Placemaking Investment Fund Playbook

Place-led district investing for long-term, system-level returns

Transforming cities. Empowering communities. Delivering impactful returns.

The Placemaking Investment Fund is our flagship Experience Investing strategy. We focus on long-term, place-led districts where capital, communities, and cities can work together to compound value.

This handbook explains how we think, structure, and steward district-scale investments for LPs, banks, and public partners.

For institutional and professional investors only. This page is not an offer to sell or a solicitation of an offer to buy securities.

Executive Summary

If you only have a few minutes, here is the essence of the Placemaking Investment Fund (PIF) approach.

• What we do

We invest in and help shape long-term urban districts rather than isolated projects. We focus on resilient, income-producing real assets in mixed-use districts that blend housing, work, public realm, sports, health and local commerce.

• Where we focus

We focus initially on Europe, with a lens on Spain and Germany, and selectively in the US. We work within institutional regulatory frameworks across the EU, Switzerland and the US.

• How we structure capital

At the core sits a Luxembourg evergreen compartment, complemented by local SPVs for land, development and operating assets. We design capital stacks that blend equity, senior bank debt and, where appropriate, subordinated and public or catalytic capital.

• Why districts, not projects

Districts offer diversified cash flows, system-level risk mitigation and multiple levers for long-term value creation. Place-led strategies typically support faster lease-up, more resilient rents, lower vacancies and stronger refinancing options over time.

• How we manage risk

We build in phased development, diversified uses, strong governance, clear ESG and impact metrics, and close alignment with local policy. Our risk lens covers market, construction, political, social, environmental, liquidity and governance risk.

• What we believe

Community value and financial value are not trade-offs. When designed correctly, they reinforce each other. That is the core of our Experience Investing philosophy.

Chapter 1 - Why Place-led Districts

Traditional real estate investing often treats each building as a standalone object.

A place-led district strategy begins with a different question: What kind of life, work, and community can a specific urban area support over the next 20 to 30 years, and how should capital be structured to support that?

We invest in districts because:

• Time horizon and compounding

Districts evolve over decades. An evergreen fund structure paired with district-scale strategies allows capital to capture multiple development, stabilization and optimization cycles instead of exiting on an arbitrary timeline.

• Diversification within walking distance

Mixed-use districts combine residential, commercial, social infrastructure and public space. This offers an internal diversification effect that traditional single-asset investing cannot easily replicate.

• System-level levers

Public realm, mobility, sports, health and local services can be designed and managed as levers that influence absorption, tenant retention and pricing power across the entire district.

• Alignment with public agendas

Cities are under pressure to deliver affordable housing, resilient infrastructure and climate transition. A well structured district strategy can align with these agendas and access regulatory and financial support.

District-led vs project-led

Chapter 2 - Districts As Systems

We see each district as a living system where physical assets, people, institutions, and capital interact. The value of a single building depends heavily on the surrounding system.

Key system components

• Physical infrastructure

Mobility, utilities, digital and energy infrastructure, blue-green systems, parks and streets.

• Buildings and uses

Housing, offices, workshops, schools, clinics, cultural and sports facilities, retail and hospitality.

• People and organizations

Residents, workers, visitors, local businesses, community organizations, educational and health providers.

• Capital and governance

Fund capital, banks, public funds, operators, municipalities and local partners.

• Policies and norms

Zoning, sustainability rules, affordability frameworks and informal community norms.

Leverage points

Specific interventions shift the entire system:

• Investing early in public realm and mobility shifts perception and demand.
• Creating genuine community and health anchors stabilizes footfall and local spending.
• Designing for affordability and social mix maintains demand resilience over cycles.
• Transparent governance and performance reporting increase bank and LP comfort and support better financing terms.

Chapter 3 - Capital Stack Architecture

A place-led district is capital intensive, sequenced and long-term. We design capital stacks that can manage early uncertainty and benefit from later stability.

Core layers

• Equity at fund level

Evergreen equity in a Luxembourg compartment dedicated to place-led districts.

• Local equity in SPVs

Capital that sits in land holding companies, development SPVs and operating entities.

• Senior bank debt

Construction finance and investment loans provided by relationship banks, tailored to each phase.

• Subordinated and hybrid capital

Structured equity or subordinated debt at SPV or platform level where useful to bridge gaps.

• Public and catalytic capital where appropriate

Guarantees, junior tranches, grants or soft loans aligned with climate, social or innovation objectives.

Role of each layer

Chapter 4 - Fund And SPV Structure

At the heart of PIF sits a Luxembourg fund platform with an evergreen compartment. Around it we design a simple but robust architecture of local entities.

Evergreen Luxembourg compartment

• Vehicle

RAIF or SICAV-RAIF, advised and managed under AIFM governance.

• Purpose

Hold long-term equity in district SPVs and selectively seed new opportunities in line with the investment policy.

• Evergreen profile

Designed to reinvest distributions and compound over multiple cycles rather than liquidate at a fixed end date.

• Share classes

Ability to accommodate different fee and performance participation structures for different investor profiles, subject to regulation.

