OZE Capital

Investment decisions are driven by the senior partners, led by CEO and founding partner Michael Miller, alongside COO Loukas Theodorou and President Eric Miller. The firm's website states the partners collectively have over 70 years of analytical and investment management experience from institutions including Bank of America, JP Morgan Chase, Morgan Stanley, Credit Suisse, Nomura, and Prudential Securities. The team operates without a large analyst layer, suggesting a concentrated decision-making process around the named partners.

OZE relies on an extensive network cultivated over decades to identify private investments generally overlooked by institutional investors due to their smaller size. The firm states it looks at opportunities across any industry and structures transactions creatively. Specific sourcing channels are not publicly detailed, but the model hinges on the partners' relationships and a willingness to analyze deals that fall outside conventional institutional mandates.

OZE operates commingled funds that invest in a diversified portfolio of direct, private assets. The firm highlights specific portfolio holdings — including manufactured housing, storage facilities, an optometrist roll-up, and restaurant portfolios — which indicates it acquires or originates assets directly rather than acting solely as a fund-of-funds. OZE markets these funds to external investors seeking an alternative to traditional bond portfolios.

The firm's portfolio spans real estate (office, hotel, manufactured housing, storage, industrial, residential), private credit (a real estate lending portfolio in Georgia), and operating businesses (an optometrist roll-up, quick-service restaurants, minority stakes in wealth managers). OZE explicitly designs its asset mix to generate steady, predictable cash flows and provide inflation protection, with a focus on uncorrelated returns across industries and geographies within the United States.

Unlike firms pursuing leveraged buyouts or growth-equity scaling, OZE focuses on cash-flowing, undervalued assets that function as a fixed-income replacement. The firm explicitly targets deals too small for institutional investors, uses creative transaction structures across the capital stack, and prioritizes capital preservation and consistent yield over exit-driven appreciation. This produces a portfolio more akin to a diversified private credit and real-asset income vehicle than a conventional PE fund.