About · Ray Krohmer
An operator’s view of capital.
The most useful investment questions are rarely confined to a spreadsheet. They involve businesses, people, structures, incentives and execution.
Founder profile
Ray Krohmer
Entrepreneur · General Partner · Alternative investment researcher
Ray is a General Partner of Iron Elk Capital, a private public-equity partnership. His broader interests include fund operations, capital formation infrastructure, alternative assets and the practical design of investment-related businesses.
His entrepreneurial background includes technology, systems and operational problem-solving. That combination informs a straightforward approach: understand what a business actually does, how the economics work and what it takes to execute.
Perspective
Four questions worth asking
What is the underlying business?
Cash generation, cyclicality, operators and the actual source of economic value come first.
Who controls the outcome?
Governance, fees, manager discretion and incentive alignment can change the result.
What could go wrong?
Leverage, illiquidity, execution, regulatory and tax risks should be surfaced early.
Can it be administered well?
Good reporting, dependable counterparties and defined responsibilities are part of the product.
Our operating principle
Understand the asset, then the structure.
Investment economics, ownership, liability, tax treatment and reporting deserve separate scrutiny. A favourable tax treatment cannot repair an unfavourable business.
Discuss a project →What Krohmer Capital is
A platform for work, research and relationships.
The website brings together Ray’s public projects, educational analysis and a growing network. Individual investment vehicles, professional advisers and service providers retain their own distinct roles and responsibilities.
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