Havenstone Stack

Havenstone Capital
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Most finance podcasts cover US markets. We give you Europe. Hosts António Dias and Bruno Silva bring you direct access to the senior investors, lenders, and developers making billion-euro decisions in real estate across Europe—from Madrid to Warsaw, Milan to the Nordics. Europe isn’t one market — it’s a bundle of different jurisdictions and capital dynamics. Each country carries its own risk profile, structural constraints, and liquidity cycle. We examine how institutional players navigate this fragmentation: where private debt is gaining ground, why some asset classes are under pressure while others return to favour, and how the capital stack is being rewritten in real time. No fluff. Just experienced deal-makers discussing what's working, what's failing, and what's next.

Episodes

  1. Solving Mid-Market Finance Gap - Itamar Volkov

    FEB 2

    Solving Mid-Market Finance Gap - Itamar Volkov

    European real estate finance is undergoing a monumental structural shift, creating a significant funding gap for mid-market sponsors as traditional banks retreat from their historical dominance. This changing landscape presents both a challenge and a lucrative opportunity for agile alternative lenders. This episode of The Havenstone Stack delves into the forces driving this structural change, how to successfully underwrite risk in volatile markets across different geographies, and the immense potential within the underserved €10-100 million mid-market segment. We also explore the importance of capital protection, a disciplined approach, and a strong reputation for execution certainty. Our guest is Itamar Volkov, Founder and Managing Partner of Frux Capital, a platform that has been structuring complex financing solutions and shaping the next generation of alternative lending across Western Europe. THINGS WE SPOKE ABOUT Structural change driving lending growthRisk differences: Spain versus GermanyUnderwriting must prioritise capital protectionUnderserved €10-100m mid-marketCareer advice: You must own it GUEST DETAILS Itamar Volkov is the Founder and Managing Partner of Frux Capital. Since establishing the firm in 2015, he has been instrumental in shaping the landscape of non-bank real estate finance in Iberia, positioning Frux as a reference point for sponsors seeking speed, structuring expertise, and certainty of execution. He oversees the firm’s investment strategy, underwriting philosophy, and geographic expansion across Europe. Itamar’s Public Contact Details:Company Website: https://www.fruxcapital.com/Linkedin Profile:https://www.linkedin.com/in/itamar-volkov-069221/ QUOTES Our principle is always about capital protection first. - Itamar Volkov Don't ever believe that you can underwrite all the risk. - Itamar Volkov  The biggest gap is with the mid market. And mid market today for us is anywhere from 10 to 100 million euros. - Itamar Volkov  KEYWORDS #EuropeanPrivateCredit #RealEstateLending #FruxCapital #MidMarketFinance #DealUnderwriting MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    35 min
  2. EQT Real Estate - Tom Livelli

    JAN 19

    EQT Real Estate - Tom Livelli

    The European living sector is undergoing a massive structural shift, moving from a niche allocation to an essential institutional asset class. Volatility is high, but the underlying fundamentals of demographic shifts and a vast housing shortage across Europe present a compelling opportunity.  This episode explores the critical elements for success in this market and how to drive superior investment performance. António Dias and Tom discuss what is driving this structural change, EQT’s hands-on ‘local with locals’ investment DNA, and their back-to-basics 'missing middle' strategy. The conversation also details how to underwrite exits in the current volatile market and why an appreciation for operational expertise is the backbone of the living sector. Our guest is Tom Livelli, Partner and Head of Living Strategies at EQT Real Estate. Tom is a leading mind in European living strategies, overseeing the firm's built-to-rent residential and specialised living segments across the continent. THINGS WE SPOKE ABOUT Institutional shift in European livingEQT's local with locals investmentThe 'missing middle' renter strategyUnderwriting real estate exits todayCareer advice on depth and operations GUEST DETAILS Tom Livelli is Head of Living Strategies at EQT Real Estate, where he leads the firm’s European living platform across build-to-rent, multifamily, student housing and specialised residential strategies. He is responsible for the development and execution of EQT’s pan-European living investment thesis, focusing on scalable platforms, operational excellence and long-term value creation. Tom also champions themes such as the "missing middle" and sustainable housing, positioning EQT as a leading investor in the living sector. Tom Public Contact Details: Company Website: https://www.eqtgroup.comLinkedin Profile: https://www.linkedin.com/in/livelli/ QUOTES I think depth beats breadth, yeah, and so, and I think it's better to be focused and expert in something than to be spread thin across many things. - Tom Livelli So in our world, fewer amenities. It can actually improve the investment performance, because it it first of all, it increases the number of opportunities that you can can access - Tom Livelli Housing, of course, it's essential right, demand for housing doesn't just evaporate in a downturn. - Tom Livelli KEYWORDS European Real Estate, housing shortage, institutional interest, living strategies, affordability challenges, demographic drivers, build to rent, resilient income, middle income renters MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    43 min
  3. Introducing the Havenstone Stack

