Institutional Private Real Estate Debt
EcoTrust Debt Capital SCSp invests in secured real estate credit and capital-structure positions across the DACH region and selected Western European markets. The focus is on contractually defined cash flows, robust collateral, controllable risks and clearly structured repayment paths.
This website is intended exclusively for professional investors.
Fund Profile
EcoTrust Debt Capital SCSp is a closed-ended Luxembourg alternative investment fund in the legal form of a société en commandite spéciale (SCSp). The Fund is managed by ALIS Capital Management S.à r.l. as General Partner and Manager. It provides institutionally structured access to private real estate debt, focused on secured financings, selected special situations and capital-structure dislocations.
Market Environment
The European real estate market is not passing through an ordinary cycle. Higher financing costs, revised valuations, regulatory capital requirements, maturing loan structures and rising capital-expenditure needs are converging with a more selective banking market. The basis of real estate capital allocation has changed.
Returns are no longer generated by appreciation or compressing yields alone. What matters today is the quality of current cash flow, the position in the capital stack, the enforceability of collateral and the resilience of repayment.
Traditional lenders are responding with lower loan-to-value ratios, tighter terms and more selective extensions of existing exposure. The result is financing gaps and valuation dislocations — including for properties whose substance and economic use remain fundamentally intact.
Not every troubled financing represents a troubled property.
Precisely where a sound asset meets a capital structure that no longer holds, disciplined credit investors can find attractive, structurally protected investment opportunities.
Investment Thesis
The German real estate credit market is in a rare, time-limited window of adjustment. Banks, pension institutions and other regulated lenders must reduce real estate exposure driven by higher capital requirements, revised valuations, maturing facilities or internal risk limits — while many borrowers lack access to full refinancing. Credit positions can become available below their outstanding balance, and in some cases well below the defensible value of the underlying collateral. EcoTrust invests in precisely this difference.
01
An incumbent lender may be forced to sell or be refinanced even though the underlying property remains fundamentally sound. The price of the credit position is then driven not only by property value, but by the seller's balance-sheet pressure, capital tie-up, provisioning and regulatory requirements.
02
EcoTrust can acquire or refinance an existing credit position at a discount and enter the capital structure as a secured creditor. The discount lowers the economic entry basis; sponsor equity, junior capital and conservatively assessed collateral value form additional buffers beneath the Fund's capital. Return begins not with the coupon, but with the relationship between entry basis, seniority, collateral value and realistic recovery.
03
The base return derives from contractually defined interest, fees and repayment of loan principal. In selected structured financings, an additional participation in actually realised Net Project Upside may be agreed — risk-calibrated, capped, contractually controlled and capable of being prioritised for investors at fund level. A secured credit position with selective additional return potential, without drifting into uncontrolled equity risk.
04
Repayment must never rest on rising property prices alone. What counts are enforceable collateral, resilient cash flows, multiple repayment routes and the ability to intervene in the capital structure early when performance deviates.
Structural financing pressure enables a disciplined entry basis; collateral and seniority limit the downside; active structuring and selective participation create additional return potential.
Restructure-to-Core
Restructure-to-Core is a core competence and selection approach within the investment strategy. It targets situations in which a property is functionally intact and fundamentally marketable, but its existing financing structure no longer holds — through over-leverage, expiring fixed-rate periods, higher debt-service requirements, missing equity, regulatory extension pressure or an unsustainable liability side.
Classic distressed real estate strategies frequently assume open development, leasing or structural risk. Restructure-to-Core engages where the economic problem is primarily legal-financial in nature — addressable through capital structuring, negotiation, credit and workout capability.
Restructure-to-Core does not mean understating risk. It means identifying risk precisely, pricing it appropriately and making it structurally controllable.
Restructure-to-Core in detail
Value creation can arise in particular through
The value lever is not a blanket distressed assumption. It lies in the difference between a failed financing and the defensible value of the underlying collateral.
Investment Focus
EcoTrust is not a broadly positioned real estate lender. The Fund concentrates on situations in which capital or balance-sheet pressure produces a mispricing within the financing structure, enabling a secured entry with an attractive risk-return profile. What matters is not the label of the instrument — it is the Fund's position in the capital structure, the risk buffer beneath that position and how the capital deployed is repaid.
