# Don Wenner
Don Wenner is the founder and chief executive officer of [DLP Capital](https://www.edgepedia.org/dlp-capital), a private real estate investment firm headquartered in [St. Augustine, Florida](https://www.edgepedia.org/st-augustine-florida), that reported more than $5.5 billion in assets under management as of June 30, 2025.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) Wenner started the business in 2006 in Pennsylvania's Lehigh Valley and grew it into a lending and investment platform serving nearly 4,000 investor families.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) • [2](https://dlpcapital.com/twenty/dons-thoughts-january-26) He won an EY Entrepreneur Of The Year 2025 Florida Award.[3](https://www.businesswire.com/news/home/20250619743180/en/EY-US-announces-Don-Wenner-of-DLP-Capital-as-an-Entrepreneur-Of-The-Year-2025-Florida-Award-winner) His tenure has included a settled lawsuit by a former executive and an ongoing third-party investigation into one fund vehicle.
| Fact | Detail |
|---|---|
| Founded | 2006, Lehigh Valley, Pennsylvania, by Don Wenner[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) |
| Headquarters | St. Augustine, Florida, with offices in Bethlehem, Pennsylvania, and Asheville, North Carolina[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) |
| Capital under management | Over $2 billion across sponsored funds (February 2026)[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) |
| Assets under management | Over $5.5 billion as of June 30, 2025[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) |
| Investor base | Nearly 4,000 investor families; 857 new investors added in 2025[2](https://dlpcapital.com/twenty/dons-thoughts-january-26) |
| Lending reach | Approved to lend in 37 states[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) |
| Employees | 501-1,000 (2026 Inc. 5000 profile)[4](https://www.inc.com/profile/dlp-real-estate-capital) |
| Eligibility | Accredited investors only[5](https://dlpcapital.com/frequently-asked-questions) |
## Founding and early growth
Wenner founded DLP in 2006 in Pennsylvania's Lehigh Valley.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) The firm launched its first sponsored equity fund in 2013, which Wenner describes as the starting point of its investment-management business, roughly a decade after the founding of the operating company.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM)
Growth has been a defining public metric for the company. DLP Real Estate Capital has appeared repeatedly on the Inc. 5000 list of fastest-growing private companies: 12 consecutive years as of June 2025, described as a 13-time honoree in the company's February 2026 release, and a 2026 Inc. 5000 profile listing 501-1,000 employees.[3](https://www.businesswire.com/news/home/20250619743180/en/EY-US-announces-Don-Wenner-of-DLP-Capital-as-an-Entrepreneur-Of-The-Year-2025-Florida-Award-winner) • [1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) • [4](https://www.inc.com/profile/dlp-real-estate-capital) Inc. describes the company as "a private real estate investment and financial services company acquiring, developing, and building housing, leaders, and organizations."[4](https://www.inc.com/profile/dlp-real-estate-capital)
## DLP Capital: business model and funds
**What the firm does.** DLP Capital provides senior loans, mezzanine financing, and preferred equity to what it calls "mission-aligned, institutional-quality real estate sponsors," and is approved to lend in 37 states.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) The DLP Lending Fund is an evergreen private senior secured mortgage fund structured as a REIT that makes short-term senior secured bridge loans, generally 6-36 months, for the development, improvement, and preservation of attainable housing.[6](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Lending%20Fund%20Tearsheet.pdf) The fund targets at least 85% of investments backed by real estate assets, primarily in Florida, Texas, and other Sunbelt states.[6](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Lending%20Fund%20Tearsheet.pdf)
The firm sponsors several funds alongside the Lending Fund, including the DLP Housing Fund, DLP Preferred Credit Fund, DLP Building Communities Fund, and DLP LivingFully Community Fund.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) Inception dates are October 2014 for the Lending Fund, January 2020 for the Housing Fund, and October 2021 for the Building Communities Fund and Preferred Credit Fund.[5](https://dlpcapital.com/frequently-asked-questions)
**Who can invest, and on what terms.** Only accredited investors may invest, under the SEC definition of $1 million or more in net worth (individually or with a spouse) or $200,000 or more in annual gross income ($300,000 with a spouse) in each of the preceding two years.[5](https://dlpcapital.com/frequently-asked-questions) Minimum investments per the company's FAQ are $500,000 for the Housing Fund and Lending Fund, $200,000 for the Preferred Credit Fund, Building Communities Fund, and Lending Fund Series A Note Offering, and $100,000 for the Living Fully Community Fund.[5](https://dlpcapital.com/frequently-asked-questions) The Housing, Building Communities, and Lending Funds charge a 2.00% annual asset management fee; the Preferred Credit Fund charges 1.25% effective January 1, 2025. All funds assess a 20% performance fee on total distributions above the preferred return.[5](https://dlpcapital.com/frequently-asked-questions) Liquidity terms differ by vehicle: the Housing Fund and Building Communities Fund offer annual liquidity, while the Lending Fund and Preferred Credit Fund offer quarterly liquidity with a 90-day redemption notice period.