SFP Group Supported IFSA in the Successful Launch of the La Foncière Urban Development L-QIF

Following the announcement of the planned launch of the LFUD L-QIF at the end of March 2026, the capital raise among qualified investors generated strong interest and was successfully completed with CHF 128.6 million. This exceeded the originally targeted volume of CHF 100-120 million. The subscription paid-up date takes place on 19 June 2026. The proceeds fully finance the first development project in the Lucerne region as well as the acquisition of an additional project in the region of Zurich.

The successful placement highlights the long-standing capital markets expertise of SFP Group and its Corporate Finance & Capital Markets team, which supported the transaction from strategic preparation through to investor outreach.

Compelling Equity Story Focused on Residential Developments

“The equity story, with its clear focus on residential developments in urban growth areas of German-speaking Switzerland, was very well received by investors. The development exposure, combined with an experienced management team and an attractive seed portfolio, generated broad interest across different investor categories,” says Marc Pointet, CEO of Investissements Fonciers SA.

The LFUD L-QIF follows a clear development strategy and invests indirectly in residential real estate located in high-growth urban areas of German-speaking Switzerland. The secured seed portfolio comprises three projects with more than 900 planned residential units in the Zurich and Lucerne regions, representing a total investment volume of more than CHF 500 million. All projects meet high sustainability standards in accordance with Minergie P-ECO and SNBS Gold. During the build-up phase, a return on equity (ROE) of more than 5% is targeted. Following the stabilisation of the portfolio, the fund is intended to be converted into a FINMA-approved real estate fund and subsequently listed on SIX Swiss Exchange.

Second L-QIF Successfully Launched by the Corporate Finance & Capital Markets Team

Florian Lemberger, Head Corporate Finance & Capital Markets, is convinced that careful planning, a compelling equity story and the early collection of investor feedback were decisive for the success of this transaction: “This is already the second L-QIF successfully launched by our team. With this launch, we were once again able to demonstrate our capital markets expertise and create real added value for our client.”

A structured preparation process over several months under a Capital Markets Advisory mandate was a key success factor. As early as the previous year, SFP Group’s Corporate Finance & Capital Markets team held targeted discussions with selected institutional investors. The feedback obtained, together with an extensive internally developed product and market analysis, was directly incorporated into the design of the investment strategy and the equity story. The experience gained from the launch of the SFER Redevelopment L-QIF of SFP Group at the end of 2025 was also directly applied to the preparation and execution of the LFUD.

Through broad outreach across various investor groups, including asset managers, pension funds, insurance companies and banks, a diversified investor base was established for the LFUD L-QIF. SFP Group will continue to support IFSA in its future growth.

Growing L-QIF Market Creates Opportunities

The L-QIF is exclusively available to qualified investors and is becoming increasingly established within the Swiss real estate market. It is particularly suitable for development-oriented products, as it offers structural advantages over traditional FINMA-approved funds, including higher borrowing ratios, a broader investment universe and shorter launch timelines.

Strong Demand for Swiss Residential Real Estate Products

The Swiss real estate capital market recorded capital raises of more than CHF 9 billion in 2025 and remains dynamic in 2026, with a projected volume already exceeding CHF 3.5 billion by mid-year.

Demand continues to focus primarily on residential products, driven by structural excess demand, a persistently low interest-rate environment and robust population growth.

Following seven listings since the beginning of 2025, demand for new NAV-based investment opportunities is also increasing. Investors who enter a product at an early stage with a planned medium-term listing may additionally benefit from a future premium, thereby enhancing overall returns.