Track Record
Five years, ten projects. Every euro accounted for.
The realised book and the active book, side by side and unblended. Three completed exits with 100% capital returned, seven live projects with underwriting shown as ranges — never as promises.
Realised
€2.05M
Realised Profit
3 exits · 2024–2025
Realised
22.4%
Realised Gross IRR
Weighted, capital returned
In Flight
€10.1M
Active Capital
7 projects in flight
Projected
20–42%
Target ROI Range
Underwriting, not guaranteed
Portfolio TimelineActive ProjectsThe LedgerRealised Book
Portfolio Timeline · Above the Line
Every project. Every year. One picture.
Realised exits sit above the line, active projects below. Bar fill shows progress against the underwritten timeline.
Realised — closed & settled
Active — underwriting range
Progress fill against timeline
Reconstruction Portfolio
28% IRR
Development · Exit 2025
Portfolio Timeline · Below the Line
Seven active projects on the 2021–2030 axis.
NOW = Q2 2026 · Bars scaled to Jan 2021 – Dec 2030 axis · Fill % reflects reported project progress; underwriting exit dates shown as bar-end.
Development — Gated Community
Bulk Acquisition (VIROx5)
Bulk Acquisition (VIROx5)
Active Projects · 1 of 4 · Sorted by progress
Seven projects. Live progress.
Currently under management. Target IRRs are underwriting ranges, not guarantees. Progress reported monthly to VIG Circle members.
Bulk Acquisition
Project Completed
A discounted portfolio purchase resold unit by unit at market prices.
95%
Progress · End by 2026
Acquisition · Sales
Project sold — only a number of parkings left.
Last Parkings For Sale →Residential Development
Project Completed
A boutique residential building brought through the full development cycle.
88%
Progress · End by 2026
Preparation · Construction
Stage of Act 15.
Last Apartments For Sale →Active Projects · 2 of 4
Seven projects. Live progress.
Currently under management. Target IRRs are underwriting ranges, not guarantees. Progress reported monthly to VIG Circle members.
Luxury Rental Portfolio
Project Completed
Prime apartments held for rental income before a staged exit.
86%
Progress · End by 2027
Acquisition · Holding · Sales
End of holding period — starting sales.
Apartments For Sale →Land Development
Open for Investment
A city land plot taken from raw parcel to buildable rights.
42%
Progress · End by 2030
Urban regulation · Building permit · Construction
Urban planning done. Design visa execution stage.
Fractional Investment →Active Projects · 3 of 4
Seven projects. Live progress.
Currently under management. Target IRRs are underwriting ranges, not guarantees. Progress reported monthly to VIG Circle members.
Bulk Acquisition
Open for Investment
A club-style portfolio purchase targeting resale above acquisition cost.
29%
Progress · End by End 2027
Acquisition · Holding · Sales
New allocation. Discovery phase.
Fractional Investment →Gated Community Development
Open for Investment
A gated residential community developed ground-up inside its own SPV.
20%
Progress · End by 2029
Preparation · Construction
Approved building permit — ready to start.
Fractional Investment →Active Projects · 4 of 4
Seven projects. Live progress.
Currently under management. Target IRRs are underwriting ranges, not guarantees. Progress reported monthly to VIG Circle members.
Residential Development
Commitment Stage
A ground-up residential project headed for a multi-year build.
15%
Progress · End by 2028
Preparation · Construction
Stage of Redesign Building Permit.
Fractional Investment →Two Books · Closed & Settled
Two books. Never blended.
The realised book is closed and audited. The active book is management underwriting, shown as ranges. We publish them apart — a single headline IRR is where investor trust goes to die.
Three completed exits, 2024–2025. Proceeds distributed to LPs. Numbers audited, notarial deed on file.
€2.05M
Aggregate Profit
Net to LPs, 3 exits
22.4%
Gross IRR (weighted)
Full-cycle, 2022–2025
100%
Capital Returned
Proceeds distributed
Composition
Development — Lyulin€890K
Development — My Campus€380K
Reconstruction Portfolio — 13 single units€658K
Two Books · Under Management
Active Book
Seven live projects. Underwriting shown as ranges — never as a single headline. Progress reported monthly.
€7.0M
Underwritten Profit
Base case, range-scenario
20–42%
Target ROI Range
Underwriting, not guaranteed
€10.1M
Active Capital
7 projects in flight
7
Active Projects
Progress reported monthly
Composition
Development4
Bulk Acquisition (VIROx5)2
Luxury Rental1
In Flight · Projected. Base case, range-scenario. Capital at Risk.
The Ledger · Strategy · Development
Closed exits, grouped by strategy.
Every entry is a settled deal — proceeds distributed, notarial deed on file. Annual ROI = (Net Profit / Capital Deployed) × (365 / Days Held).
Development Projects
Larger-scale real-estate developments with full lifecycle capital deployment. Each entry is a completed, settled exit.
Lyulin
Jan 2022 – Jun 2024 · 29 mo
My Campus Studios
Jun 2022 – Mar 2025 · 33 mo
Reconstruction Portfolio
Jan 2023 – Sep 2025 · 32 mo
The Ledger · Strategy · VIFLIP
Fix & Flip Portfolio
Buy, renovate, sell. Thirteen completed single-unit residential flips in Sofia — sourced, executed, and exited under one operating standard.
Studentski Grad · 1BR
€52K · 31%
Feb 2023 – Aug 2023 · 178d
Manastirski Livadi
€44K · 27%
May 2023 – Nov 2023 · 182d
Krastova Vada · 2BR
€41K · 24%
Sep 2023 – Apr 2024 · 195d
+ 10 more single-unit flips — full ledger in Data Room.
Read the strategy notes →Sources & Disclosure
Where every number comes from.
Realised figures cover 3 completed exits (2024–2025): Lyulin, My Campus Studios, and Reconstruction Portfolio. Source: internal accounting, bank receipts, notarial deeds. Capital at Risk. Past performance is not a reliable indicator of future results.
