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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

Meet the Leaders.

We orchestrate from intelligence to construction.

Oleg Klein
Oleg Klein
Founder & Chief Executive Officer

"We don’t deal in what-ifs. We architect predictable outcomes for real capital."

Aneta Manova
Aneta Manova
Director of Investment Development

"Our filter is our edge. It protects capital, so our "yes" can act with conviction."

Irina Stoyanova
Irina Stoyanova
Director of Business Development

"Speed matters only when we know where we land — closing clean is the moat."

GD
Gergana Daskalova
Chief Legal Officer

"Protecting investor rights before a term sheet is not a feature. It’s our standard."

Natalia Stoyanova
Natalia Stoyanova
CFO & AIFund Manager

"If I cannot walk a qualified investor through our waterfall in three minutes, the waterfall is wrong."

Ventsislav Krastev
Ventsislav Krastev
Chief Operating Officer

"A project is never behind for one big reason — it’s always thirty small decisions nobody wrote down."

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
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.

Four stages. Zero improvisation.

Capital-protected real estate.
01
Capital
Investor Onboarding & Qualification
  • Regulatory fit
  • KYC & compliance
  • SPV structure
  • Quarterly reporting
02
Opportunity
Smart Deal Filtering & Scoring
  • 200+ opportunity points
  • 47 data points
  • Institutional-grade
  • Validation
03
Value Creation
Professional Development Execution
  • In-house design
  • Construction
  • Quality / QC
  • KPI monitoring
04
System Monitoring
Transparent Distributions & Reporting
  • Finance Management
  • Data Management
  • Client Relationship
  • Professional Audit
Discipline Pipeline

53 sourced, 9 deployed. 44 declined.

Sourced
Origination deals · continuous
100Deals
Initial Screen
Acquisitions · 48h SLA
35Deals
Preliminary Underwrite
Underwriting · 5 days
17Deals
Deep Due Diligence
DD + Legal · 3–4 weeks
9Deals
Executed Deals
IC approval · SPA · SPV closing
9Deals
Why Deals Get Declined

44 declines, by primary reason.

Price / Profitability >20%
Entry price too high relative to exit value after construction and financing.
1841%
Location Risk
Peripheral neighborhoods, secondary markets, weak buyer demand.
920%
Strategic Misalignment
Commercial, retail, public sector — outside the residential mandate.
818%
Legal / Title Complexity
Encumbrances, disputed ownership, zoning that resists resolution.
37%
Counterparty / Structure
Unreliable sellers, consortium governance, unclear deal structure.
37%

Price, Location, and Strategic Fit drive 79% of declines. Every exit point documented.

Three commitments. No license required.

We publish these in plain English because trust is built on what we promise — not what we imply.
01Liquidity

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
Last updated: 15 April 2026
€1.2M
Target band
of total deployed capital
7–10%
02Capital 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%
03Transparency

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.

Realized returned to investors
Last updated: 15 April 2026
€12.4M
In flight — projected
Range-based underwriting
€19.2M

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.
VIG
Managed SPV platform
Minimum Ticket
€10,000
Operator First-Loss Capital
Yes, 10% per project
Vertical Integration
In-house team
Time Cost to Investor
Passive
Liquidity Before Exit
VIG Circle Exchange
Bulgarian Residential Focus
Sofia-focused
Direct Founder Access
Monthly briefing + Q&A
Crowdfunding
Platform deal book
Minimum Ticket
€100 – €1,000
Operator First-Loss Capital
No
Vertical Integration
Third-party developers
Time Cost to Investor
Passive
Liquidity Before Exit
Lock-up until exit
Bulgarian Residential Focus
Mixed / pan-European
Direct Founder Access
No
Direct Ownership
You buy a flat
Minimum Ticket
€150K+
Operator First-Loss Capital
You are the operator
Vertical Integration
You coordinate
Time Cost to Investor
Permits, tenants, tax, repairs
Liquidity Before Exit
6–12 months
Bulgarian Residential Focus
Direct to one property
Direct Founder Access
N/A
Listed REIT
European-listed RE equity
Minimum Ticket
One share (€5 – €20)
Operator First-Loss Capital
Varies
Vertical Integration
Varies
Time Cost to Investor
Passive
Liquidity Before Exit
Daily liquidity
Bulgarian Residential Focus
No pure-play listed BG REIT
Direct Founder Access
AGM only