This is the first quarterly letter VIG has ever published. We've operated for seven years. We've never written one of these. That's a mistake we're correcting starting this quarter.
Here's what happened in Q1 2026, what's ahead in Q2, and where I think we got it right and where we didn't.
What we did. We closed two exits in Q1, both Fix & Flip, both in Sofia residential. Combined realized profit was approximately €178,000 across the two. Average annual ROI on the two: 22%. Average hold period: 167 days. Both exits returned capital in full to participating investors. We deployed €1.4M into two new active projects: Sofia View (bulk acquisition, VIROx5 strategy) and Ravno Pole (new residential development, opened for commitment late in the quarter). We reviewed 14 new opportunities. We declined 12. The two we accepted both passed the four-gate Smart Deal Filter on first review. We hired one new role in F4 Operations and parted ways with one team member. Headcount is 33 across all five flows.
Where I think we got it right. We didn't chase capital deployment for the sake of it. The 12 deals we said no to included three that looked good on paper but failed the legal clearance gate, and two that failed the downside scenario. We started building the institutional infrastructure publicly — the new vig.capital site went live with realized-vs-projected separation, per-strategy track record, and a structured product taxonomy. We engaged audit and fund administration partners. Annual audit cycle starts on FY 2025 books. Fund administration is now run by Natalia Stoyanova, separated from investment decisions. Legal counsel under Gergana Daskalova. The governance infrastructure is now visible, not assumed.
Where I think we got it wrong. We were slow on the Q1 founder's letter. You're reading it in late April. That's an operations failure on my desk. Q2 letter ships within 30 days of quarter-end. Q3 within 21. Q4 within 14. We commit to the cadence in writing here. We undersold the methodology in conversations with prospective family office investors during the Q1 capital raise. I was relying on relationships and reputation. Two of three concluded conversations would have closed faster if I'd had the methodology paper, the SPV mechanics one-pager, and the three-scenario downside model in their hands at the first meeting. We're producing all three this quarter. Our reporting on active projects was inconsistent across SPVs. From Q2 we standardize: every active SPV gets a monthly milestone update, and every investor gets a quarterly performance summary.
What's ahead in Q2. Capital raise. We're targeting €7-10M in commitments through H1 2026 from family offices and private investors via club deals. AIF registration. VIG Alternative Investment Fund preparation continues with the Bulgarian FSC. Target registration: Q3 2026. Target first close: Q4 2026. Active project delivery. Six active projects in the field. Three reach milestone gates that release tranche-two capital in Q2. Pipeline. We're tracking 23 opportunities for the Q2 review queue.
What I'm thinking about. Bulgarian residential real estate had its third consecutive year of double-digit price growth in 2025. The macro tailwind is real, but we underwrite assuming it stops. The next 18 months will test which Bulgarian operators have built actual capital protection layers and which have been riding momentum. We've stress-tested every active project against a Sofia minus 20% scenario. Results are documented in the published three-scenario model. I'm also thinking about the question I get from every family office: what's different about VIG. My answer this quarter is the same as next quarter and the quarter after. We don't sell vibe. We sell process. We document everything. We say no to deals that don't fit the system. We share downside before upside.
If any of this resonates, write back. If you're already an investor and something here is unclear, write back. If you're considering a commitment, the discovery call is 30 minutes.
Thank you for trusting VIG with your capital, your introductions, and your time.
Yours, Oleg Krastev Vaisman, CEO & Founder, Vaisman Investment Group, oleg.k@vaisman.email