Threestones Capital Management

What Threestones Capital Management does

Threestones Capital Management S.A. is a Luxembourg-incorporated, CSSF-licensed Alternative Investment Fund Manager (AIFM) specialising in European healthcare real estate. Founded in 2009 and led by three founding partners (Giovanni Perin, Alessandro Sparaco, Francesco Sparaco), the firm manages approximately EUR 2 billion in assets under management across four regulated investment vehicles — TSC Eurocare IV, TSC Eurocare Real Estate, TCF Eurocare V (currently fundraising), and TSC German Residential — plus two fully exited funds. The platform is vertically integrated with local teams and offices in Berlin (Germany), Rome (Italy), and Barcelona (Spain), supporting deal sourcing, asset management, and investor relations across three core Western European markets, with prior outreach into the Middle East via a Dubai office.

Threestones generates revenue through two primary streams: (1) recurring management fees charged on AUM in Luxembourg-regulated SIF and RAIF structures (with minimum investor subscriptions of EUR 100,000 and quarterly distribution cadences), and (2) performance fees / carried interest crystallised at fund exit — evidenced by Fund I (1.6x multiple, 13% net IRR, exited 2016) and Fund II / TSC Gefcare Real Estate (175% overall return, ~13% net IRR, EUR 425M sale to Swiss Life in 2021). Distribution is direct: the firm raises capital from institutional investors and family offices through dedicated investor relations, supplemented by participation at industry events such as MIPIM. The underlying investment thesis targets stable, inflation-linked cash flows from long-term leases with top-tier European healthcare operators (Korian, Clariane, DomusVi, Vitanas, NewCare, Oberberg, VidaCura, Cosiq) across care homes, assisted living, and specialised healthcare facilities.

The firm's competitive positioning rests on 17+ years of domain specialisation in a niche asset class, a CSSF-supervised regulatory platform, ESG credentials (SFDR Article 8, French Label ISR, GRESB reporting, BREEAM certification, UN PRI signatory), and a consistent track record of ~13% net IRR across fund vintages. The firm manages no proprietary technology platform; service delivery operates through a secure investor dataroom and direct relationship management. There is no API offering, no AI/ML capability disclosed, and the firm remains privately held by its three founding partners with no parent company.

Name

Threestones Capital Management

Legal name

Threestones Capital Management S.A.

Website

https://threestonescapital.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Threestones Capital Management S.A. is a Luxembourg-based, CSSF-licensed Alternative Investment Fund Manager specialising in European healthcare real estate, managing approximately EUR 2 billion across four regulated fund vehicles for institutional investors and family offices.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Agents & Managers (For Others) (6531), Investment Advice (6282), Real Estate (6500)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Healthcare real estate funds
• Alternative investment management
• Private equity real estate
• Luxembourg fund management
• Senior care investments

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Fund Management Fees: Threestones Capital generates revenue through management fees charged on assets under management across its Luxembourg-regulated fund vehicles (SIF, RAIF structures). The firm manages approximately EUR 2 billion in four PERE regulated investment vehicles.
2. Performance Fees / Carried Interest: The firm likely generates performance-based fees from successful fund exits, evidenced by reference to Fund I exit delivering 1.6x multiple and 13% net IRR to investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Threestones Capital Management is a Luxembourg-licensed Alternative Investment Fund Manager (AIFM) that operates private equity real estate regulated investment vehicles (SIF and RAIF structures) focused on European healthcare real estate. The firm invests in care homes, senior residences, and specialized healthcare facilities across Germany, Italy, and Spain under long-term inflation-linked leases with top-tier operators. It manages approximately EUR 2 billion in assets across four regulated investment vehicles and serves institutional investors and family offices.

