Your partner for investments in real assets
A joint venture between KGAL and Zavarovalnica Triglav
ALTERNATIVE INVESTMENT MANAGEMENT
Trigal Group is a regional investment platform focused on real estate and infrastructure across Slovenia, Croatia, Serbia, and North Macedonia.
The Group brings together specialized investment management companies with complementary expertise across the real asset landscape. We combine deep regional knowledge with institutional investment discipline and a long-term perspective to identify and develop opportunities with strong underlying fundamentals.
Our investment approach is grounded in disciplined capital allocation, rigorous risk management, and active asset management. We focus on building resilient portfolios designed to generate sustainable, long-term value for our investors.
By combining specialized expertise, regional insight, and disciplined execution, Trigal Group is committed to investing in assets that create lasting value for investors and contribute to the continued development of the markets in which we operate..
€
M+
Assets under management
+
m
2
Leasable area
Real Asset Exposure
Investments in commercial real estate and renewable infrastructure assets designed to generate stable income and long‑term capital preservation.
Capital Structure
Structured leverage and rigorous underwriting standards aligned with institutional governance frameworks.
Regional Expertise
Deep market expertise and on‑the‑ground presence across the Adria region, supporting disciplined sourcing and active asset management.
Real Estate
We invest in commercial and operational real estate, with a primary focus on office assets, complemented by investments in retail and mixed-use properties, as well as hospitality and development projects. Our approach emphasizes asset quality, strong location fundamentals, tenant and operator strength, and sustainable long-term income generation.
Renewables
We invest in contracted infrastructure projects, with a primary focus on renewable energy assets, complemented by investments in energy efficiency initiatives. Our approach emphasizes long-term contractual frameworks, counterparty strength, and predictable, sustainable income generation.
Why
Invest with
Trigal
Trigal Group brings institutional-grade governance and deep regional expertise to real estate and infrastructure investment across Adria Region.
- Joint venture of KGAL and ZAVAROVALNICA TRIGLAV
- Trigal Funds, d.o.o. — fully licensed Alternative Investment Fund Manager (AIFM), managing two real estate funds
- Conservative leverage and disciplined capital allocation
- Transparent reporting and structured processes
- Long-term focus on income stability and capital preservation
We align capital deployment with investor objectives through structured investment strategies and robust risk oversight.
The Team
Executive Leadership & Investment Team
Trigal’s investment platform is led by senior professionals with deep experience in regulated financial institutions and real asset investment management.
The team brings structured expertise in capital allocation, fund structuring, risk management, compliance and regulatory oversight, and portfolio governance, ensuring disciplined investment execution and robust governance across real estate and infrastructure strategies.
Our flagship real estate investment fund
Established in 2018, TRIGAL AIF SICAV-RAIF S.C.A., Regional Multi Asset Fund – Compartment 2 is a Luxembourg-based alternative investment fund.
The Fund was established with a strategy focused on acquiring high-quality, centrally located real estate assets with resilient income characteristics and long-term value creation potential. The strategy also includes opportunities to reposition properties in response to evolving tenant requirements, new uses of space, and changing market dynamics.
€85M
AUM
12%
net IRR*
4.4%
CoC*
1.98
TVPI
* As of 31.12.2025, after manag. fees and after carry.
** Average Cash on Cash yield (distributed cash on invested amount) in the past 5 years
Trigal serves as Investment Advisor to the Fund, bringing its regional market expertise and disciplined investment approach to asset selection, investment management, and portfolio development. The Fund is no longer open to new investors. It remains an important part of Trigal’s investment track record and reflects the Group’s approach to investing in resilient real estate assets and creating long-term value.
The Fund has a term ending on 31 October 2028, with an optional three-year extension.
Fund Structure
AIFM / Fund Manager: Hauck & Aufhäuser Fund Services S.A. General Partner: TRIGAL Alternative Investment Fund GP S.à r.l. General Partner’s Management Board: Mihael Fischnich, Simona Kozjek and Mario Warny
Regulatory Status
TRIGAL Alternative Investment Fund SICAV-RAIF S.C.A. is a Luxembourg investment company with variable capital, organized as a corporate partnership limited by shares. The Fund qualifies as a Reserved Alternative Investment Fund (RAIF) under the Luxembourg law of 23 July 2016 on reserved alternative investment funds, whose investment policy is not limited to investments in risk capital. The Fund Manager is supervised by the Commission de Surveillance du Secteur Financier (CSSF). The Fund itself is not directly supervised by the CSSF.
For Investors
Trigal partners with institutional and qualified investors seeking stable income, capital preservation, and exposure to real assets in the Adria region.
Our fund structures are designed to provide:
- Income‑generating portfolios
- Conservative leverage
- Structured risk management
- Transparent reporting