[5](https://dlpcapital.com/frequently-asked-questions) [Business Insider](https://www.edgepedia.org/business-insider)'s 2025 review states there is no minimum lock-up period.[7](https://www.businessinsider.com/personal-finance/investing/dlp-capital-review)
## By the numbers
The firm's reported scale has grown quickly. Wenner stated in his January 2026 letter that 2025 saw assets under management double to $5.5 billion, $1 billion in originations, and $2 billion in capital under management; the February 2026 press release confirms the CapUM milestone.[2](https://dlpcapital.com/twenty/dons-thoughts-january-26) • [1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) As of December 31, 2025, the company reported nearly 4,000 investor families, over 26,000 owned units, more than 17,000 units in operation, and approximately 9,500 in construction or development.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM) Across its operating history it has developed, acquired, improved, and sold over 6,500 rental units.[1](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM)
Reported returns come from the firm's own tearsheets. The Lending Fund reports a 12.76% compounded DRIP IRR since its October 2014 inception, an 8% annual preferred return, and net annual return targets of 9-10%.[6](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Lending%20Fund%20Tearsheet.pdf) The Q1 2026 fund comparison tearsheet reports 2025 compounded DRIP IRRs of 10.42% to 11.90% across funds, with an annual asset management fee rebate for investments of $1 million, $10 million, and $25 million or more.[8](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Fund%20Comparison%20Tearsheet.pdf)
## Investor terms in context
A comparison of sources shows the firm's own disclosures are more granular than press coverage. Business Insider's 2025 review reports a $200,000 minimum "for each fund" and a 2.0% management fee on all funds, with 0.50% and 1.0% annual investment rebates above $1 million and $10 million respectively.[7](https://www.businessinsider.com/personal-finance/investing/dlp-capital-review) The company's FAQ and tearsheets instead give per-fund minimums ranging from $100,000 to $500,000 and management fees of 1.25% to 2.00% depending on the fund.[5](https://dlpcapital.com/frequently-asked-questions) • [8](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Fund%20Comparison%20Tearsheet.pdf) The company's per-fund figures are the more specific source for minimums and fees; readers evaluating an investment should rely on the current offering documents for the specific vehicle.
## Recognition and stated strategy
EY US named Wenner an Entrepreneur Of The Year 2025 Florida Award winner, announced in June 2025.[3](https://www.businesswire.com/news/home/20250619743180/en/EY-US-announces-Don-Wenner-of-DLP-Capital-as-an-Entrepreneur-Of-The-Year-2025-Florida-Award-winner) Wenner has also stated he was named a National Entrepreneur of the Year by [Ernst & Young](https://www.edgepedia.org/ernst-and-young).[2](https://dlpcapital.com/twenty/dons-thoughts-january-26)
**Stated strategy.** Wenner's letters frame the firm around housing affordability and attainable housing: the Lending Fund's stated purpose is financing "the development, improvement, and preservation of attainable housing,"[6](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Lending%20Fund%20Tearsheet.pdf) and the firm describes itself as "acquiring, developing, and building housing, leaders, and organizations."[4](https://www.inc.com/profile/dlp-real-estate-capital) On conditions, Wenner wrote in January 2026 that the three and a half years since mid-2022 were "among some of the toughest we've faced," with interest rate increases coupled with oversupply in multifamily deliveries creating significant headwinds, and flat or declining rents in many markets.[2](https://dlpcapital.com/twenty/dons-thoughts-january-26)
## References
1. [DLP Capital Crosses $2 Billion in Capital Under Management (CapUM)](https://www.businesswire.com/news/home/20260210661899/en/DLP-Capital-Crosses-%242-Billion-in-Capital-Under-Management-CapUM)
2. [Don's Thoughts - January '26 | DLP Capital](https://dlpcapital.com/twenty/dons-thoughts-january-26)
3. [EY US announces Don Wenner of DLP Capital as an Entrepreneur Of The Year 2025 Florida Award winner](https://www.businesswire.com/news/home/20250619743180/en/EY-US-announces-Don-Wenner-of-DLP-Capital-as-an-Entrepreneur-Of-The-Year-2025-Florida-Award-winner)
4. [DLP Real Estate Capital is a 2026 Inc. 5000 honoree](https://www.inc.com/profile/dlp-real-estate-capital)
5. [Frequently Asked Questions | DLP Capital](https://dlpcapital.com/frequently-asked-questions)
6. [DLP Capital Lending Fund Fact Sheet (April 2026)](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Lending%20Fund%20Tearsheet.pdf)
7. [DLP Capital 2025 Review: Fees, Trustworthiness, and Alternatives](https://www.businessinsider.com/personal-finance/investing/dlp-capital-review)
8. [DLP Capital Fund Comparison Factsheet Q1 2026](https://go.dlpcapital.com/hubfs/Fund%20Tearsheets/DLP%20Capital%20Fund%20Comparison%20Tearsheet.pdf)
9. [DLP Capital Lawsuit: Allegations, Investigations & Response](https://legalclarity.org/dlp-capital-lawsuit-allegations-investigations-response/)
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Private equity and long-term capital › United States middle market and specialists › Private credit, real assets, and secondaries*
*Initially written Sep 19, 2026 · Reviewed: Sep 19, 2026 · Edited: Oct 11, 2026 · Last review: Sep 19, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license