About — Ninety9 Capital
About · Founder & Firm

Twenty years of
buying right.

Ninety9 Capital is the private equity capstone of a vertically integrated real estate platform Alex Hemani has been building since 2006 — one disciplined operating company at a time.

The Story

From one house in 2006
to a full investment platform.

"The best investments aren't loud. They're the ones underwritten patiently, executed carefully, and held with conviction."

Alex Hemani spent the early 2000s in the travel business, running a company he built and eventually sold in Florida in 2005. Looking for what to do next — and looking to generate real cash flow rather than more transactions — he moved to Dallas–Fort Worth and started paying attention to the local real estate market.

Single-family homes in DFW were drastically cheaper than what he had left behind in Florida. In 2006, he bought one, turned it into a rental, and slowly started expanding. By the time the 2008 financial crisis hit, the portfolio had grown to about twenty homes.

Then came 2009 — the moment that shaped everything that followed. While most investors were retreating, Alex saw the opportunity clearly: an entire asset class had reset, and disciplined buyers could acquire quality single-family homes at the bottom of the market. The rest is history. Over the next fifteen years, that thesis played out to a track record of more than 1,000 single-family homes bought and sold across the DFW metroplex.

What began as one house evolved into a fully integrated operating platform: acquisitions, brokerage, property management, construction, and eventually a private equity fund vehicle. Every function was built from the inside out, over years, by hand.

Ninety9 Capital, launched in 2021, is the private equity capstone of that platform — the vehicle that finally invites outside investors to participate in strategies the team has been executing for nearly two decades.

The Platform

A vertically integrated operating platform — built one company at a time.

Ninety9 Capital didn't appear overnight. It's the result of nearly two decades of building the operating infrastructure investors now get to participate in — each ALNA subsidiary designed to serve a specific function in the real estate lifecycle.

2006
Ownership · Holdings

ALNA Properties

The single-family rental ownership arm. The first house in DFW was purchased here — and grew to a portfolio of more than 1,000 homes bought and sold over the years that followed.

2010
Brokerage

ALNA Realty

The brokerage arm. Bringing sales, leasing, and transaction execution in-house — closing the gap between acquisition and disposition, and eliminating third-party fee friction on every deal.

2015
Property Management

ALNA Management

The property management arm. Direct oversight of leasing, tenant relations, and day-to-day operations — because a value-add plan only hits its numbers if the operator can actually execute it.

2017
Acquisitions

We Buy Homes In USA

The direct acquisition arm. Originally built to source single-family homes at scale through direct-to-seller channels; now expanded to include multifamily acquisitions across the Sun Belt.

2018
Construction · Value-Add

Hemani Homes

The fix-and-flip and construction arm. In-house project management for renovations, interior and exterior improvements, and value-add work across the residential portfolio.

2021
The Capstone
Private Equity · Fund Platform

Ninety9 Capital

The private equity vehicle — the point at which fifteen years of operating experience opens up to outside investors. Four fund strategies live under this umbrella: Single Family Rental, Multifamily Value-Add, the Income Fund, and Alternative Assets (Light Upon Light).

Our Philosophy

Everything we do comes back to a single discipline: buy right.

Ninety9 Capital's investment philosophy is deceptively simple: buy real estate — and now art — when the market is down. When acquisition prices are already below intrinsic value, downside risk compresses and upside potential expands. This is not a market-timing exercise. It's a discipline we apply patiently, and only when the numbers work.

The evidence is in the pattern:

In 2009, immediately after the financial crisis, we bought single-family homes at the bottom of the market. That thesis compounded across a decade of subsequent appreciation and cash flow.

In 2022, multifamily prices peaked and began falling. Today, we are acquiring multifamily properties again — at the bottom of that cycle — following the same discipline that worked in 2009. Two of the funds' recent acquisitions were purchased at 30% to more than 50% below current appraised value.

The market moves. Our thesis doesn't. We buy at cycle bottoms, we hold with conviction, and we exit only when the fundamentals reward it.

2009
Single Family Rentals — at the bottom
Acquired homes post-financial-crisis. Compounded over a decade of appreciation and cash flow. Track record: 1,000+ homes bought and sold.
2022 → Present
Multifamily — at the bottom again
Prices peaked in 2022 and are now declining. Recent acquisitions purchased at 30–50%+ below current appraised value.
Ongoing
Islamic Art — an under-appreciated asset class
Same philosophy, different asset class. Islamic art remains meaningfully underrepresented in the global contemporary market — a mispricing opportunity we're now positioned to capture.
Community & Giving Back

Service as part of the identity.

"We give because the vulnerable have lost hope. Our work is to bring some of it back."

For as long as Ninety9 Capital's operating platform has existed, community involvement has been part of it. Alex has been a longtime advocate for helping the most vulnerable — through charitable contributions to the Aga Khan Foundation, whose work multiplies the impact of every dollar given, reaching people across the poorest regions of Asia and Africa who — through no fault of their own — happen to have been born into circumstances the rest of the world has largely overlooked.

Locally, he completed Leadership Allen Class 37 as part of a commitment to give back to the community that has been home for two decades — the city of Allen, Texas.

Global · Since Founding
Aga Khan Foundation
Longtime supporter. Funding programs that improve quality of life for the most vulnerable populations across Asia and Africa — health, education, economic development, and civil society.
Local · Class 37 Graduate
Leadership Allen
Completed the Leadership Allen program — a civic development initiative dedicated to strengthening leadership in the Allen, Texas community.
National · Contributor
Forbes Councils
Nine consecutive years contributing thought leadership to Forbes Real Estate Council (2017–2021) and Forbes Business Council (2022–present).
Faith · Art · Pluralism

The Dome — a tribute to art, faith, and collaboration.

"O humankind, we have created you from a male and a female and made people and tribes so you may know each other."

The Holy Quran · 49:13

The centerpiece of Alex Hemani's home in Allen is a hand-crafted dome — designed in collaboration with the world-renowned artist eL Seed, whose calligraphy work is held in museum collections around the world.

The dome features a quote from the Quran which represents pluralism in its truest form: an affirmation that we are all created differently so that we might come to know one another. It's a message that has guided both the collection and the fund built around it.

Islamic art has long been under-appreciated in the Western market — meaningfully undervalued relative to its historical, cultural, and artistic significance. What began as a personal passion for Alex has grown into a distinctive investment thesis: Light Upon Light Fund — a dedicated fine art investment vehicle designed to give investors access to this under-recognized asset class.

The philosophy is the same. Buy right. Hold with conviction. Let time reward the discipline.

Visit Light Upon Light Collection
Get in Touch

Ready to explore what we've built?

Twenty years of operating experience is now available to accredited investors. Whether you're evaluating your first private investment or expanding an existing portfolio, our team is ready to walk you through the strategies in detail.

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