Terms, waterfall and risk limits.
Antaia Capital SCSp is a closed-ended, opportunistic real estate fund under Luxembourg law, tax-transparent and externally managed.
Structure and committees are set out on the Governance page.
Key fund parameters
| Parameter | Value |
|---|---|
| Target Volume | € 75 M |
| Target IRR (net p.a.) | 15 % — target figure, not a commitment |
| Term | 7 years (2027–2034) from First Closing, plus 2 × 12 months extension on the GP's recommendation with the approval of a simple LP majority representing more than 50 % of the Committed Capital |
| Launch | Q4 2026; First Closing early 2027 |
| Final Close | ≤ 18 months |
| First Closing Minimum | € 5 M |
| Minimum Commitment | € 1 M |
| Commitment Period | 2 years from First Closing |
| Drawdown period | 10 business days |
| Reserve | up to 20 % of the Committed Capital |
| Management Fee | 1.5 % p.a. on Committed Capital, payable quarterly in advance to the General Partner |
| Transaction fee | on purchase and sale, credited against the Management Fee; details in the Limited Partnership Agreement |
| Subscription fee | one-off on the subscription amount; amount set in the Subscription Agreement |
| Preferred Return | 8 % p.a. |
| Carried Interest | 20 % after catch-up. 20 % of each carry payment is retained in escrow; if this is insufficient, the GP is personally liable |
| Share class | Class A, registered in the name of the holder, held in the electronic investor register. No securitisation. Transfer only with the GP's consent |
| Tax | SCSp tax-transparent — no Luxembourg corporate income tax, no subscription tax. Taxation under the law applicable to each investor |
| MFN (Most Favoured Nation) | Side-letter terms from a commitment of ≥ € 5 M |
| Equalisation Premium | 8 % p.a. on subsequent closings |
Defaulting-LP regime: cure period of 10 business days at 12 % p.a., thereafter 18 % p.a. default interest retroactive to the due date, loss of voting rights until cure, forfeiture of up to 75 % in favour of the remaining LPs, compulsory transfer at 50 % of fair value to co-LPs with a right of first refusal. The defaulting LP bears the costs incurred.
Source: prospectus v1.4 dated 02.09.2026 and Limited Partnership Agreement v1.4 dated 04.09.2026. Only the offering documents are legally authoritative; subject to change.
Four-tier distribution, deal-by-deal
Distributions are made without a fixed date.
Full repayment of the paid-in capital to the LPs before any profit distribution.
8 % p.a. IRR hurdle. The LPs receive the Preferred Return before any GP profit participation.
100 % of profits to the GP until it has received 20 % of the total profits distributed.
80/20 split between LPs and GP. 20 % of the carry is held in escrow as clawback protection.
Limits that carry the portfolio
- Single investment
- max. 15 % of Committed Capital per single investment. By way of derogation from the other limits, which are measured against portfolio value, this limit is measured against Committed Capital and tested as at the acquisition date. A subsequent breach arising solely from valuation movements does not give rise to any disposal obligation
- Debt financing
- max. 80 % per asset (development and project financing)
- Leverage
- max. 250 % NAV (commitment method), 400 % NAV (gross method). Leverage arises exclusively at asset level through the SPVs — at fund level the fund takes on no additional leverage
- Single-tenant concentration
- ≤ 25 % for healthcare and hotel
- Asset-class concentration
- ≤ 60 %
- Contractor exposure
- no limit. The cumulative Committed Capital per executing company or group of companies is disclosed in each investment proposal and reported quarterly to the AIFM and the LP Advisory Board
- Construction method quota
- none. No quota per permitted construction method is specified; the mix of construction methods is disclosed in the quarterly report
- Liquidity reserve
- ≥ 5 % of the Committed Capital
- Stress tests
- quarterly under AIFMD Art. 16: interest rate ± 200 bps, cap rate ± 50 bps, acquisition-price discount ± 10 percentage points
Valuation and NAV
- Principal valuation
- annually, externally, as at 31.12., RICS-certified, rotation at least every 5 years
- Interim valuation
- internally, as at 30.06., with an external plausibility review
- Ad-hoc valuation
- for capex programmes, rent changes above 10 %, market movements above 5 % or capital calls above € 5 M
- Valuation reserve
- for ongoing project developments in profiles A and B, the replacement-cost risk is reflected with an initial discount of 15–25 %, which is reduced as construction progress is documented
- Publication
- within 90 calendar days of the reference date, together with the annual or half-year report. Annual NAV audited under ISA 540
- Suspension
- in the event of a systemic valuation standstill, a market movement above 10 % within 30 days or a loss of data availability, the AIFM may suspend the NAV calculation. During such a suspension, no capital calls for new acquisitions; ongoing capex programmes are continued
- Standards
- ImmoWertV (DE), ÖNORM B 1802 (AT), and additionally the RICS Red Book. Primarily DCF
- Oversight
- Valuation oversight and final NAV authorisation rest with the AIFM
7 years in 3 phases
Indicative, measured from First Closing. The two-year Commitment Period limits new investments; follow-on investments in existing positions and capex remain permitted thereafter.
Acquisition, restructuring, value creation. New investments only in the first two years.
Stabilisation of cash flows, refinancing where appropriate.
Controlled disposal of the portfolio assets.
On the GP's recommendation with the approval of a simple LP majority representing more than 50 % of the Committed Capital.
Distributions may be recalled by the GP, provided the amount does not exceed the original commitment and the recall occurs within the investment period or to service guarantee obligations.
What is reported, and when
Fixed deadlines instead of ad-hoc commitments.
- Quarterly report
- within 45 calendar days of quarter-end: NAV development, portfolio overview and construction progress, the mix of construction methods across the portfolio, cumulative contractor exposure per executing company or group of companies, liquidity overview with capital calls, distributions and reserves, as well as the current pipeline status
- Key figures
- Gross IRR, Net IRR, MOIC, DPI and TVPI
- Annual accounts
- audited, within 120 calendar days of the financial year-end: balance sheet and profit and loss account under Lux GAAP, NAV audit opinion, ESG report under SFDR Art. 11 and the AIFM's compliance report on leverage, limits and conflicts
- NAV
- within 90 calendar days of the reference date, together with the annual or half-year report
- Investor meeting
- once a year, by invitation of the General Partner
- Supervision
- Annex IV reporting by the AIFM to the CSSF under AIFMD Art. 24
- Side Letters
- a summarised list of all side-letter topics is disclosed in the Annual Investor Report — categorised by topic, without naming the benefiting investor
Quarterly, with a defined worst case
The AIFM conducts quarterly liquidity stress tests under AIFMD Art. 16. The worst-case scenario combines a twelve-month widening of rent losses with an interest-rate rise of 200 basis points.
Each year the AIFM prepares return projections for a best case, most probable and worst case. Sensitivity axes: interest rate ± 200 bps, cap rate ± 50 bps, discount on the acquisition price ± 10 percentage points.
The results feed into LP reporting and into the AIFMD risk reports.
More detail
Structure, committees and liability are set out on the Governance page. The SFDR classification is set out under Sustainability.