Openstone Prime

Choosing real estate private equity will depend above all on your investment objectives, your risk profile and your time horizon. Compared with SCPIs, OPCIs (French retail real estate funds) or real estate crowdfunding, real estate private equity offers significantly higher return potential, thanks to active management and sophisticated strategies.

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It is best suited to investors seeking to diversify their wealth with strong potential for value creation. Within this framework, investment strategies are tiered by risk/return level:

• Core (secure assets and moderate returns)
• Core-plus (solid assets with growth potential)
• Value-add (assets requiring refurbishment and active management to create value)
• Opportunistic (complex or distressed projects, high risk but with high potential returns)

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Real estate private equity, also known as private equity real estate (PERE), also has limitations to take into account:

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1. Low liquidity (medium- to long-term commitment)
2. A high entry threshold (€10m or more directly, €100,000 via Openstone)
3. Specific risks linked to the quality of management, market conditions and performance that varies from one fund to another

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You should be aware that the capital invested is not guaranteed and that past performance is not a reliable indicator of future results.

Openstone advises Openstone Prime, a fund of funds managed by Tygrow, which spreads the investment across several managers. The risk of capital loss and illiquidity remains.

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For an individual who is tax-resident in France, capital gains are in principle subject to the French single flat-rate levy (prélèvement forfaitaire unique, PFU) of 31.4%, made up of 12.8% income tax and 18.6% social security contributions, or, by election, to the progressive income tax scale. With accumulation units, tax is in principle payable on exit from the investment.

For a company subject to French corporation tax (impôt sur les sociétés, IS), capital gains and income are in principle taxed at the standard IS rate.

Tax treatment depends on each investor’s individual circumstances and may change. We recommend that you consult your tax adviser.

Historically reserved for institutional investors and the very wealthy, real estate private equity is now accessible to qualified individual investors through Openstone.

It is particularly aimed at institutional investors (pension funds, insurance companies, sovereign wealth funds, family offices), independent wealth advisers and HNWIs (high-net-worth individuals, i.e. individuals with substantial net assets).

Openstone also enables investors who meet the conditions of Article 423-27 of the AMF General Regulation to invest from €30,000.

Investing in real estate private equity offers several decisive advantages:

• High return potential (target net IRR of 10% for Openstone Prime, not guaranteed)
• Portfolio diversification through access to exclusive and complex real estate assets
• Active, professional management by long-established global managers
• Low correlation with traditional financial markets
• Enhanced protection against inflation

By drawing on sophisticated value-creation strategies, investing in real estate private equity makes it possible to optimise financial performance whilst diversifying your wealth effectively.

Before investing in real estate private equity, it is worth understanding how it works:

1. Fundraising from institutional or individual investors, with an initial ticket of €10,000,000 (now accessible from €100,000 through Openstone Prime)
2. Identification of high-potential real estate opportunities (often off-market)
3. Acquisition of targeted assets by global managers
4. Active management (refurbishment, operational optimisation, repositioning of properties) over the life of the project
5. Exit from investments through a direct sale, a sale to a listed property company (SIIC, the French equivalent of a REIT) or a sale to specialist funds.

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The aim is to achieve satisfactory returns by using operational and financial leverage.

The main risks of real estate private equity include:

• limited liquidity
• the possibility of a partial or total loss of capital
• a degree of dependence on the quality of asset management and on fluctuations in the real estate market

These risks are inherent in the nature of high-potential real estate private equity projects. Despite rigorous selection and in-depth expertise, unforeseen events such as an economic crisis or a downturn in the real estate market can have a negative impact on returns.

That said, on Openstone’s recommendation, the management company Tygrow invests in leading funds with complementary strategies.

The average duration of your real estate private equity investment generally ranges from 5 to 10 years.

This is the time needed to see projects through to completion, including the following phases:

1. Acquisition
2. Value creation (refurbishment, repositioning of properties, improving rental income, etc.)
3. Optimised sale of the assets

This duration makes it possible to maximise your return potential and take full advantage of real estate cycles, supported by active, professional management of the investments.

Real estate private equity finances high value-add and/or long-term projects, such as the refurbishment and repositioning of existing real estate assets, or the development of complex new projects.

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These investments often cover specific market segments, such as commercial buildings, logistics warehouses, increasingly sought-after facilities such as data centres, and more ambitious residential and urban projects. Openstone Prime targets undervalued assets that require asset management work, or off-market opportunities, thereby harnessing their high potential for value creation over the medium and long term.

Investing in real estate private equity today through Openstone Prime allows you to position yourself in a real estate cycle that has turned a corner. After a correction in real estate values of around 20-25% in Europe, the market is attracting investors again: €184bn was invested in Europe in 2024 (+17%), followed by €241bn in 2025 (+25%), according to CBRE Research (2026).

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Sectors such as residential real estate, hospitality and logistics continue to attract strong interest from international investors, who are looking to take advantage of attractive price levels across different European jurisdictions. We therefore expect cross-border investment activity to increase over the next 6-12 months.

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By choosing Openstone Prime, you benefit from broad diversification. With a single investment, Prime allows you to diversify your assets on several levels: by manager, country, asset type, tenant, asset size and investment strategy (value-add, core-plus, etc.). This approach allows you to reduce risk whilst optimising your return prospects.

Real estate private equity focuses on the acquisition, management and sale of unlisted real estate assets. The managers’ role is to create value at every stage of the investment cycle, from acquisition through asset management to sale.

Investing with Openstone gives access to funds usually reserved for large institutional investors. We select funds with strong return potential, even in uncertain economic environments, whilst enabling diversification across different types of assets and strategies.