We value what has no market, and we shape what we invest in.
JadeHawk Capital is a self-managed AIFM seated in Luxembourg. Since 2018 we have acquired minority positions in German closed-end real estate funds, individually and over time, until the accumulated holding is of a size that permits influence on the decisions taken in respect of the underlying asset – with success: for 60% of the invested capital, exits were realised.
Two capabilities make the difference: forming a robust value where information is missing, and exercising real influence from a minority position.
Valuing where information is scarce
There are no market prices for these interests, no data room and no current prospectus – just a shareholder register, outdated accounts of varying quality and the address of a building.
For most investors, that is a reason to stay away. For us, it is the reason to look closer: missing information is what makes this segment illiquid. Forming a robust judgement anyway is our core skill.
Active asset management
A minority stake held passively has no value. Letting, capital expenditure, refinancing and the timing and form of a sale stay with a management that often has no reason to act – or even a reason not to.
A single seller's position averages less than 0.1% of a fund's capital and achieves nothing on its own. Over years, we build holdings that a fund's management has to take seriously.
Information.
These funds rarely report more than they must. We demand the information shareholders are entitled to and follow it through – for a realistic valuation and decisions that can be traced.
Strategy.
Letting, capital expenditure, refinancing, timing. We bring a professional real estate perspective to fund managers that frequently focus on shareholder administration and have no asset management capability of their own.
Realisation.
Every closed-end fund was launched with an end date. In many cases that promise was not kept and the term was extended again and again. We put the sale back on the agenda – and keep it there.
We seek a consensual solution. Where none is available, we exercise the rights shareholders hold under the partnership agreement, including the convening of an extraordinary general meeting, a vote on the disposal of the fund's asset and the exchange of leadership.
The same share, on the same terms
We hold the same interests as every other shareholder: no preferred class, no side letter, no fee at fund level, no payment that reaches us before anyone else.
That is not a statement of intent but a matter of structure – and the reason our arrival in a fund benefits every shareholder.
For the shareholder who sells.
An interest with no market becomes a tangible exit: no costs, no continuing liability, no more waiting for the end of a fund that should have ended long ago. For many shareholders – private investors, heirs, institutions – that option previously did not exist at any price.
For the shareholder who stays.
We join as a co-shareholder – with capital, a plan and the staying power for what the fund was set up to do: sell the property properly, at the right time and at a fair price. We earn in exactly the same way as every other shareholder.
We buy interests in closed-end real estate funds – at a fixed price, with no costs and a full release from liability.
How selling worksFinancial reports, prospectus and financial calendar for the 7% bond 2022/2027.
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