For LPs · Senior tranche
8% USDC, senior, quarterly.
A senior USDC tranche secured against a portfolio of euro-denominated real-estate loans originated to diaspora borrowers in France. The economics are stated, the documents are public to qualified LPs.
Target yield
8.00%
USDC, base-case scenario, net of fund-level fees
Position
Senior
LP-first waterfall, equity tranche absorbs first loss
Distribution
Quarterly
USDC, on-chain, reconciled by the depositary
Duration
3 years
Hard lock 12 months, then quarterly windows
Ticket minimum
USDC 100,000
Qualified investors only (AIFMD II)
Collateral
USDC + SCPI
80% LTV on USDC, rehypothecated into European SCPI parts
Conditions
- Eligibility: qualified investors per AIFMD II definitions (institutional, professional or HNWI opt-in).
- USDC contributions on Ethereum mainnet; off-ramp at fund level via a regulated counterparty.
- Quarterly NAV, audited annually by a Big Four firm at first close.
- Investment decisions signed by an independent third-party AIFM; depositary controls all asset movements (AIFMD article 21).
- Collateral structure: 80% LTV on USDC, with conventional rehypothecation into diversified European SCPI parts under the Luxembourg law of 5 August 2005 (Directive 2002/47/EC). No additional fund-level leverage.
Documents
The provisional memorandum, subscription agreement and depositary agreement are shared on request after a brief eligibility check. The final memorandum will be published here on first close.
This page is informational. It does not constitute an offer to sell or a solicitation to buy any security in any jurisdiction where such offer or solicitation would be unlawful. Subscriptions are made solely on the basis of the fund's constitutive documents.