Why VIG
You don’t trust a projection. You trust a system.
Six chapters — the story, the people, the operating model, the protections we’ve written down, and an honest side-by-side with everything else. One scroll.
6
Domains
Domain leads, Sofia-based
1
System
One operating platform
4
Stages
Source · Build · Manage · Exit
3
Commitments
Written to investors
The TeamOur StoryStrategy ModelHow We Protect YouCompare
The Team
Meet the Leaders.
We orchestrate from intelligence to construction.
Founder & Chief Executive Officer
“We don’t deal in what-ifs. We architect predictable outcomes for real capital.”
Director of Investment Development
“Our filter is our edge. It protects capital, so our “yes” can act with conviction.”
Director of Business Development
“Speed matters only when we know where we land — closing clean is the moat.”
Chief Legal Officer
“Protecting investor rights before a term sheet is not a feature. It’s our standard.”
CFO & AIFund Manager
“If I cannot walk a qualified investor through our waterfall in three minutes, the waterfall is wrong.”
Chief Operating Officer
“A project is never behind for one big reason — it’s always thirty small decisions nobody wrote down.”
Our Story
Started with a question. Still asking.
Others tell you what they build. We start by questioning the market — then give answers that make business sense.
“What if nobody in Bulgarian real estate is actually solving the real problem?”
Fragmented services, misaligned incentives, zero vertical integration. We built the alternative.
“What if we killed bad deals faster than anyone else?”
Discipline became the product. The filter protects capital — not optimism.
“What if we hired for how people think — not what they’ve done?”
Six domains. Each leader chosen for judgment, not just credentials.
“What if we never stopped rebuilding ourselves?”
Every quarter the system tightens. Every exit teaches. The standard only moves up.
Founding Moments
Founding Moments.
2021
First brick, first bet — ground-up development with own capital.
2023
First crisis. Recalibrating the model — and the way up.
2025
Capital returned. Promise kept. First full-cycle exit delivered.
Q1 2026
Structure for scale. Four flows. One system.
Q3 2026
VIG AIF registration under Bulgarian / EU AIFMD frameworks — institutional channel opens.
Strategy Model
Four stages. Zero improvisation.
Capital-protected real estate.
01
Investor Onboarding & Qualification
Capital
Regulatory fit · KYC & compliance · SPV structure · Quarterly reporting
02
Smart Deal Filtering & Scoring
Opportunity
200+ opportunity points · 47 data points · Institutional-grade · Validation
03
Professional Development Execution
Value Creation
In-house design · Construction · Quality / QC · KPI monitoring
04
Transparent Distributions & Reporting
System
Finance Management · Data Management · Client Relationship · Professional Audit
Discipline Pipeline
53 sourced, 9 deployed. 44 declined.
Origination deals · continuous
Preliminary Underwrite
17Deals
Underwriting · 5 days
IC approval · SPA · SPV closing
Why Deals Get Declined
44 declines, by primary reason.
Price / Profitability >20%
18 41%
Entry price too high relative to exit value after construction and financing.
Peripheral neighborhoods, secondary markets, weak buyer demand.
Strategic Misalignment
8 18%
Commercial, retail, public sector — outside the residential mandate.
Legal / Title Complexity
3 7%
Encumbrances, disputed ownership, zoning that resists resolution.
Counterparty / Structure
3 7%
Unreliable sellers, consortium governance, unclear deal structure.
Price, Location, and Strategic Fit drive 79% of declines. Every exit point documented.
Three Commitments · 01 Liquidity
You can exit when you need to.
VIG Circle members can sell their stake to another VIG member through the Circle Exchange — matched internally at a price both sides agree on. A liquidity reserve backs genuine emergencies.
Today's liquidity reserve
€1.2M
Last updated: 15 April 2026
Target band
7–10%
of total deployed capital
Operational · Last updated: 15 April 2026. Capital at Risk.
Three Commitments · 02 Capital Safety
Our money loses before yours does.
VIG commits first-loss capital on every project — our equity absorbs losses before any investor principal is touched. Leverage stays under a hard ceiling.
