Who We Are

Credit Intelligence That Compounds

MinVaris is a European investment platform built at the intersection of quantitative investing and asset-based finance.

The Learning Edge

“In public markets, information decays. In asset-based finance, understanding compounds. Every reporting cycle expands our evidence, sharpens our judgement, and improves every decision that follows.” — Sebastian Zilles

Our research platform combines systematic quantitative learning with experienced transaction judgement. Every reporting cycle extends our evidence base as realised borrower outcomes continuously recalibrate our underwriting framework across millions of loan observations. Quantitative research ensures that learning is systematic, while experienced transaction judgement ensures those insights are translated into disciplined underwriting and investment decisions.

Leadership & Institutional Deal Makers

Shared Judgement. Disciplined Execution.

More than a decade of investing together across asset-based transactions.

The founders have worked together for more than a decade, combining systematic quantitative research with deep experience in sourcing, underwriting and executing complex asset-based transactions. Years of shared investment decisions have created a common investment language—enabling research to translate seamlessly into disciplined underwriting and execution.

Founder Profiles

Sebastian Zilles

Managing Partner, CIO

  • Former Partner, Asset-Backed Finance, Apollo Global Management.
  • Former Co-Head of Real Assets (EMEA) at PIMCO; Investment Committee member of PIMCO’s flagship private fund.

Stefan De Wachter (PhD)

Partner, Head of Analytics & Risk

  • Former Head of ABS Strategy at PIMCO EMEA and Founder of Econometric Advisors.
  • Previously Head of International Mortgages at BAWAG Group.

Pierre-Arnaud Drouhin (PhD)

Partner, Head of Real Assets

  • Commercial Real Estate Portfolio Manager, EMEA, at PIMCO.
  • Assistant Professor of Real Estate Finance.
  • Founder, Business Investment Advisory & Monezio.
Dual Oversight Framework

Institutional Deal Makers

Private markets reward disciplined execution as much as analytical insight. Every investment combines systematic quantitative underwriting with experienced judgement in sourcing, negotiation and structuring to ensure research translates into realised returns.

1. Realistic Model Calibration

  • Parameterising non-quantitative nuances
  • Legal jurisdiction & enforcement review
  • Servicer operational capacity oversight

2. Disciplined Transaction Execution

  • Secondary BWIC evaluation & liquidity pricing
  • Structural waterfall stress testing
  • Bilateral origination & facility structuring

Realistic Model Calibration: Machine learning models evaluate historical patterns, while deal-maker judgement parameterises qualitative nuances—such as legal documentation standards, servicer operational capacity, judicial workout enforcement, and macro-structural shifts. This dual oversight prevents models from overfitting to historical anomalies.

Disciplined Transaction Execution: Models identify opportunity. Experienced investors determine how best to capture it. Through long-standing counterparty relationships, disciplined negotiation and deep transaction experience, quantitative research is translated into well-structured asset-based investments.

Our models are built upon transparent regulatory disclosures and documented statistical methodologies. Combined with senior deal-maker oversight, this framework provides institutional investors with full auditability.