Book a Call

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.

€2.05M
Realised
Realised Profit
3 exits · 2024–2025
22.4%
Realised
Realised Gross IRR
Weighted, capital returned
€10.1M
In Flight
Active Capital
7 projects in flight
20–42%
Projected
Target ROI Range
Underwriting, not guaranteed

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
2021
2022
2023
2024
2025
2026NOW
2027
2028
2029
2030
Lyulin (Realised)
Development · Exit 2024
42% IRR
My Campus Studios
Development · Exit 2025
32% IRR
Reconstruction Portfolio
Development · Exit 2025
28% IRR
VIGARDEN
Development — Gated Community
18%
Odrin 88
Land Development
27.5%
Arcadia
Residential Development
18%
Detelina
Bulk Acquisition (VIROx5)
22.5%
Dragalevtsi
Residential Development
22.5%
Estera
Luxury Rental Portfolio
19%
Sofia View
Bulk Acquisition (VIROx5)
25%
NOW = Q2 2026·Bars scaled to Jan 2021 – Dec 2030 axis·Fill % reflects reported project progress; underwriting exit dates shown as bar-end

Seven projects. Live progress.

Currently under management. Target IRRs are underwriting ranges, not guarantees. Progress reported monthly to VIG Circle members.

Sorted by progress
Bulk Acquisition

Bulk Acquisition

A discounted portfolio purchase resold unit by unit at market prices.
Project Completed
Last Parkings For Sale→
22.5%
Target Annual ROI
2 mo
Horizon
Progress
95%
Acquisitionstage
Salesstage
End by 2026
Note
Project sold — only a number of parkings left.
Residential Development

Residential Development

A boutique residential building brought through the full development cycle.
18%
Target Annual ROI
3 mo
Horizon
Progress
88%
Preparationstage
Constructionstage
End by 2026
Note
Stage of Act 15.
Luxury Rental Portfolio

Luxury Rental Portfolio

Prime apartments held for rental income before a staged exit.
Project Completed
Apartments For Sale→
19%
Target Annual ROI
84 mo
Horizon
Progress
86%
Acquisitionstage
Holdingstage
Salesstage
End by 2027
Note
End of holding period — starting sales.
Land Development

Land Development

A city land plot taken from raw parcel to buildable rights.
27.5%
Target Annual ROI
48 mo
Horizon
Progress
42%
Urban regulationstage
Building permitstage
Constructionstage
End by 2030
Note
Urban planning done. Design visa execution stage.
Bulk Acquisition

Bulk Acquisition

A club-style portfolio purchase targeting resale above acquisition cost.
Open for Investment
Fractional Investment→
25%
Target Annual ROI
39 mo
Horizon
Progress
29%
Acquisitionstage
Holdingstage
Salesstage
End by End 2027
Note
New allocation. Discovery phase.
Gated Community Development

Gated Community Development

A gated residential community developed ground-up inside its own SPV.
18%
Target Annual ROI
36 mo
Horizon
Progress
20%
Preparationstage
Constructionstage
End by 2029
Note
Approved building permit — ready to start.
Residential Development

Residential Development

A ground-up residential project headed for a multi-year build.
Commitment Stage
Fractional Investment→
22.5%
Target Annual ROI
24 mo
Horizon
Progress
15%
Preparationstage
Constructionstage
End by 2028
Note
Stage of Redesign Building Permit.

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.

Closed & Settled

Realised Book

Three completed exits, 2024–2025. Proceeds distributed to LPs. Numbers audited, notarial deed on file.
Realised
€2.05M
Aggregate Profit
Net to LPs, 3 exits
22.4%
Gross IRR (weighted)
Full-cycle, 2022–2025
Capital Returned
100%
Realised Exits
3
Composition
Development — Lyulin
€890K
Development — My Campus
€380K
Reconstruction Portfolio — 13 single units
€658K
Under Management

Active Book

Seven live projects. Underwriting shown as ranges — never as a single headline. Progress reported monthly.
In Flight
€7.0M
Underwritten Profit
Base case, range-scenario
20–42%
Target ROI Range
Underwriting, not guaranteed
Active Capital
€10.1M
Active Projects
7
Composition
Development
4
Bulk Acquisition (VIROx5)
2
Luxury Rental
1

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.

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).

Strategy · Development

Development Projects

Larger-scale real-estate developments with full lifecycle capital deployment. Each entry is a completed, settled exit.

3
Exits
€1.44M
Realised Profit
38%
Avg Annual ROI
2022–25
Period
Exits
Lyulin
Jan 2022 – Jun 2024 · 29 mo
Profit
€890K
Annual ROI
42%
My Campus Studios
Jun 2022 – Mar 2025 · 33 mo
Profit
€380K
Annual ROI
32%
Reconstruction Portfolio
Jan 2023 – Sep 2025 · 32 mo
Profit
€170K
Annual ROI
28%
Read the strategy notes →
Strategy · VIFLIP

Fix & Flip Portfolio

Buy, renovate, sell. Thirteen completed single-unit residential flips in Sofia — sourced, executed, and exited under one operating standard.

13
Exits
€488K
Realised Profit
25%
Avg Annual ROI
188d
Avg Hold
Exits
Studentski Grad · 1BR
Feb 2023 – Aug 2023 · 178d
Profit
€52K
Annual ROI
31%
Manastirski Livadi
May 2023 – Nov 2023 · 182d
Profit
€44K
Annual ROI
27%
Krastova Vada · 2BR
Sep 2023 – Apr 2024 · 195d
Profit
€41K
Annual ROI
24%
+ 10 more single-unit flips — full ledger in Data Room.
Read the strategy notes →