Frequently Asked Questions

VIG is an integrated Bulgarian real estate investment platform. It operates through a private fund and project-specific Special Purpose Vehicles (SPVs). VIG sources deals, designs and builds them through its vertical brands (VITERRA, VIDESIGN, VIBRIX), and manages capital and exits through VIG and VIGROW.

VIG is not yet a regulated Alternative Investment Fund. AIF registration under Bulgarian / EU AIFMD frameworks is scheduled for Q3 2026. VIG is also not a crowdfunding platform, a listed REIT, or a passive fund-of-funds. It is a single integrated operator.

VIG is not a regulated financial institution at this stage. Each investment is a bilateral agreement between the investor and a project-specific SPV, under Bulgarian commercial law. Investor protections are those defined in the specific contractual agreements, together with those available under Bulgarian law, but not those available under AIFMD or equivalent EU frameworks.

VIG Alternative Investment Fund (AIF) registration is scheduled for Q3 2026. Until it completes, we disclose our non-regulated status openly on every relevant page so investors know exactly what they are buying into.

Every opportunity is evaluated against four criteria: Demand Trajectory (capital flows before the market prices it in), Product-Market Fit (calibrated to absorption data, not surveys), Downside Integrity (must hold under stress, not just base case), and Exit Architecture (return path defined before capital enters).

Of 200+ opportunities reviewed, fewer than 5% receive capital. We kill more deals than we take. Discipline is the filter, not optimism.

VIG is founder-led by Oleg Klein (CEO). The operating team comprises nine domain leaders: COO (Ventsislav Krastev), Chief of Construction (Ivan Zapryanov), Chief Legal Officer with 22 years in real estate law (Gergana Daskalova), Head of Investment Research (Simeon Georgiev), Directors of Business and Investment Development (Irina Stoyanova, Aneta Manova), Head of Design (Vaklina Dobrinova), and Head of Finance & Private Capital (Natalia Stoyanova).

Named leaders with documented credentials and public LinkedIn profiles are on the strategy page.

The entry point is €10,000 for VIG’s fractional co-investment products (VIROX, VIG Community). Larger products start at €25,000 (VIFLIP), €50,000 (VIG Alternative), and €250,000 (VICLUB direct co-investment).

Minimum ticket sizes are set by product, not by negotiation. Each product has a specific structure, duration, and investor profile — the minimum reflects the operational economics of running the SPV.

Target net IRR across VIG’s active products is 12–18%, net of VIG management and performance fees. This is the projected range based on management underwriting of in-flight projects. It is not a guarantee.

Realized returns are reported separately. Three exited projects (2022–2025) returned capital in full with realized performance documented per project on the track record page. Three exits is a small sample and should not be treated as representative of future results.

Never blended. Realized returns (from the three exited projects) and projected returns (from the six active projects) are shown in separate sections on the track record page and throughout the site.

We do not publish a single headline number that combines both. Blending realized and projected performance is a common practice we have chosen to reject because it misleads sophisticated investors about the underlying evidence.

A Special Purpose Vehicle is a separate legal entity (Bulgarian commercial company) formed specifically for one investment project. The investor contracts directly with the SPV; the SPV owns the project assets and executes the project.

Using project-specific SPVs isolates investor capital from VIG’s general operations and from every other project. If one project underperforms, it does not contaminate the others. It also makes the capital stack, governance, and exit mechanics explicit and auditable per project.

Delays are possible on any real estate development. VIG mitigates this through milestone-release of capital (funds deploy only on verified evidence — title, permits, surveyor certification, Act 15 protocol) and through a deliberate downside-integrity filter in deal selection.

If a project underperforms, the loss is isolated to that project’s SPV. Investors in other SPVs are not affected. Specific terms covering delay, underperformance, and loss are defined in each SPV agreement, reviewed with counsel before capital commitment.

Capital is not released to the project on a timeline. It is released on evidence. Tranche 1 releases on title deed registration. Tranche 2 on municipal permit issuance. Tranche 3 on surveyor certification of structure. Tranche 4 on Act 15 protocol. Final release of return + profit happens on notarial deed execution at exit.

This means capital is not exposed to early-stage construction risk until the evidence of that stage is in hand. Verification is conducted by the named counsel and by third-party surveyors.

Lock-up is defined per product. VIROX: 12–24 months per project. VIG Community: 3–6 years. VIFLIP: 6–12 months. VIG Alternative: 5–6 years. VICLUB: 18–36 months per SPV.

These durations are not negotiable. Real estate development and value-add work have inherent minimum timeframes and capital cannot be exited early without disrupting the underlying project.

No. There is no public market for VIG product interests, and VIG does not operate a secondary market. Investors should assume capital is fully illiquid for the duration of the lock-up.

In exceptional circumstances (investor illness, bereavement, similar), VIG will make best efforts to identify a replacement co-investor for the same SPV, but there is no contractual obligation or guarantee that this will succeed.

Management fee: 1.5–2.0% annually on committed capital. Performance fee: 20% of profit above an 8% annual hurdle rate. Entry fee: zero. Exit fee: zero. SPV operating costs: €2,000–€5,000 per SPV, charged at cost.

The 8% hurdle means VIG earns a performance fee only after the investor has received an 8% annual return on their capital. Target IRRs quoted on the site are net of these fees unless otherwise stated.

Tax treatment depends on your tax residency and on the specific investment structure. Bulgaria’s corporate tax rate is 10% flat. Dividend withholding, capital-gains treatment, and double-taxation-treaty relief are case-specific.

VIG does not provide tax advice. Before committing capital, investors should consult a tax advisor in their home jurisdiction with the specific SPV documents in hand.

VIG is the group brand — the operating platform. VIG Community and VIG Alternative are two investment products within the platform (fractional and concentrated respectively). VICLUB is the direct-co-investment product.

VIGROW is specifically the capital-structuring and exit brand, and is the brand under which the Alternative Investment Fund will be registered in Q3 2026. Until AIF registration, VIGROW is used for capital structuring and investor exit within the group.