Investment criteria

What we look for, side by side.

The published criteria for all six pillars on one page, and a quick way to check an opportunity against them before you submit it.

Submit an opportunity Criteria in full

01At a glance

Six pillars, one view.

Size, geography and structure for each pillar. Every figure is the one published on that pillar’s page.

Investment criteria by pillar: size, geography and structure
Pillar	Size	Geography	Structure
01Real Estate	Transaction size$20M–$150MGross asset value	Primary and secondary US marketsFocus on the Sun Belt, Mountain West, and Southeast	All-cash or joint ventureJoint ventures typically 90/10 with an operating partner
02Private Credit	Loan size$5M–$50MHeld on our balance sheet	United StatesMajor metros and business-friendly states	PositionFirst-lien, senior securedMezzanine only selectively, with strong control rights
03Private Equity	EBITDA$2M–$15MPositive cash flow required	North AmericaUnited States and Canada	Control or significant minorityMinority positions with board representation
04Digital Assets	Market cap$500M+ for liquid tokens$10M+ valuation for early-stage rounds	Not specified	Spot, SAFTs, or token warrantsSAFT: simple agreement for future tokens
05Art & Collectibles	Value$250K–$10M+Per work or item	Not specified	TransactionPrivate treatyAlso auction guarantees and estate liquidations
06Venture Capital	Capital + studioThrough Caldrion Ventures	Detailed criteria, the studio process and our portfolio are on ventures.caldrion.com.

02Size map

Where the sizes sit.

Each pillar measures size its own way. Here every published band sits on one scale, so you can see how they compare. Figures you enter in the fit check below appear on the map.

Every published size band on one logarithmic dollar scale, from $100K to $1B+. Each gridline is ten times the last.

Real Estate Transaction sizeGross asset value
$20M–$150M
Real Estate Equity check
$10M–$75M
Private Credit Loan size
$5M–$50M
Private Equity Revenue
$10M–$100M
Private Equity EBITDAA profit measure, not the size of the deal
$2M–$15M
Digital Assets Early-stage valuation
$10M+
Digital Assets Liquid token market cap
$500M+
Art & Collectibles Value per workSecondary market
$250K–$10M+
Venture Capital No published size band
Investment sizes depend on the company and the round: see Caldrion Ventures.

Published size bands by pillar
Pillar	Measure	Published range
Real Estate	Transaction size (Gross asset value)	$20M–$150M
Real Estate	Equity check	$10M–$75M
Private Credit	Loan size	$5M–$50M
Private Equity	Revenue	$10M–$100M
Private Equity	EBITDA (A profit measure, not the size of the deal)	$2M–$15M
Digital Assets	Early-stage valuation	$10M+ valuation for early-stage rounds (no upper limit)
Digital Assets	Liquid token market cap	$500M+ for liquid tokens (no upper limit)
Art & Collectibles	Value per work (Secondary market)	$250K–$10M+ (no upper limit)
Venture Capital	None published	See Caldrion Ventures

03In full

Every criterion, pillar by pillar.

We aim to give initial feedback within 72 hours of receiving a complete package.

01Income · Inflation protection

Real Estate

Brokers are protected on off-market transactions.

Transaction size: $20M–$150MGross asset value
Equity check: $10M–$75MPer transaction
Geography: Primary and secondary US marketsFocus on the Sun Belt, Mountain West, and Southeast
Multifamily: 100+ unitsGarden-style and mid-rise communities built 1985–2015
Industrial: 20K–200K sq ftMulti-tenant light industrial and shallow-bay warehouses
Specialty: High-barrier niche assetsData centers, cold storage, and medical office buildings
Business plan: Value-add or core-plusRenovation or lease-up, or stable assets with upside
Target returns: 15%+ net IRR1.8x+ equity multiple
Structure: All-cash or joint ventureJoint ventures typically 90/10 with an operating partner

Submit an opportunity Real Estate page

02Yield · Senior security

Private Credit

Brokers are protected.

Loan size: $5M–$50MHeld on our balance sheet
Position: First-lien, senior securedMezzanine only selectively, with strong control rights
Geography: United StatesMajor metros and business-friendly states
Collateral: Real and financial assetsCommercial real estate, industrial equipment, corporate receivables, fund NAVs, and other financial assets
Leverage: Up to 75% loan-to-costUp to 65% loan-to-value
Term: 12–36 monthsWith extension options
Pricing: SOFR + 600–900 bpsOr fixed-rate equivalent
Origination fee: 1–2%
Loan types: Bridge, construction, ABL, and NAVAlso lender finance and royalty monetization

Submit an opportunity Private Credit page

03Growth · Active governance

Private Equity

Brokers are protected.