First-loss commitment
of every project
10%
Implied downside
Price resilience before capital is touched
−30%
Max LTV per project
across the pipeline
60%
Structural protections, not discretionary. First-loss equity is committed in cash before LP capital is called.
Three Commitments · 03 Transparency
We split what’s real from what’s projected.
Most funds blend realized returns with projections into a single headline number. We don’t. Bear, Base, Best scenarios published on every active project.
Realised
€12.4M
Returned to investors
Last updated: 15 April 2026
Projected
€19.2M
In flight
Range-based underwriting
Compare · 1 of 2
Four routes into Bulgarian real estate.
Main option is a real route into Bulgarian property. None is objectively best — the right one depends on ticket size, involvement, liquidity, and operator risk you accept.
Minimum Ticket€10,000
Operator First-LossYes, 10% per project
Vertical IntegrationIn-house team
Time Cost to InvestorPassive
Liquidity Before ExitVIG Circle Exchange
BG Residential FocusSofia-focused
Direct Founder AccessMonthly briefing + Q&A
Crowdfunding
Platform deal book
Minimum Ticket€100 – €1,000
Operator First-LossNo
Vertical IntegrationThird-party developers
Time Cost to InvestorPassive
Liquidity Before ExitLock-up until exit
BG Residential FocusMixed / pan-European
Direct Founder AccessNo
Compare · 2 of 2
Four routes into Bulgarian real estate.
Direct Ownership
You buy a flat
Minimum Ticket€150K+
Operator First-LossYou are the operator
Vertical IntegrationYou coordinate
Time Cost to InvestorPermits, tenants, tax, repairs
Liquidity Before Exit6–12 months
BG Residential FocusDirect to one property
Direct Founder AccessN/A
Listed REIT
European-listed RE equity
Minimum TicketOne share (€5 – €20)
Operator First-LossVaries
Vertical IntegrationVaries
Time Cost to InvestorPassive
Liquidity Before ExitDaily liquidity
BG Residential FocusNo pure-play listed BG REIT
Direct Founder AccessAGM only
Underwriting Methodology
A deal can fail one of four gates. When it does, it stops.
The gates are not checklists. They are blocking checks. A partner can challenge a judgement call but cannot override a gate. This is why 93.5% of reviewed deals fall out.
Gate 01Smart Deal Filter — economics
Base-case net profitability must clear 20% on invested equity over the underwriting horizon. Entry priced against Registry Agency comparable sales, not against asking prices.
Gate 02Three-Scenario Model — stress test
Every deal carries a Base, Bear, and Best case before it reaches Investment Committee. The Bear case must remain capital-preserving.
Gate 03Fortress Balance Sheet — solvency check
Six-month operating reserve intact, HQ overhead under 25% of trailing gross profit, no bank above 50% of project debt, platform LTV ceiling 50%.
Gate 04Legal Clearance — title and zoning
No unresolved title chain, encumbrance, zoning dispute or municipal action. Senior Real Estate Counsel signs off before capital commitment. Counsel veto is absolute.
Three-Scenario Model
A single number tells you nothing. Three numbers show you the boundary.
Every active deal is presented to investors in three scenarios simultaneously. A deal whose Bear case loses LP capital never reaches Investment Committee at all.
−15% to exit price/m² · +20% construction cost (within 15% contingency) · 6-month delay to first occupancy · +200 bps financing margin
Capital must survive. Capital preservation before return target.
Base
Management underwriting target
Exit at mid-market Sofia comparable · Construction cost at current +15–18% YoY rise · Timeline realized without slippage · Rate regime stable
Not a promise. A target. Sits between Bear and Best.
Best
When the market helps
+5% to exit price/m² · Construction at the low end of cost band · 2-month accelerated occupancy · Rate environment eases
Possible. Not planned. Never the basis for deploying capital.
The Process
Five stages. Roughly five weeks. Five to eight closes per year.
Discipline lives in the funnel, not in the noise. Slow at the top. Fast at the bottom. Never the other way around.
22.4%
Realized Gross IRR (3 exits)
6.5% selection rate is below the European value-add median of ~9%. The narrow window is deliberate.
See the deal selection discipline →
