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404 Capital

investment approach

Institutional discipline and governance to protect investor capital, paired with entrepreneurial, operator-led execution that unlocks value through operations, targeted capex, and intelligent capital structuring.

Aligned Ownership

We invest responsibly with an owner’s mindset striving to create long-term partnerships.
The focus is on alignment and responsibility in stewarding investors’ capital with strong downside protection.

Institutional Management

All our work is carried out with the highest standards of excellence, clear accountability, strong documentation, and a risk-managed approach.

Entrepreneurial Mentality

In a constant search for the best solutions, value and efficiency maximisation and detailed costs tracking and management.

Operator-Led Execution

We partner with best-in-class operators and local specialist sectoral teams who bring operational on-the-ground expertise.

Contrarian Investing

We focus on mispriced or overlooked assets where the entry basis is attractive, often at or below replacement cost. We then underwrite to a clear path to value creation enabling a strong operational cash flow.

Complexity & Scalability

On the lookout for complex situations where our problem-solving could unlock significant value upside. Scalable complex situations are ideal because the created value upside could be compounded.

Our current active focus is the UK, Spain, and Portugal.

We will selectively pursue opportunities elsewhere in Europe where we have trusted local execution partners and a clear, downside-protected path to value creation.

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