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 aims to raise around EUR 150m (first round has already raised EUR 62m) and close the fund at the end of Q1 2023.
| 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 | Sept. 22, closing expected in Q1 23 |
| DISTRIBUTOR SWITZERLAND | OpenFunds Investment Services AG |
| AUDITOR | KPMG LUXEMBOURG |
| CUSTODIAN | Quintet Private Bank (Europe) S.A. |
| REGULATOR | CSSF Luxembourg |
| PAYING AGENT SWISS | - |
| 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% |
| SUBSCRIPTIONS | Open for subscriptions |
| 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 |
| ISIN | Please refer to the fund portrait |
