Wenova Transition

Wenova Transition is a value added real estate vehicle managed by Wenova Asset Management and domiciled in France, where it is structured as an FCP operating under the FPCI regime and authorised as an ELTIF under the ELTIF 2.0 framework. The fund launched in 2024 and is denominated in EUR. It is one of 44 real estate funds in the coverage universe of 494 vehicles as of 31 Aug 2026, one of 80 domiciled in France, and one of only 8 combining both characteristics.

The vehicle is closed-end, so capital is committed for the life of the fund rather than traded in and out: there is no standing redemption mechanism, and investors should expect exposure to run through the business-plan cycle typical of value-added real estate, where returns depend on repositioning, capital expenditure and eventual disposal rather than on current yield alone. Valuation is struck on a semi-annually basis, which sets the cadence for reporting and for any secondary transfer discussions. Access is set at a retail-accessible entry point of 2,500 EUR, consistent with the ELTIF 2.0 distribution rules, while the summary risk indicator of 6 reflects both the illiquidity of the wrapper and the development and leverage risk embedded in the strategy. The fund is classified Article 6 under SFDR, meaning sustainability factors are not promoted as a formal product characteristic.

Economics follow the closed-end private real estate convention, with a management fee of and a performance fee of , both benchmarked against the 44 real estate peers and the 8 funds sharing its asset class and domicile. The manager's stated return objective is , and fundraising progress can be read against committed assets of . Distribution is domestic, so availability is concentrated in the France market rather than cross-border.