Under
development!
As Trigal Group expands its investment platform, this page will present Trigal Renewables and Trigal Infrastructure Fund in more detail — including our investment strategy, team, and fund information. In the meantime, please contact us directly for further information.
ALTERNATIVE INVESTMENT MANAGEMENT
Our Funds
In 2018, Trigal was appointed Investment Advisor to Trigal Alternative Investment Fund SICAV-RAIF S.C.A., a Luxembourg-based open-ended alternative investment fund. As this Fund approaches the end of its term, Trigal established a new investment platform comprising Slovenia-based real estate funds.
Trigal Funds, as a fully licensed Alternative Investment Fund Manager (AIFM), currently manages two Alternative Investment Funds: Trigal RE Fund, which has been granted the status of a special investment fund by the Slovenian Securities Market Agency (ATVP); and Trigal RE Development Fund, which is not subject to supervision by the Slovenian Securities Market Agency (ATVP).
Trigal RE Fund
Managed by Trigal Funds d.o.o. (Alternative Investment Fund Manager). Trigal RE Fund, k.d. was established in May 2023, followed by the initial subscriptions from investors. In September 2026, the Fund was transformed into a special limited partnership.
Regulatory status
The Fund has been granted the status of a special investment fund by the Securities Market Agency.
Investment in the Fund is intended solely for “Eligible Investors” – that is, professional investors as defined in Article 31 of the Alternative Investment Fund Managers Act (AIFMA), and non-professional investors who meet the following conditions:
- persons qualifying as eligible counterparties under the ); or
- persons who provide a written statement confirming that they are aware of all risks associated with an investment in the Fund and who, in the Subscription Agreement, undertake to invest at least EUR 50,000.00 in the Fund.
Investment strategy
Providing consistent income and capital appreciation for investors through real estate investments in the Adria region, primarily in Slovenia, Croatia and Serbia.
The Fund Manager may also use financial leverage methods to increase exposure, including loans, leasing, and debt securities issuance. However, the Fund will not engage in speculative financial derivative investments. The Fund’s financial leverage may not exceed a NAV-to-leverage ratio of 1:1.5.
Sustainability risks, including environmental, social, and governance factors, are considered during investment decisions and continuously monitored throughout the investment’s lifecycle. The Fund generally adheres to EU criteria for sustainable economic activities but does not actively pursue specific sustainability (ESG) objectives.
Investment approach
Core real estate
Low risk investment approach focusing on acquiring high-quality, income-producing properties in prime locations.
Current fair value of investments
€ 37.5 M
Current number of investments
3
Occupancy
99%
Term
Unlimited (Evergreen structure)
Initial Closing
June 2023
Target IRR
10%
Target CoC yield
4 – 5%
Fund Portfolio
Trigal RE Development Fund
Managed by Trigal Funds d.o.o. (Alternative Investment Fund Manager). Trigal RE Development Fund, k.d. was established in March 2025, followed by the initial subscriptions from investors. In September 2026, the Fund was transformed into a special limited partnership.
Regulatory status
The operations of the Fund are not subject to supervision by the Slovenian Securities Market Agency. Investment in the Fund is intended solely for “Eligible Investors” – that is, professional investors as defined in Article 31 of the Alternative Investment Fund Managers Act (AIFMA).
The Fund’s investment strategy
providing consistent income and capital appreciation for investors through real estate projects under development in the Adria region, primarily in Slovenia.
The Fund Manager may also use financial leverage methods to increase exposure, including loans and leasing. However, the Fund will not engage in speculative financial derivative investments. The Fund’s financial leverage may not exceed a NAV-to-leverage ratio of 1:1.5.
Sustainability risks, including environmental, social, and governance factors, are considered during investment decisions and continuously monitored throughout the investment’s lifecycle. The Fund generally adheres to EU criteria for sustainable economic activities but does not actively pursue specific sustainability (ESG) objectives.
Investment approach
Development real estate projects
Current fair value of investments
€ 17 M
Current number of investments
1
Occupancy
91%
Term
2030 (+ 3 years possible extension)
Initial Closing
May 2025
Target IRR
11%
Target CoC yield
4 – 5%
Fund Portfolio
Trigal Alternative Investment Fund
SICAV‑RAIF S.C.A. – Regional Multi Asset Fund Compartment (Compartment 2)
Managed by Hauck & Aufhäuser Fund Services S.A.
- General Partner: TRIGAL Alternative Investment Fund GP S.à r.l.
- General partner’s Management Board: Mihael Fischnich, Simona Kozjek and Mario Warny
Regulatory status
TRIGAL Alternative Investment Fund SICAV-RAIF S.C.A. is a Luxembourg investment company with variable capital, organized as a corporate partnership limited by shares. The Fund qualifies as a Reserved Alternative Investment Fund within the meaning of the Luxembourg law of 23 July 2016 on RAIFs whose investment policy is not limited to the investment into risk capital only.
Funds’ manager is supervised by Commission de Surveillance du Secteur Financier (“CSSF”), while the Fund is not directly supervised by the CSSF.
The Fund’s investment strategy
Achieving regular income and capital appreciation for Investors through investments in real estate asset classes: a defensive and innovative regional real estate investment strategy investing into Core real estate assets, downturn resilient, centrally located in Ljubljana, Zagreb and Belgrade. Compartment 2 aimed to invest into assets which can be repositioned to be the assets of tomorrow: new use of spaces, new tenants or user’s expectations layouts and functionalities.
The Fund Manager may also use financial leverage methods to increase exposure, including loans and leasing. However, the Fund will not engage in speculative financial derivative investments. Maximum leverage Real Estate: 80 % during Investment Period, 70 % at the end of the Investment Period.
Sustainability risks, including environmental, social, and governance factors, are considered during investment decisions and continuously monitored throughout the investment’s lifecycle. The Fund generally adheres to EU criteria for sustainable economic activities but does not actively pursue specific sustainability (ESG) objectives.
12%
net IRR*
4.4%
CoC*
1.98
TVPI
AUM
€ 85 M
Term
October 31, 2028 + 3y prolongation
Initial Closing
October 2018
Total Commitments
€ 32.1 M
Number of Investors
15
NAV
€ 56.3 M
Gross IRR
13.3%
Net IRR*
12.2%
CoC Yield
5.0% in 2025 (4.7% in 2024)
Dividend yield
2.9% in 2025 (2.9% in 2024)
* As of 31.12.2025, after manag. fees and after carry.
** Average Cash on Cash yield (distributed cash on invested amount) in the past 5 years
Fund Portfolio
Investor Relations
Trigal Funds, d.o.o. ensures transparent and consistent communication with investors in Trigal RE Fund, k.d. and Trigal RE Development Fund, k.d. through defined reporting cycles and direct engagement.
Communication
The Investor Relations function serves as the primary point of contact for investors.
Reporting & Transparency
Investors receive reporting in accordance with applicable regulatory requirements and fund documentation.
Who we partner with
- Insurance companies
- Pension funds
- Family offices
- Institutional allocators
- Private investors
