BF.capital is a specialist asset manager for institutional private debt investments with €1.8 billion in assets under management (AUM). The company manages private debt funds designed to generate sustainable, long-term value while delivering stable and predictable returns. As an experienced investment advisor, BF.capital develops tailored investment solutions across real estate direct lending as well as multi-segment private debt fund formats. Its expertise covers the full value chain, from deal sourcing and structuring to portfolio advisory and active monitoring.
Since 2020, BF.capital has managed real estate debt funds on behalf of institutional investors. Since 2023, we have also been supporting the W&W Group with its private debt commitments. BF.capital positions itself as a reliable partner for institutional investors, combining expertise, disciplined processes, and a commitment to sustainability to achieve attractive risk-adjusted returns.
Our Team
Eugenio Sangermano, CCrA, has been Managing Director of BF.capital since 2023. He heads the Private Debt Fund Management division. In this role, he is responsible for investments via target funds, particularly in the asset classes of corporate private credit, infrastructure debt, real estate debt and opportunistic credit strategies. Prior to the joint venture with the BF.direkt Group, he headed the private debt program of the Wüstenrot & Württembergische Group as Senior Portfolio Manager from 2013.
Berthold Garbas has been Managing Director at BF.capital since 2023 and heads the Operations division. Previously, he was responsible for investment management and investments in private equity, infrastructure, private debt and real estate at the W&W Group for over 16 years, with assets under management of EUR 6.5 billion and a team of 19 employees. He was also responsible for risk management, accounting, controlling, taxes and internal auditing. His last position at W&W included the role of Head of Private Markets. Berthold Garbas brings with him 33 years of relevant professional experience.
Since June 2021, Tobias Kühnle has been part of the Investment Advisory Direct Lending team at BF.capital – initially as Investment Manager, later as Investment Director, and most recently as Head of the division. His responsibilities include the origination, analysis, structuring, and execution of whole-loan financings. Tobias has nine years of professional experience in the real estate and financing industry, gained among others at Jones Lang LaSalle, Engel & Völkers Florida, and FLINS Capital Partners.
Cornelius Belser heads the Fund Investment Advisory Team at BF.capital and is responsible for the investment and portfolio management of all Private Debt Fund investments. In his current role, he oversees manager selection as well as the evaluation and due diligence of target funds across the full spectrum of private debt strategies. He holds more than twelve years of professional experience in private markets, gained in the banking, insurance, and asset management sectors — including positions at LBBW, Deka Immobilien, W&W Asset Management, and Real Blue KVG. His previous areas of expertise include risk management, investment analysis, valuation of illiquid assets, and real estate financing. Cornelius holds academic degrees in business administration with a focus on real estate economics and real estate valuation.
Marc Schurer has been with BF.capital for three years and brings a total of ten years of professional experience in banking and investment. He gained extensive expertise in new product development during his previous role as Vice President for Financial Modeling of special and public AIFs in the real estate asset class at Wealthcap. In his earlier positions at HypoVereinsbank, he acquired comprehensive experience in risk controlling and developed in-depth knowledge of front- and middle-office processes through cross-functional responsibilities.
Our Supervisory Board
Francesco Fedele is the founder and CEO of the BF.direkt Group. The company specializes in structuring debt capital for commercial real estate financing as well as managing debt investments. Its business activities are carried out through several operational subsidiaries. Francesco Fedele is responsible for the strategic management and expansion of the entire group.
He began his career in 1982 at a major insurance company. In 1992, he founded Fedele BauFinanz GmbH & Co. KG, the legal predecessor of BF.direkt AG. As founder and majority shareholder of BF.direkt AG, he has extensive experience in the origination, structuring, and placement of commercial real estate financings. Since mid-2022, he has also served as the chairman of the Association for the Promotion of Real Estate Research (Verein zur Förderung der Immobilienforschung e.V.), which aims to advance research in the field of real estate economics.
Wolfgang Kuhn, one of the founding partners of BF.direkt, is a finance expert with long years of senior management experience. In 1985, following his doctorate, he was Visiting Scholar at the Business School of University of Washington before entering the banking business world. Following successful stints with Stuttgarter Bank AG and Bankhaus Bauer AG, he eventually served as CEO of Südwestbank AG.
Since September 2019, after Südwestbank was sold, he has been self-employed, advising a number of companies as member of supervisory and advisory boards. He is also Honorary Consul of the Grand Duchy of Luxembourg for Baden-Württemberg and Honorary Professor for Banking Policy at the University of Leipzig.
