Mixed-Use Properties

BC Partners European Real Estate I (BCPERE I) is the debut real estate investment fund of BC Partners Real Estate (BCP RE), the dedicated real estate platform launched by BC Partners, one of Europe's most established private equity firms with four decades of investment experience across the continent. Seeded in 2019 alongside BC Partners' strategic expansion into direct real estate, the fund was created to capture value-add opportunities in European markets driven by post-pandemic repositioning, urbanization, and ESG-driven asset transformation. The fund targets undermanaged, well-located European real estate assets with significant re-positioning or re-development potential, deploying capital across four primary markets: the United Kingdom, France, Germany, and Italy. BCPERE I invests across a diversified range of sub-sectors including post-COVID office assets being repositioned for hybrid work, residential and build-to-rent developments meeting growing urban housing demand, digitally managed short-stay apartment platforms, logistics and industrial parks benefiting from e-commerce tailwinds, and mixed-use urban projects undergoing comprehensive repositioning. All investments are guided by ESG frameworks, with sustainability integrated into asset management and capital improvement programs. BCPERE I held its final close in January 2022 with total committed capital of approximately EUR 901 million, significantly exceeding its initial fundraising target range of EUR 500 to EUR 700 million and closing substantially oversubscribed. The fund attracted a global base of institutional investors, with 92% of commitments from institutional capital, reflecting strong market confidence in BC Partners Real Estate's value-add thesis. The fund was structured as a Luxembourg vehicle through BC Partners Management Lux S.A.R.L., with first-sale activity recorded from August 2019 through its January 2022 final close.

Epsicap Nano (formerly Epsilon 360°) is a French Société Civile de Placement Immobilier (SCPI) managed by Epsicap REIM (formerly Epsilon Capital), an Autorité des Marchés Financiers (AMF)-registered portfolio management company headquartered in Bordeaux, France. The fund received its AMF visa in September 2021, making it France's first SCPI exclusively dedicated to small-cap commercial real estate — tertiary assets including offices, retail premises, and light-industrial spaces with individual asset values typically between €1 million and €10 million, below the threshold attracting institutional competition. The fund's capitalisation reached €188 million as of 31 December 2025 under its open-ended, variable-capital structure. Epsicap Nano pursues an income-oriented, diversified strategy targeting commercial assets overlooked by larger institutional buyers. The fund delivered a 6.08% distribution rate in 2022, rising to 6.55% in 2024, with a stated target of 7.00%+ distribution yield and total returns above 8.25% for 2025. As of September 2025, non-French European assets represented 26% of the portfolio, with a roadmap to reach 40% by end-2025 and 50% by mid-2026. Active international markets include Spain, reflecting the fund's accelerating Pan-European diversification beyond its French core. The fund renamed itself from Epsilon 360° to Epsicap Nano in June 2025, aligning with the broader rebranding of the management company from Epsilon Capital to Epsicap REIM. The fund's differentiation lies in competing in a market segment where institutional capital is structurally underrepresented: assets priced between €1 million and €10 million attract fewer competing bidders than prime Parisian commercial real estate, allowing Epsicap Nano to capture yield premiums unavailable in the core commercial property market. The variable-capital SCPI structure allows continuous unit issuance and redemption subject to queue management, providing a level of liquidity uncommon in traditional closed-end real estate vehicles.

Northpond Fund V, LP is a Delaware‑domiciled opportunistic real‑estate fund managed by Northpond Partners. Launched in early 2023, the fund raised approximately $67.4 million at its first close on March 1, 2023, and its final close in May 2025 exceeded $150 million in commitments. The fund specializes in acquiring and repositioning retail‑centric, mixed‑use, and neighborhood retail assets in urban and suburban U.S. markets. Leveraging a hands‑on, value‑add strategy, properties are redeveloped or remerchandised to enhance NOI and strengthen positioning—exemplified by Iroquois Center in Naperville, part of the Chicago MSA. By focusing on assets with barriers to entry and strong community ties, Northpond Fund V seeks to drive attractive returns through lease‑up initiatives, operational upgrades, and creative redevelopment. With robust capital and active deployment, the fund targets neighborhood retail and mixed‑use projects in key growth U.S. metro areas.