NPL Real Estate
Fund Portrait
The Copernicus Southern European NPLs will acquire secured SME and Corporate NPLs backed by residential and commercial real estate assets (hotels, offices, retail) at discount from financial institutions, funds and securitization vehicles.
The fund aims to monetize the NPL investments through different workout and asset management strategies, mainly via consensual agreements with the
debtors, but also judicial auctions and insolvency proceedings. Sometimes also by repositioning the asset and selling the collaterals. The target IRR for the fund is 13-15%, in line with the historical track record of Copernicus prior portfolios.
Copernicus raised around EUR 150m and closed the fund at the end of Q2 2023.
For information on the performance, please contact us at info@open-funds.ch
| INVESTMENT MANAGER | Tressis Gestion SGIIC S.A |
|---|---|
| LINKEDIN COMPANY PAGE | Copernicus |
| INVESTMENT ADVISOR | Copernicus Advisors EAFI SL |
| TYPE STRUCTURE | S.C.A. SICAV RAIF |
| DOMICILE | Luxembourg |
| LAUNCH DATE | Closed end of Q2 23 |
| DISTRIBUTOR SWITZERLAND | OpenFunds Investment Services AG |
| AUDITOR | KPMG LUXEMBOURG |
| CUSTODIAN | Quintet Private Bank (Europe) S.A. |
| REGULATOR | Commission de Surveillance du Secteur Financier, Luxembourg (CSSF) |
| GEOGRAPHY | Southern Europe (main focus on Italy) |
| STRATEGY | NPL fund with a focus on real estate, fully collaterialised |
| SHARE CLASSES | General, Institutional, and Investors |
| CURRENCY | EUR |
| INITIAL CHARGES | General: up to 3%, Institutional: 0%, Investors: 0% |
| MINIMUM INVESTMENTS | General: 125,000 EUR / Institutional: 1,500,000 EUR / Investors: 4,000,000 EUR |
| LIQUIDITY | Closed end fund, 2 year investment and 3 year harvesting period, option to recycle during 1st year of harvesting |
| MANAGEMENT FEE | General: 1.80% / Institutional: 1.50% / Investors: 1.15% |
| PERFORMANCE FEE | 15% applicable on the distributable proceeds in accordance with a waterfall mechanism and a hurdle rate of 8% per annum |