Christian Beutel is Head of Compliance and Anti-Money Laundering at Wüstenrot & Württembergische AG, as well as Head of Quality Management and Regulation at Wüstenrot Bausparkasse AG. Wüstenrot & Württembergische AG is a publicly listed German financial services group, majority-owned by the Wüstenrot Foundation. Wüstenrot Bausparkasse AG is a private building society (Bausparkasse) based in Kornwestheim and a 100% subsidiary of W&W AG.
Mr. Beutel holds a degree in Economics and studied at the University of Augsburg. Prior to joining the W&W Group, he worked as a management consultant for Zeb.Rolfes.Schierenbeck.Associates GmbH, an international consulting firm based in Münster, specializing in Financial Services. Before that, he worked as a senior manager in finance and risk controlling at Bausparkasse Schwäbisch-Hall AG.
ESG
BF.capital’s objective is to provide institutional investors with access to debt investments that seek to deliver attractive returns while contributing to global sustainability objectives.
By becoming a signatory to the UN PRI (UN Principles for Responsible Investment), BF.capital has reaffirmed its commitment to responsible investment, making environmental, social, and governance (ESG) considerations an integral part of its decision-making process. The company believes that integrating sustainability factors into its investment strategy not only supports financial outcomes but also enhances the resilience of investments under varying market conditions. At the same time, these factors promote a sustainable future for society and foster innovation. BF.capital’s ESG strategy provides the guiding framework for achieving attractive returns for investors while generating positive long-term impacts on both social and environmental dimensions.
In line with Regulation (EU) 2019/2088, the Sustainable Finance Disclosure Regulation (SFDR), financial advisers are obligated to ensure transparent communication of how sustainability risks and their potential implications for financial products are considered. Accordingly, BF.capital integrates and discloses sustainability risks as part of its investment advisory process. Such risks may include environmental, social, or governance events that, if they occur, could negatively affect the value of an investment. Pursuant to Article 3 SFDR, sustainability risks constitute an integral element of BF.capital’s investment decision-making. Investment teams assess and document these risks alongside other key factors during the due diligence phase, after which investments are continuously monitored by both the AIFM and BF.capital. Although BF.capital recognises the importance of ESG factors and actively integrates them into its advisory activities, it does not currently account for the principal adverse impacts (PAI) of its investment decisions on sustainability indicators in the specific manner prescribed by Article 4 SFDR. Implementing these requirements would require comprehensive data collection across a wide range of investment funds, which is not yet feasible due to the lack of reporting standards. Nevertheless, the company closely monitors developments in data availability and regularly reviews its approach considering evolving market standards. In accordance with Article 5 SFDR, BF.capital also explains how its remuneration policy takes sustainability risks into account. All employees receive a fixed annual salary, and, depending on their role, may be eligible for variable remuneration linked to the company’s overall performance. Sustainability risks play an important role in this structure, as they contribute to the long-term stability and success of BF.capital. By incorporating sustainability considerations into its remuneration policy, the company ensures that short-term incentives remain aligned with its long-term objectives for sustainable growth.
Real Estate Debt (Direct Lending)
The buildings sector is responsible for 39 percent of all global carbon emissions – a figure that shows how important sustainable approaches are in the construction and real estate industries. We at BF.capital have made it our business to contribute to the emission reduction effort and to promote sustainable urban development.
Sustainability is firmly integrated into our investment process. During our deliberations in regard to Article-8 products within the meaning of the EU Sustainable Finance Disclosure Regulation (SFDR), we attach particular importance to the integration of environmental, social and governance (ESG) criteria. This way, we ensure that these investments are not just financially attractive but are also structured in an environmentally and socially responsible manner. Through transparent reporting, we always keep our investors updated on the performance of our investments – and on our progress toward a future worth living.
Private Debt Fund Investments
Integrating ESG criteria across the private debt fund segment is a core element of BF.capital’s strategy, with the objective of generating competitive financial returns while delivering societal value. The firm applies explicit sustainability and exclusionary criteria; certain activities such as controversial weapons are categorically excluded. Other sectors are subject to stringent concentration limits and therefore account for only a small proportion of the overall portfolio.
Through rigorous ESG assessments and ongoing monitoring, BF.capital requires its target fund managers to report transparently on ESG risks. This approach supports long‑term value creation for clients and advances the sustainable transformation of the global economy.