Chris Hentemann, Founder and CIO, 400 Capital Management

400 Capital favors unlevered, asset-backed credit and power-equipment financing over data-center real estate or AI-circularity exposure.

• Origin story: Hentemann founded 400 Capital in October 2008 with roughly $2.5 million (mostly his own money) after his bank-anchor deal collapsed amid Lehman/Merrill's failure; the firm now manages about $8 billion.
• Core philosophy: He underwrites raw, unlevered return-on-assets first, favors strong asset selection over leverage, and seeks structural convexity before applying any financing.

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