First cycle closed. New five-year plan written. AIF in motion.

Q1 was different. We didn't close a new exit. We didn't break ground on a new SPV. What we did was finish the first investment cycle — 2021 to 2025, sixteen completed exits — and then sit down for three months to write what comes next.

The output: a five-year plan to grow the VIG platform from €20M to €120M, and an Alternative Investment Fund registered with the Bulgarian FSC by Q3. The AIF opens a new vector — institutional capital — that the current private-fund structure cannot reach. Until the fund is registered we keep working with two segments: private investors (€25K–€500K) and strategic partners / family offices (€500K+). Once registered, we add the institutional channel.

The active portfolio held steady. Six SPVs in flight, €10.4M of investor capital deployed, €12.8M projected exit value at current underwriting. Sales happened where we needed them: four apartments closed in Estera and Detelina, on plan, plus a handful of parking slots. Selvi Garden is in active negotiation. Odrin is the one that did not go our way — the disposal we lined up fell through. We made a deliberate choice: fill the visa-status gap on that project, resolve the electricity problem (which we did this quarter), and bring it back to market in Q2 with a cleaner story.

On the pipeline side: Ravno Pole. Due diligence is finished. It looks very promising. We start purchase negotiations now and expect to commit capital next quarter. The opportunity pipeline behind that sits at roughly €25M.

Next quarter: onboard the Flow 1 and Flow 3 leaders, run the new flow operating system for the first time, appoint the AIF manager. Less narrative. More execution.

If something here surprises you, write back. — Oleg