    JAN 19

    Introducing the Havenstone Stack

    The era of predictable returns in European real estate is officially over. With volatility rising and core capital vanishing, investors and operators face a landscape where business as usual no longer applies.  In this first episode of ‘Havenstone Stack’ we pull back the curtain on the current state of pan-European finance to uncover where the real opportunities lie. We explore the impact of the massive structural shift from equity to private debt that started back in 2023 and explain the challenges of underwriting deals at a moment where low cost of capital buyers may not be there to assure the exit. You will also hear why adopting a mindset of failing fast, cheap and often can be your greatest asset in deal-making. Your hosts are Antonio Dias and Bruno Silva, partners at Havenstone Capital. Bringing together backgrounds in law, engineering, finance, investment banking and both private equity and private debt, they offer a unique, quantitative perspective on the entire capital stack across Europe. THINGS WE SPOKE ABOUT The structural shift to private debt marketsWhy equity capital markets remain sluggish Adopting a fail fast, fail cheap mindset Current trends in Living versus Office sectors The resurgence of retail and hospitality assetsGUEST DETAILS Antonio Dias and Bruno Silva are the partners behind Havenstone Capital, a pan-European investment advisory firm.  Antonio combines a legal and finance backgrounds with deep investment banking and investment expertise, while Bruno brings 17 years of technical experience as a structural engineer and real estate developer.  Together, they specialise in bridging funding gaps across the capital stack, covering markets from Portugal to Eastern Europe. Antonio: https://www.linkedin.com/in/apd1984/ Bruno: https://www.linkedin.com/in/bruno-a-f-silva/ QUOTES Nothing is business as usual. There's no longer business as usual. Everybody, basically is scrambling to find a new normal. - Antonio Dias We saw this structural change in the Pan European real estate market where private debt started yielding returns in between the eight to 12%. - Bruno Silva There is a culture [at Havenstone] of [...] fail fast, fail cheap, fail often. You only learn, or you learn mostly from setbacks and from failing. You don't really learn a lot from success.  - Antonio Dias Nobody wants to be caught in the way of a falling knife, as values or appraisals were correcting across Europe. - Bruno Silva Banks are not as fast as an alternative lender, and what we see is private debt... in this more sexy, so to speak, asset classes. - Bruno Silva KEYWORDS #EuropeanRealEstate #PrivateDebt #CapitalStack #InvestmentBanking #CommercialFinance MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    25 min
  4. Trailer

    EPISODE 1

    Trailer

    Most financial podcasts focus on American markets.  But what about the investment decisions being made across Madrid, Milan, Warsaw, and beyond?   Europe is not a single market/ It's a complex web of regulations, cultures, and capital flows.  António Dias has spent his career arranging debt and equity across Europe. Now, he's bringing you inside conversations with the people making billion-dollar decisions across the continent. Real conversations. Real insights. Real Europe.   Join us for the Havenstone Stack, coming soon to Apple, Spotify, YouTube or wherever you get your podcasts.

    2 min

Trailer

About

Most finance podcasts cover US markets. We give you Europe. Hosts António Dias and Bruno Silva bring you direct access to the senior investors, lenders, and developers making billion-euro decisions in real estate across Europe—from Madrid to Warsaw, Milan to the Nordics. Europe isn’t one market — it’s a bundle of different jurisdictions and capital dynamics. Each country carries its own risk profile, structural constraints, and liquidity cycle. We examine how institutional players navigate this fragmentation: where private debt is gaining ground, why some asset classes are under pressure while others return to favour, and how the capital stack is being rewritten in real time. No fluff. Just experienced deal-makers discussing what's working, what's failing, and what's next.

Information

  • Creator
    Havenstone Capital
  • Years Active
    2025 - 2026
  • Episodes
    4
  • Rating
    Clean
  • Copyright
    © Havenstone Capital
  • Show Website
    Havenstone Stack