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Professional Investors · Fund Terms · Due Diligence

EcoTrust Debt Capital for institutional and professional investors.

EcoTrust Debt Capital SCSp is a closed-ended Luxembourg alternative investment fund for investors seeking long-term access to secured real estate credit positions and selected restructuring situations in the European mid-market. This page summarises the Fund's key economics, the intended investor base, the due-diligence and subscription process and the ongoing information and reporting rights.

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Investor Profile

Private real estate debt as a strategic capital allocation.

EcoTrust addresses institutional and professional investors who combine current credit income with a property-secured investment approach and selective additional return opportunities — typically within their fixed-income, alternatives or real estate allocation, and with an emphasis on seniority, collateral quality, ongoing control and traceable repayment routes.

The prerequisite is classification as a professional investor under Annex II of MiFID II or a comparable investor status permitted in the relevant jurisdiction.

The intended investor base includes

Pension institutions and pension funds

Insurance companies

Foundations and institutional asset owners

Banks and regulated financial institutions

Asset managers and funds of funds

Institutionally organised family offices

Other professional investors with an allocation to private credit or real estate debt

Fund Profile

A closed-ended structure for a long-term credit strategy.

The structure creates a stable capital base for the origination, acquisition, restructuring and repayment of illiquid real estate credit positions.

The binding terms derive from the final Limited Partnership Agreement, the Private Placement Memorandum and the respective subscription documents.

FundEcoTrust Debt Capital SCSp

Legal formLuxembourg société en commandite spéciale — SCSp

Fund typeClosed-ended alternative investment fund

General Partner / ManagerALIS Capital Management S.à r.l.

Investment strategyPrivate real estate debt and Restructure-to-Core

Target sizeApproximately €100 million

TermFive years, plus two possible one-year extensions

Core regionGermany and DACH; selected Western European markets

Investor baseInstitutional and professional investors

DistributionsGenerally annual; interim distributions subject to available liquidity

TransfersSubject to the Limited Partnership Agreement

Commitment Classes

Commitment sizes for different institutional allocations.

Under the currently intended structure, two commitment classes are available. Both participate in the same investment strategy and the same loan portfolio.

Class A

€10m minimum

Institutional investors

Indicative management fee 1.00% p.a.

Class B

€2m minimum

Professional family offices and smaller institutional commitments

Indicative management fee 1.50% p.a.

Further classes or individually documented arrangements may be provided for cornerstone investors or investors with specific regulatory requirements. Final minimum commitments, fees, calculation bases and subscription terms are set out in the final fund documents.

Return Profile

Contractual base return. Selective additional return opportunities.

EcoTrust targets a net IRR of approximately 8.5% to 9.5% p.a. The return base comprises contractually agreed interest and fees and the repayment of invested loan capital. In selected financings the Fund may additionally participate in actually realised Net Project Upside — where EcoTrust adds economic value through structuring, restructuring and active repayment, beyond the provision of capital.

Target net IRRc. 8.5–9.5% p.a.

Preferred return8.50% p.a., IRR-based, compounded annually

Carried interest20% after preferred return and full GP catch-up

Profit split after catch-up80% LPs / 20% GP

Distributionsgenerally annual, after year end

Targets rest on current model assumptions and the intended fund structure. The binding economic provisions derive from the final fund documents.

Waterfall and Alignment

Capital return and preferred return come first.

1Full return of the capital contributions made by the Limited Partners

2The contractually defined preferred return of 8.50% p.a.

3Full GP catch-up to the agreed share of profits distributed to date

4Thereafter 80% to the Limited Partners, 20% to the General Partner

The General Partner's performance participation builds on the investors' capital priority and ties his remuneration to the Fund's economic success. Under the currently intended structure, carried interest is subject to a fund-level clawback. Loan-level participations accrue to the Fund and are distributed exclusively through the agreed fund waterfall.

Capital Calls and Liquidity

Capital calls follow actual investment need.

Investors provide the Fund with a fixed commitment. Commitments are drawn in line with pipeline progress, the closing of individual transactions and the Fund's planned expenses. Until each capital call, undrawn capital remains with the investor — matching deployment to actual portfolio construction.

The closed-ended structure provides the capital stability required for loan tenors, restructurings and orderly repayment processes. Distributions are made from current income and realised repayments per the fund documents. Transfers of fund interests are governed by the Limited Partnership Agreement and applicable regulatory and anti-money-laundering requirements.

Due Diligence

A sound basis for institutional decisions.

Qualified investors receive access to a protected data room containing the material legal, economic and organisational documentation of EcoTrust Debt Capital SCSp — enabling an in-depth assessment of strategy, risk profile, fund economics, governance and the Manager's operational capability. Access follows verification of investor qualification and execution of a confidentiality agreement.

Fund and legal structure

Private Placement Memorandum, Limited Partnership Agreement, subscription documents, corporate documentation, regulatory classification and material contracts of the fund structure.

Investment strategy and risk management

Investment guidelines, underwriting guardrails, valuation principles, stress assumptions, concentration limits and monitoring, watchlist and intervention processes.

