans direct mid-market lending, acquisition financing, real estate bridge loans, aviation finance, and the acquisition of non-performing loan pools. It also participates in structured credit facilities to sponsor-backed companies and secondary-market credit trades during periods of market stress.

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- [Apollo Capital Credit Adviser](https://altss.com/profile/apollo-capital-credit-adviser-llc)
- [Greenline Trading](https://altss.com/profile/greenline-trading-llc)

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Last updated: 2026-06-03T20:00:00.000Z

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