Revenue: $10M–$100M
EBITDA: $2M–$15MPositive cash flow required
Margins: >25% gross margin>10% EBITDA margin
Geography: North AmericaUnited States and Canada
Structure: Control or significant minorityMinority positions with board representation
Transactions: Successions, MBOs, and carve-outsFamily successions, management buyouts, corporate carve-outs, and recapitalizations

Submit an opportunity Private Equity page

04Asymmetric upside

Digital Assets

Liquid tokens and early-stage protocol rounds.

Market cap: $500M+ for liquid tokens$10M+ valuation for early-stage rounds
Liquidity: High daily volumeOn top-tier exchanges
Sectors: Infrastructure, DeFi, and scalingLayer 1 and Layer 2 networks; consumer and gaming applications
Tokenomics: Transparent, sustainable supply schedulesClear value accrual to token holders
Governance: Active developer communityAudited, open-source code
Structure: Spot, SAFTs, or token warrantsSAFT: simple agreement for future tokens

Submit an opportunity Digital Assets page

05Cultural capital · Store of value

Art & Collectibles

Secondary-market acquisitions. Advisors and gallerists are protected.

Value: $250K–$10M+Per work or item
Provenance: Unbroken chain of titleFully documented, including literature and exhibition history
Condition: Museum qualityCondition report required for every acquisition
Market: Liquid secondary marketArtist or maker with established auction records
Authenticity: Certificate of authenticityMandatory, from a recognized foundation or expert
Transaction: Private treatyAlso auction guarantees and estate liquidations

Our emerging-artist patronage acquires directly from primary galleries and degree shows and is not subject to these thresholds.

Submit an opportunity Art & Collectibles page

06Founders · Company creation

Venture Capital

Investing in founder-led companies and building our own, through Caldrion Ventures.

Detailed criteria, the studio process and our portfolio are on ventures.caldrion.com.

Apply on Caldrion Ventures Or use our inquiry form

Unfamiliar with a term? Our glossary defines the specialist terms in these criteria.

Investment criteria

Have an opportunity that fits?

Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest. We aim to give initial feedback within 72 hours of receiving a complete package.

Submit an opportunity All six pillars

Caldrion

Investment criteria

Caldrion is a single family office: it invests only its own capital, has no outside investors or clients, and does not offer securities. Full criteria for each pillar: www.caldrion.com plus the path shown under its name.

Pillar	Size	Geography	Structure	Also
Real Estate/realestate	Transaction size$20M–$150MGross asset value	Primary and secondary US marketsFocus on the Sun Belt, Mountain West, and Southeast	All-cash or joint ventureJoint ventures typically 90/10 with an operating partner	Equity check $10M–$75M Multifamily 100+ units · Garden-style and mid-rise communities built 1985–2015 Industrial 20K–200K sq ft Specialty High-barrier niche assets Business plan Value-add or core-plus Target returns 15%+ net IRR · 1.8x+ equity multiple
Private Credit/privatecredit	Loan size$5M–$50MHeld on our balance sheet	United StatesMajor metros and business-friendly states	PositionFirst-lien, senior securedMezzanine only selectively, with strong control rights	Collateral Real and financial assets Leverage Up to 75% loan-to-cost · Up to 65% loan-to-value Term 12–36 months Pricing SOFR + 600–900 bps Origination fee 1–2% Loan types Bridge, construction, ABL, and NAV
Private Equity/privateequity	EBITDA$2M–$15MPositive cash flow required	North AmericaUnited States and Canada	Control or significant minorityMinority positions with board representation	Revenue $10M–$100M Margins >25% gross margin · >10% EBITDA margin Transactions Successions, MBOs, and carve-outs
Digital Assets/cryptocurrencies	Market cap$500M+ for liquid tokens$10M+ valuation for early-stage rounds	Not specified	Spot, SAFTs, or token warrantsSAFT: simple agreement for future tokens	Liquidity High daily volume Sectors Infrastructure, DeFi, and scaling · Layer 1 and Layer 2 networks; consumer and gaming applications Tokenomics Transparent, sustainable supply schedules Governance Active developer community
Art & Collectibles/artandcollectibles	Value$250K–$10M+Per work or item	Not specified	TransactionPrivate treatyAlso auction guarantees and estate liquidations	Provenance Unbroken chain of title Condition Museum quality Market Liquid secondary market Authenticity Certificate of authenticity Our emerging-artist patronage acquires directly from primary galleries and degree shows and is not subject to these thresholds.
Venture Capital/ventures	Capital + studioThrough Caldrion Ventures	Detailed criteria, the studio process and our portfolio are on ventures.caldrion.com.

We aim to give initial feedback within 72 hours of receiving a complete package.

Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest.

Submit an opportunitywww.caldrion.com/contact · +1 212 390 1700

Printed from www.caldrion.com/criteria.