fund MANAGER happiness fund
Catella Residential Investment Management Benelux
Catella Residential Investment Management GmbH in Berlin is an independent and entrepreneurial investment management division of Catella Group with EUR 5.3 Billion of assets in 10 European countries.
The Happiness Fund demands a fund manager that personifies the fund in a natural way because this fund needs not only to be understood but also felt. The fund strategy consists in its
(I) regional dimension
- hedge physical climate change risk and follow tenants to the new happy cities (Spa cities, 15 minutes cities, creative cities)
(II) product dimension
- to invest in assets 2.0: new design, better construction material, decarbonized assets, assets that have self-awareness and propose action (AI).
Elithis is a case in point of this partner-business development model (click on link): https://www.linkedin.com/posts/catella-property-investment-management_the-worlds-first-energy-positive-residential-activity-6836586636613099520-G_CQ
The Fund Manager is expected to deepen and widen the strategy so to make it his/her. Most such assets are likely to come from start-ups that are past the proof of concept, rather than bigger status quo biased companies.
The Happiness Fund is an article 9 impact fund, what we call “torpedo’s for good”. With the CER III fund we have started to extend the frontiers of financial governance (“reinvent capitalism”) and social impact (inclusiveness and positive discrimination f.i.). This should be further expanded as well. The Fund has a signal function within Catella as to where we will take this business over the coming years.
The fund is a European fund where Catella Residential has set up an Alliance of Catella and non-Catella companies specialized in residential acquisitions and asset management in 11 countries. The Fund Manager needs to interact with the local teams and therefore commands social, cultural and language skills.
Catella European Residential has uniform quality standards so that the Fund Manager shall be part of the European Fund Management Team. Catella Investment Management Benelux is the sponsoring/initiating entity so that 1-2 days a week in Maastricht are necessary.
The Fund Manager will need to onboard our investment beliefs, those that underpin our investments strategies at fund level. There is less emphasis on Modern Portfolio Theory and more on Fragility Theory (Nassim Taleb) and Impact investments. Our investment DNA, which is being digitalized with the AI team, includes also concepts such as ripples, neighborhood (asset) level forecasts, tipping points, required rates of return. Importantly, we shall further build out the Alad’hun behavioral App of Elithis to cover digitalization of property and asset management. (Alad’hun currently focusses on nudging tenant behavior towards sensible and lower energy usage). Here too, the fund manager is expected to contribute towards as we foresee Happy target assets to be “2.0”, so decarbonized, healthy and self-conscious (actively suggestion action, after analysing complex eco-system data). We know that growth rates in the beginning for this fund are consequently less strong than in predecessor funds, but this is the right way to go.