Product overview

Threestones Capital Management is a vertically integrated, specialist investment manager in European healthcare real estate. The firm operates a platform of six distinct investment vehicles: four active funds (TSC Fund Eurocare V, TSC Fund Eurocare IV, TSC Fund Eurocare Real Estate, and TSC Fund German Residential) and two fully exited funds (TSC Gefcare Real Estate and TSC German Property Income). These funds collectively manage healthcare and residential properties across Germany, Italy, and Spain. The firm also provides investor services through a secure dataroom portal. The investment strategy focuses on acquiring care homes, senior residences, and specialized healthcare facilities under long-term inflation-linked leases, with active ESG integration and sustainability management across the portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• TSC Fund - Eurocare IV Closed-end Luxembourg SIF healthcare real estate fund launched in 2021 with core plus investment strategy targeting care homes, assisted living and specialist care assets across Germany, Italy, and Spain under long-term inflation-linked leases. Designed for institutional investors and family offices seeking healthcare real estate exposure.
• TSC Fund - Eurocare Real Estate Fund Healthcare-focused fund launched in 2016 comprising 56 care homes and assisted living assets across Germany, Italy, and Spain. SFDR Article 8 classified fund promoting environmental and social characteristics.
• Threestones Capital Fund Eurocare V Fifth healthcare-focused fund launched in 2025 pursuing value-add strategy through active asset management, targeting underperforming properties with reversionary potential and income-generating assets. Structured as a sub-fund of the RAIF umbrella.
• TSC Fund - German Residential Open-ended Luxembourg SICAV SIF residential real estate fund investing in German residential properties offering value growth and rental increase potential through defensive and risk-averse investment approach.
• Investor Dataroom Secure investor portal providing access to key investor information documents and fund documentation for investors of Threestones Capital's funds.

Quantifiable outcome

• Fund I exit achieved 1.6x multiple and 13% net IRR to investors (2016)
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• VidaCuracoreStrategic or Co-development Partner · 1 April 2026Institutional operator partnered with Threestones for Eurocare V acquisitions, acquiring operating companies and entering into newly structured long-term lease agreements with capex modernisation plans.
• DomusVi GroupcoreOthersLeading nursing home operator in Spain and Europe. Sale and leaseback transactions conducted for five properties portfolio in Spain for Eurocare IV.

Scale indicators7 records

Recent moves20 records

Expansion highlights6 records

Broad incumbents

• Patrizia: Large German-based alternative investment manager with growing European healthcare and residential real estate exposure. Overlaps with Threestones in German healthcare RE but operates as a diversified pan-European platform.
• Healthcare Realty Trust: US-listed healthcare REIT focused on outpatient medical facilities. Adjacent model of pooling public-equity capital into healthcare RE assets under long-term leases, though US-focused and larger scale.
• Deka Immobilien: German institutional real estate fund manager managing open-ended and closed-end funds including healthcare-adjacent strategies. Comparable investor base (German institutional LPs) and regulatory standing under BaFin/CSSF supervision.
• Union Investment Real Estate: One of Germany's largest real estate investment managers with pan-European mandates including healthcare and residential. Comparable institutional LP base and Luxembourg fund structuring.
• EQT Real Estate: Global private equity real estate platform within EQT with growing healthcare exposure in Europe. Competitor for institutional capital and high-quality healthcare RE assets, though at a much larger scale.
• Catella Real Estate: European real estate investment manager with healthcare and residential strategies. Overlaps with Threestones in European healthcare RE fund management but operates across multiple asset classes.

Regional players

• Primonial REIM: French real estate investment manager with European healthcare and residential strategies, primarily serving French institutional and retail investors. Overlaps in European healthcare RE fund management but with a French-centric LP base.

Direct peers

• Aedifica: Belgian listed healthcare REIT focused on care homes, senior housing, and specialized healthcare assets across Europe. Direct competitor in the same healthcare RE niche, also targeting Germany, the Netherlands, and other European markets.
• Cofinimmo: Belgian REIT with significant healthcare real estate exposure (nursing homes, rehabilitation clinics). Closely comparable business model of pooling institutional capital to acquire healthcare RE under long-term leases across Europe.
• Care Property Invest: Belgian healthcare-focused REIT investing in care properties across the EU. Comparable niche focus and lease-based model serving elderly and disabled care operators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/threestones-capital-management-sa

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Threestones Capital Management