As an award-winning and well-known thought leader in the real estate recruitment space, Madison Berkeley has always done things differently. Their team’s expertise comes from years of real estate recruitment experience. However, what sets them apart is their genuine interest in building relationships and supporting other organisations that are also on a journey to change the face of real estate. For our latest Catching Up With feature, we sat down with Jonathan Black, Founder of BLCK CAP. From his early career in investment banking to building his own advisory firm, Jonathan shares his approach to partnership, problem-solving, and trust, alongside the realities of entrepreneurship, investment philosophy, and balancing work with family life.
Learning by stepping into the room:
Jonathan began his career in investment banking, where he quickly noticed how siloed teams could become. “The teams were physically split,” he explains. “M&A sat in one area, real estate in another, UK somewhere else. It felt very tribal.” While working on a UK M&A transaction from within the real estate team, Jonathan realised he was missing key conversations and decisions. Rather than accepting the status quo, he moved his desk into the UK team’s area. “People asked what I was doing,” he says. “I told them I wanted to be part of the conversations they were having.” That simple decision changed everything. Instead of being fed instructions via email, Jonathan became embedded in the deal. “Once you’re in the trenches, you’re a proper team member,” he says. “The outcome mattered, but what stayed with me most was how much I learned.”
The catalyst for building something of his own:
After banking, Jonathan set up a startup with a friend. While the business ultimately failed, it proved pivotal. “It was horribly unsuccessful,” he admits, “but it was the most rewarding professional experience I’ve had. It didn’t feel like work, even though I was doing the same hours.” That experience planted the seed. Jonathan knew he wanted to run his own business, but also recognised he still had more to learn. Years later, when his growth plateaued in a senior role, the timing felt right. “I realised I wasn’t developing anymore,” he says. “That’s when I knew it was time to build BLCK CAP.” Today, Jonathan is proud to say that BLCK CAP stands as a successful venture, which has been built directly on the resilience and hard-won lessons of that first experience. The business continues to go from strength to strength, with a strong finish to 2025 that has solidified its position in the market with aspirations to be a true leader in the space.
Early challenges and a shift in philosophy:
Trust was the biggest hurdle in the early days. As an intermediary, Jonathan’s role is to frame financial problems and connect clients with the right capital partners. “People need to trust you,” he says. “That takes time.” A defining moment came while advising on investments. Jonathan noticed a disconnect between what many fund managers promoted and how they invested personally. “My own money was in the S&P 500 and Bitcoin,” he explains. “I’d ask myself, ‘Would I actually sell my Bitcoin to fund this deal?’ Often, the answer was no.” That realisation led to a fundamental shift. Rather than managing capital directly, Jonathan moved into an advisory role. “It allows me to use my investment banking skillset without compromising my personal investment philosophy,” he says. “It’s far more transparent, and much more rewarding.”
Open-minded investing and the role of Bitcoin:
Clients don’t come to Jonathan because they’re necessarily passionate about Bitcoin. “People are interested in what will make them money,” he says. Credit, in particular, is attracting significant attention. Jonathan takes an open-minded approach. He’s written extensively on Bitcoin, recognising that while some dismiss it, many are curious and willing to do the work to understand it. “I don’t say no to things outright,” he explains. “It’s about doing the work so you can make informed decisions.”
Connecting the right people:
Jonathan’s process is simple but deliberate. First, identify the client’s financial problem. Second, propose a solution that adds value by connecting the right people. “Entrepreneurs are brilliant creators,” he says. “Investors bring financial expertise. My job is to bridge that gap and help build relationships.” Getting the right match matters. “Connecting the right person can completely change the outcome.”
Proud moments and hard lessons:
One of Jonathan’s proudest moments involved a business on the brink of bankruptcy, facing the loss of a major asset within weeks. By chance, Jonathan had met an investor the week before the client reached out. He introduced the two, and they immediately connected. “Culture and background helped in this case,” Jonathan reflects. “They trusted each other.” The deal moved fast, resulted in investment, and led to further work, including a trip to Mumbai. “Problem-solving is often just about getting yourself where you need to be,” he says.
Life beyond the deals:
Jonathan is also navigating life as a husband and father to a 1.5-year-old son. He launched BLCK CAP just months before his son was born, creating pressure on all fronts. “When you’re building a business, you’re working all hours,” he says. “It’s hard to be as present as you’d like.” Still, he’s hands-on at home. “I do my fair share of nappies, bottles, and bedtimes,” he adds. “I love being a father.”
Advice to his younger self:
Looking back, Jonathan wouldn’t change much. “I’ve made mistakes like everyone,” he says, “but I’ve learned from all of them.” If he could offer one piece of advice, it would be simple: trust your instincts. “They’ve always been right,” he says. “They’ve pushed me to move at the right times and make the right decisions. I’d tell my younger self to listen to them sooner.”
