Iberian Student Living Fund logo
Ben Willsher

Iberian Student Living Fund

The first fund of its kind investing in institutional-quality student accommodation in Portugal and Spain.

Investment Sectors

Real Estate

Strategy Overview

To acquire, develop, operate and sell 3-4 purpose-built student accommodation schemes in undersupplied markets in Portugal and Spain.

Minimum Ticket Size


First Close Passed


Set Up Fee

5% included

5% subscription fee charged to the fund, and not required in addition to the investment amount. Quoted projected returns are net of all fees.

Management Fee


2.5% per annum during investment period and 1.0% per annum post investment period

Performance Fee


20% performance fee above a 7% net investor IRR hurdle rate

Target Annual Returns


7-9% net IRR. Timing of payments dependent on timing of underlying asset liquidation

Target Returns Upon Exit


Target 40-60% net return for investors subscribing in 2022.

Subscription Deadline

May 2023

Target Fundraise


Month Established

May 2021

Fund Duration

9 years

US-investors (PFIC)


The fund aims to capture an early mover advantage by developing a portfolio of purpose-built student accommodation (PBSA) in Portugal and Spain. An undersupplied and fast-growing sector, high-quality PBSA assets are lacking in markets where both local and international student populations have continued to see strong and steady growth.

The manager, advisor and development managers bring together considerable specialist PBSA expertise to develop an operational portfolio of 3-4 student housing schemes, which, once occupied and stabilized, will be sold to longer-term investors. Returns from development profit and income generated in each scheme are distributed to investors in the later years of the fund.