Structured for
performance
Trigal manages regulated alternative investment funds built on disciplined capital allocation, conservative leverage, and active asset management.
ALTERNATIVE INVESTMENT MANAGEMENT
Our Funds
Trigal manages a range of regulated alternative investment funds across real estate and infrastructure.
Trigal RE Fund
Fund Profile
Established in May 2023, Trigal RE Fund is a regional income-focused real estate fund investing in stabilized commercial properties across Slovenia, Croatia, Serbia, and North Macedonia.
As of December 31, 2025:
- Fair value of properties: €37.5 million
- Fund-level leverage: 36.2%
The Fund invests directly or through majority-owned SPVs.
Portfolio Highlights
Situla Business Center – Ljubljana
Acquired: July 2023
Fair value (Dec 31, 2025): €32.535 million
YoY valuation increase: 2.5%
Prime mixed-use commercial asset in central Ljubljana.
KOCH Invest
Fully leased income-generating asset
Valuation increase (2025): 19%
KNF Invest
Fully leased income-generating asset
Valuation increase (2025): 51%
The portfolio remains fully occupied and actively managed.
Capital & Risk Management
The Fund applies:
- Conservative leverage
- Structured debt financing aligned with cash flows
- Asset and tenant diversification
- Continuous macro and market monitoring
Risk categories assessed include market, tenant, financing, liquidity, and operational risk.
Trigal RE Development Fund
Fund Profile
Established in March 2025, the Fund focuses on value creation through redevelopment and repositioning of prime real estate assets in the Adria region, primarily Slovenia.
As of December 31, 2025:
- Fair value of properties: €17 million
Flagship Investment
Nama Department Store – Ljubljana
Acquired: May 28, 2025
Ownership: 100% of Nama d.d.
Investor commitments secured: €22 million
Iconic city-center retail and mixed-use asset.
Development Strategy
The Fund focuses on:
- Prime urban locations
- Active redevelopment
- Tenant repositioning
- Structured financing
- Controlled capital expenditure
Planned works (2025–2026):
- Modernization of common areas
- Tenant fit-outs
- Tenant mix optimization
More than 95% of leases include indexation clauses.
Risk Management
Development risks actively monitored:
- Inflation exposure
- Asset concentration
- Tenant credit risk
- Capex control
- Execution timelines
Financing structures are pre-approved and monitored to ensure capital discipline.
Trigal Infrastructure Fund
Fund Profile
Established in May 2024, the Fund invests in contracted renewable energy and energy efficiency infrastructure projects across Slovenia, Croatia, Serbia, and North Macedonia.
As of September 30, 2025:
- Fair value: €4 million
- Fund-level leverage: 39%
Target return profile: IRR >6% over a 10-year horizon.
Portfolio
- RES PV d.o.o. (Slovenia) – 90%
- Trigal Energija Rasvete d.o.o. (Serbia) – 100%
- RESALTA-SPV1 d.o.o. (Croatia) – 100%
Revenue is derived from long-term contracted counterparties.
Completed Project Highlight
Project IMPOL (Croatia) – completed Q2 2025
- Gross IRR: 12.3%
- Net IRR: 8.1%
- Project hurdle: 7.5%
Investment Characteristics
- Contracted cash flows
- Defined counterparties (corporate and municipal)
- Limited exposure to market volatility
- Active operational oversight
Trigal Alternative Investment Fund
SICAV‑RAIF S.C.A. – Regional Multi Asset Fund
Fund Profile
Established in October 2018, the Fund invests in diversified commercial real estate across Slovenia and Croatia.
As of December 31, 2025:
- Equity commitments: €32.1 million
- Fair value of assets: €85 million
Trigal d.o.o. acts as Investment Advisor.
Portfolio
- KRDU Building – Kranj
- LOMA Building – Ljubljana
- Feniks Building – Ljubljana
- Point Shopping Center – Zagreb
Assets include office and retail properties with diversified tenant bases.
Risk Management
The Fund mitigates risk through:
- Index-linked lease agreements
- Tenant diversification
- Fixed-rate financing structures
- Energy efficiency improvements (e.g., rooftop PV installations)
Market Context
The portfolio has demonstrated resilience amid macroeconomic uncertainty.
Eurozone inflation has moderated, and interest rates are expected to remain stable or moderately ease during 2026.
The Fund maintains a conservative capital structure and long-term income focus.
Investor Information
Trigal offers alternative investment structures tailored to institutional, professional, and private investors.
We partner with:
- Insurance companies
- Pension funds
- Family offices
- Institutional allocators
- Private investors
Each fund is carefully structured with clear investment mandates, disciplined leverage, and robust risk management.
Investors receive regular, transparent updates on portfolio performance, valuations, leverage, and key developments—fully aligned with regulatory requirements.
Our Fund Manager ensures consistent and timely communication, providing clarity and confidence at every step of your investment journey.