01
We are the capital
DMJ Capital invests the house’s own book. We are not raising a blind pool, running a product carousel, or charging a two-and-twenty against other people’s money.
Mandate
Underwrite the hold, not the exit.
DMJ Capital deploys principal capital into private ownership. We are not a fund, not a placement agent, and not a public-markets desk.
02
Ownership, not a ticker
If it marks every afternoon and you can sell it before lunch, it belongs on the securities desk. Here the work is title, control, cash flow, and the patience to sit still.
03
A smaller book
We take fewer positions so a hillside escrow or a founder’s succession is not a ticket in a queue. Concentration is a choice, not an accident.
04
Years, not sessions
Hold periods are measured in years. We underwrite the cost of being wrong slowly. Forced sales are a failure of planning, not a feature of the model.
Screens, not slogans
Every conversation hits the same four tests. If it fails one, we say so quickly. Introductions are welcome. Cold deal memos are not.
01
Cash we can underwrite
We start with the statement of cash, not a story. If the yield depends on a multiple expansion we cannot control, it is not our book.
02
A path to title or control
We do not rent exposure. We want a seat — majority, significant minority with rights, or fee simple. Passivity without rights is a securities product.
03
Insurance, water, and tax as first-class lines
California is not a footnote. Wildfire, FAIR Plan, water, and basis are modeled before the story. We will walk if the residual is a hope.
04
A hold we can live with
If the only exit is a sale in a kind market, we pass. We underwrite a world in which we still own it in year eight.