NPL Real Estate

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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
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