Organisation and governance

Due Diligence Questionnaire, responsibility and decision structure, Investment Committee rules, conflict-of-interest and allocation principles, and information on material external service providers.

Fund economics

Capital-flow model, fee structure, preferred return, waterfall, carried interest, clawback, fund costs and the material assumptions of the return model.

Investment pipeline and relevant experience

Anonymised investment cases, current pipeline information, selected underwriting examples and management experience clearly attributed to prior roles and mandates. Historical experience is attributed to the relevant person, former mandate or platform. EcoTrust's fund-level performance reporting begins with first closing and is then built out continuously to institutional reporting standards.

Subscription Process

From first exchange to closing.

The subscription process is aligned with the internal review and decision procedures of institutional investors. ALIS accompanies the process personally and provides information, contacts and documentation in a coordinated manner.

01Initial meeting and strategic positioningInvestment strategy, fund structure, allocation objective, intended commitment size and the investor's individual due-diligence needs are established.

02Confidentiality and data roomFollowing execution of a confidentiality agreement, data-room access is established. Materials are supplemented continuously as structuring and due diligence progress.

03Institutional reviewManagement meetings and working sessions enable review of strategy, underwriting, governance, risk management, fund economics, pipeline and operational infrastructure. Individual information requirements are incorporated into the review process.

04Subscription and regulatory onboardingUpon the investment decision, subscription documents and the required KYC, AML, FATCA and CRS documentation are agreed. Regulatory, tax or reporting requirements can be accommodated within the fund structure and final documentation.

05Admission and closingWith completed documentation and acceptance of the subscription, the investor is admitted to the Fund. Capital calls, investor communication and reporting then run through the designated processes and contacts.

Institutional requirements, mapped precisely.

Pension institutions, insurers, banks, foundations, asset managers and family offices are subject to differing regulatory, tax and internal requirements. EcoTrust addresses these early in the due-diligence and subscription process — special reporting formats, supervisory information, investment limits, transfer provisions, tax documentation or additional transparency requirements. Contractual implementation can take place through commitment classes or individually agreed side letters, with a most-favoured-nation process providing a transparent framework for comparable investors and commitments.

Co-investment.

Co-investment opportunities may be considered for suitable transactions where investor interest exists. The specific design depends on transaction size, portfolio capacity and the provisions of the final fund documents. ALIS coordinates the respective requirements directly with investors and their legal, tax and regulatory advisers.

Reporting

Ongoing transparency across capital, portfolio and performance.

Reporting connects the Fund's economic development with the analysis of individual credit positions and their risk parameters. The quarterly report covers in particular:

Net asset value and capital development

Performance and cash-flow metrics

Capital calls, distributions and individual capital accounts

Loan-book composition and weighted remaining tenors

Development of LTV, DSCR and ICR

Covenant status and available headroom

Regional, sector and borrower concentrations

Material changes against the original underwriting

Watchlist positions and management actions taken

The annual investor report adds the audited financial statements, consolidated performance and risk analysis and the intended valuation, tax and ESG information. Material developments are communicated promptly outside the regular cycle. Additional information and reporting requirements of regulated investors can be accommodated within the fund structure and individual agreements.

Risk Transparency

Credit risk is managed through entry basis, seniority, collateral and repayment.

Private real estate debt combines contractually defined payment claims with property-related credit, valuation, refinancing and liquidity risks. EcoTrust assesses these risks at the level of each credit position and in the context of the overall portfolio — decisive are the economic entry basis, the position in the capital structure, the conservatively assessed collateral value, debt-service capacity and the resilience of the intended repayment routes.

Stress analyses consider changes in property values, rental income, financing costs, project timelines and refinancing conditions; results feed into structuring, leverage, covenants, the security package and ongoing monitoring. At portfolio level, concentrations by borrower, asset, region, use type, ranking and maturity are limited and continuously monitored.

A complete description of the risks of an investment, including the possibility of total capital loss, is contained in the final fund and subscription documentation.

Fund and Regulatory Framework

ALIS Capital Management S.à r.l. acts as General Partner and Manager within the applicable Luxembourg sub-threshold AIFM regime; regulatory anchoring occurs at Manager level pursuant to Article 3(3) of the Luxembourg AIFM Law. The SCSp combines established Luxembourg fund infrastructure with the contractual flexibility of a closed-ended partnership. Marketing to and admission of professional investors follows the applicable national placement and investor rules; the required regulatory classification is documented in the subscription process. Further detail: Regulatory Disclosures.

Contact and Data Room

Direct access to management and fund documentation.

Professional investors may request further information, a management meeting and access to the due-diligence data room from ALIS Capital Management.

Dr. Norman Scherer, MBA

Managing Director · ALIS Capital Management S.à r.l.

16, rue des Capucins · L-1313 Luxembourg
investor-relations@alis-capital.com · www.alis-capital.com

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This website serves the general information of professional investors only. It constitutes neither a public offer nor investment, legal or tax advice. An interest may be acquired solely on the basis of the final fund and subscription documents. An investment involves substantial risks, up to and including the total loss of the capital invested. The complete notices under Regulatory Disclosures apply.