01
Capital preservation
The first objective is not to maximise returns but to avoid permanent loss. In debt, this translates into a conservative analysis of leverage and exit strategy.
Our shareholder
Oaktree Capital Management, the backing behind Xenia Capital
Xenia Capital is a platform backed by funds managed by Oaktree Capital Management, one of the world's largest alternative investment managers and a global benchmark in credit. Here's what that means for the developer who finances with us.
The firm
What Oaktree Capital Management is
Oaktree Capital Management is a global investment management firm specialising in alternative assets, founded in 1995 and headquartered in Los Angeles, California. It manages a volume of assets that places it among the largest alternative investment managers in the world and employs more than a thousand professionals across offices in some twenty cities.
Its origins lie in a team that came from TCW Group and had been investing together since the 1980s. Howard Marks began investing in the then-nascent high-yield bond market in 1978; Bruce Karsh joined him in 1988 to develop distressed debt investing. In 1995 they founded Oaktree with seven strategies, most of them in credit.
That starting point explains what the firm is today. Oaktree did not arrive at credit looking to diversify: credit has been its natural territory from day one, and in particular complex credit, the kind that requires properly understanding a structure before pricing it.
Today it organises its activity into three strategy categories — credit, equity and real estate — with a recognisable and consistent approach: opportunistic, value-oriented and risk-controlled, with particular attention to complex markets and special situations.
Howard Marks is also the author of the investor memos he has published since 1990, essential reading in the industry and one of the most widely cited bodies of thinking on market cycles and risk management.
Oaktree's investment philosophy
Four principles the firm has upheld since 1995 that shape how any transaction within its perimeter is analysed, including ours.
02
Risk control
Risk is managed before it is taken on, not after. This translates into exhaustive due diligence, external advisers and stress scenarios on every transaction.
03
Value-oriented approach
Decisions are made on the intrinsic value of the asset, not on market consensus. That is why asset types a standard risk policy would rule out can still fit.
04
Disciplined opportunism
Attention to complex markets and special situations, but within a stable framework of criteria. Opportunistic does not mean improvised.
Oaktree's three strategies
The firm groups its activity into three categories. Xenia Capital sits at the intersection of two of them: credit and real estate.
01
Credit
The firm's historic core and its largest block: high-yield debt, opportunistic credit, private credit, structured debt and asset-backed financing.
02
Equity
Private equity and company stakes, applying the same value-driven approach as credit, with long investment horizons.
03
Real estate
Real estate investment in both debt and equity, across different geographies and asset types. This is the area within which Xenia Capital's activity in the Iberian Peninsula sits.
New stage
How Xenia Capital grows with Oaktree's backing
The relationship between the two firms did not begin with the acquisition. Before that came three years investing together in Spain, with more than 220 million euros committed to rental housing, luxury hotels and alternative assets. Oaktree's entry into the capital was the natural next step in that collaboration.
What changes from that point on is not the way a transaction is analysed, but how far the platform can reach. With a shareholder of this size, Xenia is no longer constrained by the capital-raising cycle and instead operates with committed resources.
The most visible effect is the size of transactions. The platform can now take on tickets of up to one hundred million euros in development loans without needing to syndicate or split the structure, keeping a single point of contact for the developer.
The second is geographic. The declared goal of the new stage is to accelerate growth in the platform's two key markets, Spain and Portugal, building on the base already established in Madrid, the Costa del Sol and Barcelona.
And the third is product range. Xenia has gone from two solutions to four, adding the Whole Loan, which combines purchase and development in a single structure, and the Investment Loan for assets that are already completed and operating. This last one is the growth bet for the coming years: it allows the platform to accompany the developer beyond handover, once the asset starts generating cash.
Four growth levers
What the backing of a global manager translates into, point by point, for an Iberian platform.
01
Larger transaction size
From a minimum ticket of 7 million up to 100 million in development loans, with a single structure and a single point of contact.
