PIF – Placemaking Investment Fund
Capital for transformative urban regeneration.
The Placemaking Investment Fund (PIF) is an open-end evergreen investment vehicle designed to scale income-generating, high-impact real asset strategies across Europe. Structured as a Luxembourg SICAV-RAIF, PIF combines institutional capital discipline with placemaking, sustainability, and civic co-creation.
Our model unlocks long-term returns from undervalued urban assets - residential, energy, infrastructure, and public realm - by applying a blended capital stack and hands-on value creation.
Cash yield to LPs is prioritized over appreciation, with portfolio strategies targeting local income and global impact.
Key Information
Structure | Luxembourg SICAV-RAIF (multi-compartment) |
Status | Evergreen, open-end real asset fund |
Target AUM | €1bn+ |
Fund Launch | Target Q1 2026 |
Term | Evergreen with quarterly NAV, redemption queue |
Initiator | wait, what. LLC (Wyoming, USA) |
Sponsor | wait, what. AG (Zurich, Switzerland) |
Portfolio Management | Delegated (regulated AIFM under RAIF umbrella) |
Liquidity | Semi-liquid, NAV-based, subject to lock-up |
Distributions | Recurring cash returns prioritized |
SFDR Classification | Article 8 / 9 (project-dependent) |
Investor Eligibility | Professional under AIFMD |
Investment Strategy
PIF invests at the intersection of urban regeneration, energy-positive infrastructure, and civic placemaking. Each portfolio compartment deploys equity, mezzanine, or hybrid capital into projects with long-term value creation potential and short- to medium-term cash flow visibility.
Focus areas:
- Mixed-use & residential redevelopment
- Energy-positive building and district retrofits
- Mobility & public infrastructure (smart streets, sponge cities, etc.)
- Circular material rights & embodied carbon monetization
- New forms of shared ownership and stewardship
Geographies:
Primary focus on Germany, Spain, and Switzerland, with selected EU urban clusters.
Capital Stack
We operate with a blended finance architecture—combining institutional equity with catalytic capital, subordinated debt, mezzanine, and public funding where applicable.
Typical Capital Stack
Senior Bank Loan / Bond
Junior Debt / Mezzanine
Equity
Public / Philanthropic Layering
Landowner Contributions (in-kind)
This structure allows us to unlock distressed or underutilized urban assets, de-risk early stages, and share long-term upside through aligned exit or income strategies.
Target Returns
Gross IRR | 10–14% (compartment dependent) |
Cash Yield (target) | 6–9% p.a. |
Equity Multiple | 1.8x–2.5x (based on 7–10 year hold) |
Exit Strategy | Long-term hold, refinancing, partial sales or REITs |
Governance & Compliance
PIF is established under Luxembourg law and compliant with AIFMD requirements. Portfolio management is delegated to the sponsor (wait, what. AG) under supervision of an external full-scope AIFM. Depositary, administrator, and audit partners are appointed in coordination with LP onboarding.
We maintain a rigorous ESG and impact reporting framework, aligned with EU Taxonomy, SFDR Article 8/9, and partner requirements.