Banks and other regulated lenders must at times reduce real estate exposure for balance-sheet, valuation or capital reasons. EcoTrust can take over or refinance existing claims where entry is possible at a substantial discount to the outstanding balance and below a conservatively assessed collateral value — entering the structure as a secured creditor with an additional buffer against market, process and enforcement risks.
Capital structures whose liability side no longer holds, although the underlying property remains fundamentally sound and marketable. Refinancing existing debt, reordering seniority and tenor, providing completion or transition capital and a controlled repayment structure can return a failed financing to a refinanceable or saleable position. Value creation derives from structuring, credit and workout capability — not from assuming open, uncontrollable development risk.
Senior-secured financings form the defensive core of the portfolio. Whole-loan and bridge structures are considered where a clearly defined transition is financed — refinancing, completion, letting, stabilisation or sale — and the repayment route is documented and controllable from the outset.
Junior financings are considered only where a substantial sponsor-equity buffer, valuable collateral, extended control rights and risk-adequate remuneration are in place. In selected structured financings, a capped participation in actually realised Net Project Upside may be agreed in addition to the contractual base return, sized to the risk assumed.
Geographic and sector focus
Not investable
EcoTrust invests where structural financing pressure enables a secured entry below defensible value — and where capability, market access and execution open a controlled path to repayment.
Investment Discipline
Every investment must be economically viable without any project upside participation. Potential upside is an additional return component; it replaces neither collateral nor cash flow, sponsor equity nor a robust repayment route. Underwriting concentrates on five decisive dimensions:
Indicative parameters, subject to the final fund and transaction documentation. Deviations require explicit justification and approval.
A transaction that works only through rising property values or a potential project upside participation is not investable for EcoTrust.
Strategic Access
EcoTrust's strategic edge does not lie in a standardised lending process. It arises from combining specialised restructuring and financing expertise with direct access to capital-structure dislocations in the German real estate mid-market. Access alone is not enough — value is created by the ability to identify the opportunity, determine the true value of the collateral, refinance the incumbent lender, document an enforceable structure and manage the position actively through to repayment.
The current environment opens a rare, cycle-bound investment window: balance-sheet pressure among regulated lenders meets refinancing need on fundamentally sound properties. EcoTrust translates this dislocation into secured credit positions with a downside buffer and selective additional return potential.
Governance
A credit strategy becomes institutionally investable only when decisions are documented and traceable, responsibilities are clearly assigned, control functions are effectively separated and deviations are escalated bindingly. ALIS Capital Management S.à r.l., as General Partner and Manager, is responsible for fund management, portfolio monitoring and risk management — with formalised Investment Committee decisions, defined risk limits, structured quarterly and annual reporting and immediate communication of material events.
Investment FrameworkManagement
ALIS Capital Management is an independent, owner-managed investment and management platform focused on structured real estate finance and private real estate debt. It combines experience across credit strategy, capital structuring, institutional capital allocation, transaction management, risk control, restructuring and workout. The ambition is not the broadest possible allocation of capital, but selective investment, traceable decision quality and rigorous management of every single position.
Manager & GovernanceInvestor Access
EcoTrust is addressed exclusively to professional investors able to assess private real estate debt as a long-term, illiquid and actively managed credit allocation. Qualified prospective investors receive access to further documentation following a regulatory eligibility assessment and, where applicable, execution of a confidentiality agreement.
Subject to the stage of fundraising and documentation, this includes
EcoTrust Debt Capital SCSp
A resilient real estate credit strategy must connect risk, seniority, collateral, cash flow and repayment in a traceable way. EcoTrust Debt Capital SCSp is designed for professional investors who understand private real estate debt as a distinct, long-term credit allocation — not as a substitute for conventional bonds, and not as an indirect bet on rising property prices.
Secured positions. Controllable risks. Structured repayment.
The information on this website is provided for general information purposes only and is addressed exclusively to professional investors within the meaning of the applicable legal provisions. It constitutes neither a public offer nor a solicitation of an offer, investment advice or a recommendation to acquire an interest. Any investment decision must be made solely on the basis of the final and binding fund, partnership and subscription documents. Target returns, model calculations and forward-looking statements are not promises or guarantees. An investment in the Fund involves substantial risks, up to and including the total loss of the capital invested. Redemption or early disposal may be excluded or significantly restricted. See Regulatory Disclosures.