02
Expansion into Portugal
The Portuguese market becomes a priority target alongside the Spanish one, with the same analysis criteria and the same four solutions.
03
Full range of debt
Bridge, development, Whole Loan and Investment Loan cover the entire life cycle of the asset: purchase, construction and operation.
04
Long-term accompaniment
With the Investment Loan, the relationship does not end at handover: the stabilised asset can be refinanced and its improvement plan financed.
What Oaktree's backing means for your transaction
A global shareholder makes for a nice headline. This is what actually changes when you present a project to Xenia Capital.
01
Certainty of funds
Capital does not depend on raising a vehicle for each transaction. Once the committee approves, the money is committed and disbursements follow the schedule agreed in the contract.
02
Ticket capacity
The backing of a manager of this size makes it possible to take on transactions of up to 100 million euros without syndicating or fragmenting the structure.
03
Institutional criteria
The term sheet is agreed with Oaktree and the Investment Memo goes through its review. The analysis is more demanding, but also more predictable.
04
Local knowledge intact
The team analysing your project is the same one as always, based in Madrid and experienced in the markets where you develop. There is no committee in Los Angeles deciding on your plot.
Conviene decirlo con claridad: Xenia Capital y Oaktree Capital Management son entidades distintas. Xenia es la plataforma que analiza, estructura y formaliza tu financiación; Oaktree es su accionista y aporta el respaldo de capital y el criterio de inversión.
The group
Oaktree and Brookfield Asset Management
In 2019, Brookfield Asset Management announced the acquisition of a majority stake in Oaktree, around 62%, creating one of the largest alternative investment platforms in the world. Both firms have since kept their own identity and investment teams.
In 2026, Brookfield completed the full acquisition of Oaktree and integrated the firm into its ecosystem, combining Brookfield's heritage as an asset operator with Oaktree's credit capabilities. Howard Marks and Bruce Karsh, co-founders, remain associated with the firm.
For the market, the result is a global alternative credit platform of a scale that is very hard to replicate. For a developer in Malaga or Porto, the practical effect is the same as always, but with far greater resources behind it.
Frequently asked questions about Oaktree and Xenia Capital
The questions developers raise once they discover who's behind the platform.
Is Xenia Capital the same as Oaktree?
No. Xenia Capital is the alternative real estate financing platform that analyses, structures and formalizes each loan in Spain and Portugal. Oaktree Capital Management is its shareholder: it provides the capital and the investment judgement, but the developer's point of contact is always the Xenia team.
What does Oaktree invest in?
Oaktree organizes its activity into three categories: credit, equity and real estate. Credit is its historic core, with high-yield debt, opportunistic credit, private credit and asset-backed financing strategies. Xenia Capital's activity sits at the intersection of credit and real estate.
What does a developer gain from this new stage of Xenia?
Larger deal size, with tickets of up to €100 million in development loan under a single structure; a full range of debt products with bridge loan, development loan, whole loan and investment loan; and committed capital that does not depend on raising a vehicle for each deal.
Did Xenia's team change with Oaktree's entry?
No. The management and investment team remains the same, based in Madrid. What changes is the capacity behind it, not the people who analyse your project or their criteria.
How many assets does Oaktree manage?
Oaktree publishes its assets under management on a periodic basis; the most recent figure, with its reference date, appears in the header of this page. It ranks among the largest alternative investment managers in the world and is a global reference in credit.
What is the relationship between Oaktree and Brookfield?
Brookfield Asset Management acquired a majority stake in Oaktree in 2019 and completed the full acquisition in 2026. Oaktree retains its identity, its investment team and its approach; Brookfield is the group's parent company.
Does Oaktree decide on my deal?
The analysis and structuring are carried out by the Xenia Capital team in Madrid. The deal goes through an investment committee in which Oaktree participates and which approves the final structure: the judgement is institutional, but the relationship and the follow-up of the deal belong to Xenia.
Financing with institutional backing
Tell us about your project and we'll assess it with real estate judgement.