Strategic wealth building through real assets
We chase cashflow. We chase tax benefits. And we have found that the assets that deliver both also tend to appreciate over time. But we never count on appreciation. Nothing is guaranteed.
Cashflow first. Always.
We look for assets we would be happy holding for 10 years or more. Strong cashflow, meaningful tax benefits, strong probability of hitting pro forma, and correlation to larger macro trends. We invest in primary and secondary wealth based in real, tangible assets.
Most investors are overexposed to equities and underexposed to real assets. We exist to fill that gap. We put money in your pocket every month while building long-term wealth that compounds.
All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results. Nothing on this website constitutes a guarantee of any return.
Real assets only
We understand the layers of wealth and focus on investing in primary and secondary wealth. Commercial real estate credit, multifamily real estate, and energy. Things you can see, touch, and value.
Returns are a premium on risk
We leverage personal connections with industry leaders and are constantly trying to be proved wrong. Our underwriting is transparent, simple, and disciplined. We minimize spreadsheet magic.
Investors first
Our investors are the priority. We invest our own capital alongside yours. We are operators, not salespeople. Our underwriting and deal flow come from direct operational experience.
Three asset classes, one philosophy
Every asset we invest in must produce income, offer tax advantages, and be backed by something tangible. We look for assets correlated to larger macro trends with a strong probability of hitting pro forma.
Private Commercial Credit Fund
Preferred equity and mezzanine debt positions across commercial real estate including multifamily, industrial, medical office, and more. Structured with forced sale and take-over rights for downside protection.
View PCCF Dashboard →Multifamily Syndications
Individual property syndications with direct ownership of multifamily assets. Tax-advantaged through cost segregation and bonus depreciation.
Oil & Gas Working Interests
Working interest positions in oil and gas. Significant tax deductions through intangible drilling costs, with exposure to a commodity backed by real-world demand and correlated to long-term macro trends.
Our core values
These are not just words on a wall. They are how we make decisions, evaluate deals, and treat the people we work with.
Liberty
True wealth transcends finances. It begins with freedom.
Result driven
We demand results from ourselves, our operators, and our investments.
Striving for more
We always want to improve. Better underwriting, better communication, better returns.
Investors first
Our investors are the priority. Every decision we make starts there.
Enjoyable
Building wealth should be rewarding. We believe in having fun along the way.
Adam Penn
Software engineer turned real estate operator and fund manager. Adam started his first rental in 2017 while working in tech, eventually building a portfolio of rental properties, a property management company, and launching Bidwell Capital. He is based in Northern California and co-hosts the Wealth Independence Podcast.
This is a first career, not a second act. Adam is a managing partner building and managing assets for decades, not looking for a quick exit. His approach is rooted in engineering: systematic underwriting, data-driven decision making, and a focus on building repeatable, scalable systems. He is building a team around a long-term mission.