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At the recent Geneva Wealth Day, Hubfinance had the privilege of speaking with Nadim Takchi, CEO and co-founder of Openstone. With 15 years of entrepreneurial experience in finance, tech, and real estate, Nadim Takchi presented a unique investment approach, offering privileged access to the real estate private equity and private debt markets via a "3M" methodology: Multi-Vintage, Multi-Strategy, Multi-Manager.
Democratizing access to leading managers
Openstone stands out by democratizing access to the world’s leading real estate private equity and private debt managers. Historically reserved for institutional investors with minimum investments of 10 to 20 million euros, managers such as BlackRock, EQUTI, Carlyle, and Ares are now accessible to retail clients and everyday investors starting at €30,000 or €100,000.
Nadim Takchi highlighted two Evergreen and semi-liquid funds of funds:
Openstone Prime: offers diversified access to global leaders in real estate private equity. The goal is to generate double-digit returns, building on a track record of net returns close to 20% for their institutional end clients.
Openstone Yield: focuses on private debt with major managers such as Ares (a global leader), Carlyle, Goldman Sachs, and LGT Capital Partners. This fund combines open-end funds for liquidity and distribution with closed-end funds to generate outperformance. It offers a liquid fund with a minimum investment term of 12 months, semi-annual liquidity, and a target net IRR of 10% or higher.
Seizing opportunities in a changing market
The real estate market is in the midst of a three-year crisis, with prices hitting rock bottom. However, Nadim Takchi sees this as a unique window of opportunity—the best since 2008—for savvy investors. Openstone is the only solution to bring together the world’s top five real estate private equity managers, who are best positioned to capitalize on these “off-market” opportunities at discounts of 10% to 40%.
Private debt, meanwhile, is experiencing significant growth, currently totaling $2 trillion with a growth potential of 50% over the next 4–5 years. This market addresses a real need among mid-sized companies (with EBITDA between $10 million and $100 million) that struggle to obtain bank financing due to regulatory constraints.
Private debt offers an opportunity for managers to finance healthy companies and generate very attractive returns. Strategies such as Goldman Sachs’ “West Street Strategic Solutions” exemplify this dynamic by selecting the right managers and underlying portfolios to provide the necessary liquidity and finance high-quality companies with secured senior debt.
A clear distinction from traditional private equity
Nadim Takchi highlighted Openstone’s distinction from traditional private equity (LBO, Growth, etc.). While traditional private equity faces turbulence with difficulties in repaying investors (a repayment rate close to 10% versus an expected 70%), Openstone focuses on strategies that do not suffer from the same liquidity constraints, particularly through private debt.
By offering a unique structure and combining all these features, Openstone ensures it can deliver attractive returns to its clients, thereby setting itself apart and generating buzz in the market.
In this interview, Nadim Takchi offers a clear and
structured analysis of the ongoing transformations, while highlighting the relevance
of the strategic choices made by Openstone. His insights shed light on the
challenges—but also the opportunities—that are currently reshaping the
landscape of alternative investing.
