Deal Origination · Real Assets · Switzerland
Real Assets. The Shovels of Every Gold Rush.
The Story
Investment Philosophy
Oil blockades. Water contamination. White‑collar job losses. Property corrections. Not risks to hedge — structural imbalances to invest behind. Gold preserves purchasing power when trust dissolves. Water, energy, and land are what the AI buildout cannot exist without.
The Approach
My first contact with institutional real assets was not a degree. It was a solar park. As an advisor on a renewable energy infrastructure project, I learned early what a boundary feels like when you push against it. I pushed harder. The boundary shrank. Eventually it was gone — and behind it waited the next one. What captured me was not the project. It was the depth behind it: market structure, capital provider logic, legal and tax architecture. Layer by layer. Every answer opened a more precise question. I have since found no system that interests me equally. And I have stopped searching.
Kamenica Capital is not a fund, not an asset manager, and not a bank. It operates as a deal originator — connecting real asset projects with substance to capital that seeks tangible, long‑term returns. The focus lies on projects in the CHF 5–200M range — too specialised for large banks, too complex for retail platforms. This segment is underserved. Kamenica Capital addresses it.
The logic behind real assets has not changed in centuries: invest in what cannot be replicated and what others will need.
Current Pipeline
Disclosed under NDA only. Every position targets physical scarcity or critical infrastructure.
How We Evaluate
Every project passes through our quantitative filter — the same 76‑indicator macro framework and HMM regime detection that drives our structural scarcity thesis — before entering the eight‑layer due diligence process.
Kamenica Capital works with limited deal capacity. Projects that do not meet the criteria at Layer I are not advanced further.
Founder
Founder, Kamenica Capital. Sole Proprietorship · Döttingen, Aargau, Switzerland.
My first contact with institutional real assets was a solar park. What captured me was the depth behind it: market structure, capital provider logic, legal and tax architecture. Layer by layer. Every answer opened a more precise question.
We originate Real Assets positioned for a world of supply‑chain rupture, AI‑driven job displacement, and the structural repricing of energy, water, and land. What I present, stands.
Introduction
A city in Kosovo. Winters where children sat in classrooms with broken windows — coats on, breath visible, notebooks open.
Families paying three times the European average for electricity. Power cuts without warning.
Chapter I · The City
Autumn from above. Red rooftops. Golden trees. A road cutting through the centre.
What photographs don't show: the school on the eastern side where the windows had been broken since 2001. Nobody fixed them. Children wore coats from October to March.
Chapter II · The Families
Both uncles under the same roof. Three generations in one house. Not a choice — a strategy. Shared kitchens. Shared costs. Shared responsibility.
Chapter III · The Children
The difference between poverty and the absence of infrastructure is not semantic. It is everything. They were constrained because what existed was wrong — wrongly priced, wrongly built, wrongly distributed.
Epilogue
He saw what Kamenica was really missing. Not goodwill. Not politics. Not time.
Capital. The right capital. In the right place.
