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Fund Portrait

WHY INVEST IN THE CARE HOME AND SPECIALISED HEALTHCARE MARKETS?

 

The care home sector is anti-cyclical and has a low correlation with the generally offered “economy driven” investments. Increasing demand due to the aging population and the lack of supply, combined with continuous backing of the sector by the public policies supports long-term positive prospect of the asset class. Real estate investments in the sector offer above average returns, supported by stable and long-term cash flows.

 

WHY THREESTONES CAPITAL ?

 

Threestones Capital Management S.A. (TSC) is an authorized Alternative Investment Fund Manager (AIFM) headquartered in Luxembourg. The company manages approximately EUR 2 billion in four PERE regulated investment vehicles under the supervision of the Luxembourg financial authorities (CSSF), in compliance with European financial regulations. Founded in 2009, TSC primarily focuses on real estate investments across Europe, targeting niche asset classes. The company’s investors are a diverse mix of private individuals and institutions.

 

Threestones Capital is an experienced Manager who has consistently delivered on target returns (13%+ net IRR and 1.6-1.8X net multiple). TSC Eurocare IV Fund follows the same strategy. The company has completed more than 100 transactions in the sector in the last 10 years (mostly single transactions) and is working with more than 25 nursing homes operators in Europe.

INVESTMENT MANAGER Threestones Capital Management SA (AIFM)
TYPE STRUCTURE Luxembourg Closed‐end SICAV-SIF (regulated)
DOMICILE Luxembourg
LAUNCH DATE Planned Q2 2023
DISTRIBUTOR SWITZERLAND OpenFunds Investment Services AG
AUDITOR Ernst & Young
CUSTODIAN Banque de Luxembourg
REGULATOR Commission de Surveillance du Secteur Financier, Luxembourg (CSSF)
PAYING AGENT SWISS -
GEOGRAPHY Europe
STRATEGY European care homes
CURRENCY EUR
MINIMUM INVESTMENTS Class A ordinary shares: EUR 125,000 / Class B ordinary shares: EUR 1,000,000 / Class C ordinary shares: EUR 10,000,000
MANAGEMENT FEE Class A ordinary shares: 1.2% / Class B ordinary shares: 1.0% / Class C ordinary shares: 0.8%
PERFORMANCE FEE 100% to LPs up to 6% IRR (Preferred Return) / Catch up GP, 20% of Preferred Return received by the LPs / 80% to LPs and 20% to GP thereafter
TARGET NET IRR > 10 - 12% (net of costs and fees)
TARGET DISTRIBUTION 3% to 4% p.a. (paid quarterly)
LEVERAGE Max. 50% of GAV
FUND TERM 6 years (+1+1 extension)
TARGET FUND SIZE EUR 500m equity (AuM 1bn)
ISIN coming shortly