Local SPV layers

Below the compartment we typically see three functional tiers:

1. HoldCo / PropCo SPVs

Own land positions and shares in project SPVs in the relevant jurisdiction.

2. Project / Development SPVs

Implement specific phases or individual buildings, often the borrower for construction finance.

3. Operating SPVs

Hold operating contracts for residential, commercial, sports, health or hospitality assets.

Chapter 5 - District Lifecycle

Districts move through a recognizable lifecycle. Each phase has a different risk-return profile and capital need.

Phases

Chapter 6 - Placemaking And Community Anchors

Placemaking is a core part of the thesis, not an afterthought. We design for everyday life.

Principles we use

• Human scale, walkable and legible environments
• Mixed-use districts with a real daily-life mix, not just mixed zoning on paper
• Strong social and health anchors such as sports facilities, clinics, schools, community spaces
• Local retail and services that keep daily spending and attention within the district
• Housing and workspace typologies that support different income levels and life stages

Interventions and financial logic

Chapter 7 - Stewardship And KPIs

Long-term stewardship is where the district thesis either lives or dies. We treat district operations as a performance discipline.

Stewardship model

• Integrated asset management at district level rather than building by building
• Coordinated public realm maintenance and programming
• Ongoing engagement with residents, tenants and local institutions
• Data-informed decisions based on real usage and performance indicators

District KPIs

We combine financial, social and environmental indicators.

Chapter 8 - The Financial Case For Placemaking

We do not see placemaking as a cost centre. We see it as an engine for durable cash flows.

Mechanisms of value creation

• Demand and absorption

Better designed districts attract earlier commitments and reduce lease-up risk.

• Rental levels and durability

Quality of life, access and identity allow for stable or slightly better rental performance over time, especially in down-cycles.

• Vacancy and churn

Tenants stay longer in places that support their lives and businesses. This lowers re-leasing risk and frictional vacancy.

• Financing and exit options

Banks and long-term buyers increasingly look for ESG and resilience credentials. Well structured districts can benefit from that trend.

Conceptual comparison

We remain conservative in underwriting and do not assume automatic premiums. Instead, we explicitly design the conditions under which these advantages can emerge.

Chapter 9 - Policy, Regulation, And Alignment

Large districts rely on public trust and precise regulatory alignment. We work within established frameworks and evolving standards.

European context

• EU financial and sustainability regulation

We operate under AIFM governance in Luxembourg and align with SFDR disclosures and the EU Taxonomy where applicable.

• National and local planning frameworks

Each country and city has its own planning and affordability rules. Our approach is to integrate these early into concept and business plans.

• ESG and impact expectations

Institutional investors and public stakeholders increasingly expect clear ESG policies, data and governance. We design our structures and reporting to support that.

United States context

• Federal, state and local layers

Zoning, community benefits and incentives can vary significantly between cities and states.

• Tax and incentive mechanisms

Where appropriate, we may work with local tax increment, housing or energy-related programs.

• Community expectations

Community benefits, stakeholder engagement and transparency are key to entitlement and long-term acceptance.

Across both contexts, regulatory and policy alignment is not a box-ticking exercise. It is central to risk management, bankability, and access to public or catalytic finance.

Chapter 10 - Risk And Opportunity Framework

We structure PIF around a clear risk framework. District-scale investing concentrates opportunity, but it also concentrates responsibility.

Risk matrix

We view these risks not as reasons to avoid districts, but as reasons to bring an institutional frame to district investing.

Chapter 11 - Europe And The United States

We apply one philosophy with different implementations.

• In Europe, particularly Spain and Germany, planning processes, tenant protections and public sector roles are strong. This supports long-term stability but requires careful preparation and alignment.
• In the United States, entitlement and incentive frameworks can provide flexibility and distinct opportunities, but local political and community dynamics must be understood case by case.

Our cross-border lens helps us transfer learnings while respecting local realities.

Chapter 12 - The Placemaking Investment Fund Narrative

At the Placemaking Investment Fund we combine:

• A long-term, evergreen capital platform
• Robust institutional structures under EU and US regulatory regimes
• A systems based understanding of how districts create value
• A clear commitment to communities, cities and investors

We call this Experience Investing because it begins with the lived experiences of people and organizations in a place, then works backward to the capital stack, governance, and operations required to support that experience at scale.

For LPs and banks, this translates into:

• Exposure to resilient real assets in carefully selected districts
• A district platform rather than isolated projects
• A governance and reporting framework that meets institutional expectations
• A strategy that is aligned with public agendas on climate, affordability and urban resilience

Disclaimer

This handbook is provided for informational purposes only. It does not constitute investment, legal, tax, or other advice and should not be relied upon as such.

This is not an offer to sell or a solicitation of an offer to buy securities or any other financial instrument. Any offer or solicitation will be made only through formal, confidential offering materials and only in jurisdictions where such an offer or solicitation is permitted under applicable law, and only to investors who meet the necessary eligibility criteria.

References to regulatory frameworks, such as AIFMD, SFDR, the EU Taxonomy, and relevant US regulations, are indicative and subject to change. Past or projected market dynamics and qualitative comparisons do not guarantee future performance.