# Tenax Capital Limited

Tenax Capital is a London-based boutique asset management firm serving institutional investors through four distinct investment strategies. Founded in 2004 by Massimo Figna and now majority-owned by Portugal's largest insurer Fidelidade, the firm combines independent expertise with backing from a major financial institution.

The company specialises in Fixed Income, Private Debt, Insurance-Linked Securities, and Equity strategies, each underpinned by rigorous fundamental research conducted by experienced investment professionals. Their Fixed Income offering—the Tenax Dynamic Income Fund—provides actively managed global exposure with daily liquidity for mature markets. The Private Debt division addresses a specific market need, delivering bespoke capital solutions to family-owned and owner-managed SMEs across Northern Europe and Italy through teams positioned in Frankfurt, London, and Milan.

What distinguishes Tenax is their disciplined, research-driven approach combined with strategic positioning across multiple asset classes. The Insurance-Linked Securities strategy capitalises on an often-overlooked diversification opportunity that protects against inflation and interest rate volatility. Their Equity funds employ both bottom-up and top-down analysis, focusing on financial services and companies with established global market positions.

Tenax explicitly targets sophisticated institutional investors classified as professional clients or eligible counterparties under FCA regulations. This selective positioning reflects their boutique nature and emphasis on quality relationships over mass market accessibility. The firm's multi-office structure—spanning London, Milan, and Frankfurt—enables localised expertise whilst maintaining institutional standards.