Eternam
Eternam SAS is a Paris-based AMF-licensed real estate asset manager (founded 2011, subsidiary of Cyrus Group) operating FPCI, FPS, Société Civile and club-deal vehicles across hospitality, office, logistics and healthcare, with €1.6B AUM serving French private and professional investors via an operating-partner model.
- Company typePrivate
- Founded2011
- HeadquartersParis, France
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Eternam does
Eternam SAS is a French AMF-licensed portfolio management company (GP-19000040), founded in 2011 as a wholly-owned subsidiary of Cyrus Group, that designs and manages alternative real estate investment vehicles for French private and professional investors. The platform spans multiple regulated structures — FPCI (professional private equity funds), FPS, Sociétés Civiles, and SAS club deals — covering hospitality, office, logistics, healthcare, residential and mixed-use real estate, with €1.6B AUM as of January 2026 across 25+ collective funds and 30 club deals. Its core differentiator is an "operating partner" model in which each asset is paired with a specialist operator (e.g., somnoO, Hôtels en Ville, Atypio, Dunamis, Evok/Zaka, GCI, Black Swan, ETCHE) selected for domain expertise in the relevant asset class. The firm runs a 30-person team, with a 9-person dedicated hospitality unit managing €600M across 120 hotels and 8,200 keys, and operates ten plus hotel-fund vintages including the Alcyon series and the 2026-launched Alcyon Hospitality Europe pan-European vehicle.
The business model combines recurring management fees (1.00-2.25% of AUM depending on vehicle), transaction fees (subscription commissions up to 5%, acquisition fees up to 2.40%, structuring fees), and performance fees (up to 1.20% on disposed assets). Distribution is B2B-led through a partner program for French wealth managers, financial advisors and insurance distributors, supplemented by an investor extranet (extranet.eternam.fr) for portfolio tracking and a dematerialized subscription platform. Investor eligibility varies by vehicle: Proxima Vie is available as an insurance-vie unit link, Phoenix Club Invest and the Alcyon FPCI series are restricted to professional investors meeting AMF Article L.214-160 criteria, and minimum subscriptions range from €100,000 to €510,000.
Geographically, Eternam has executed transactions in France, Spain, Italy, Germany, Portugal and Greece, with documented current expansion into pan-European hospitality via the Alcyon Hospitality Europe fund and the 2026 Hilton Garden Inn Rome Claridge JV. The firm has been recognized with consecutive Victoires de la Pierre Papier awards (2024, 2025) for best Société Civile and a LuxFlag ESG label on Proxima Vie; it was also fined €400,000 by the AMF Enforcement Committee in September 2025 for breaches of professional obligations including fee-retrocession disclosure and conflict-of-interest controls.
Eternam firmographics
Firmographics- Name
- Eternam
- Legal name
- Eternam SAS
- Website
- https://eternam.fr
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Eternam SAS is a Paris-based AMF-licensed real estate asset manager (founded 2011, subsidiary of Cyrus Group) operating FPCI, FPS, Société Civile and club-deal vehicles across hospitality, office, logistics and healthcare, with €1.6B AUM serving French private and professional investors via an operating-partner model.
- Ownership category
- akta.pro rank
Eternam industry classification
Industry- Product category
- Real Estate Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)
Keywords
Where Eternam is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices1 record
Markets served
Eternam business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund Management Fees: Annual management fees charged on assets under management across collective funds and club deals. Fees vary by fund type: Proxima Vie at 1.60% max, Alcyon at 2.00% max, Alcyon Hospitality Europe Part A at 2.25% max, Part B at 2.00% max, Part I at 1.75% max.
- Performance Fees: Carry/success fees on investment returns above target thresholds, typically 1.20% maximum on disposed assets for hotel funds like Alcyon.
- Subscription/Entry Fees: Commission on new capital subscribed, up to 5.00% maximum for Alcyon Hospitality Europe, 1.00% for Alcyon, 4.00% for 39 Faubourg.
- Acquisition Fees: Fees on asset acquisitions, ranging from 1.00%-2.40% depending on fund and share class (Alcyon at 2.40% max, Alcyon Hospitality Europe Part B at 1.00%, Part I at 0.00%).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Alcyon Hospitality Europe FPCI targeting €60-80M with 8-10% IRR |
| Subscription | Annual | Proxima Vie SC with 5% target return and risk indicator 2/7 |
| Subscription | Multi-year contract | Odéon Saint-Germain FPCI at €530,000 per key |
| Subscription | Multi-year contract | Moulin Plaza hotel fund with 9% target return |
| Subscription | Multi-year contract | 39 Faubourg mixed-use property fund with ±9% target |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels4 records
Eternam product offering
Product offeringCore offering
Eternam is an AMF-licensed French portfolio management company (société de gestion) that structures and manages real estate investment vehicles (FPCI, FPS, Société Civile, SAS) and club deals across hospitality, office, logistics, healthcare, and retail asset classes. The firm sources, underwrites, and actively manages real estate assets on behalf of professional and high-net-worth private investors, deploying an operating partner model for execution. As of January 2026, Eternam managed €1.6 billion in assets across 25+ collective funds and 30 club deals.
Product overview
Eternam operates as a diversified real estate and hospitality investment management platform offering multiple fund vehicles and investment structures. The company manages 21 investment funds and numerous club deals across multiple real estate asset classes: office/property (e.g., Opéra Hanovre, 39 Faubourg, Square d'Orléans), hospitality (Alcyon series, Odéon Saint-Germain, Moulin Plaza), logistics (H Log 2), healthcare (Doccity), and diversified vehicles (Proxima Vie, Proxima Invest, Phoenix Club Invest series). Investment products are structured as FPCI, FPS, SAS, and Société Civile vehicles with varying strategies from opportunistic to value-added. The platform also includes a digital distribution partner portal and investor extranet.
Differentiator
Problem solved
Functional benefit
Brands
- Alcyon: Hotel investment fund targeting underperforming hotels with repositioning potential
- Alcyon 2
- Alcyon Hospitality Europe
- Proxima Vie
- Proxima Invest
- Moulin Plaza
- Proxima
Products and services
- Alcyon FPCI hotel fund focused on acquiring and developing hotel establishments with significant valorization potential, co-investing alongside hotel operators.
- Alcyon 2 Second vintage hotel fund targeting establishments with valorization potential across various hotel typologies and locations.
- Alcyon Hospitality Europe Third vintage pan-European hotel investment fund targeting €60-80 million across France, Spain, Italy, Portugal, Greece, and Germany. Invests in assets in premium zones with repositioning potential toward lifestyle and premium brands, targeting 8-10% IRR.
- Proxima Vie Société Civile accessible as unit-linked investment in life insurance contracts (assurance-vie), deploying a highly diversified strategy aggregating real estate performance through direct property, club deals, SCPI, private bonds, and temporary usufruct. Risk indicator 2/7 with 5% target return and 8-year recommended horizon.
- Proxima Invest Feeder fund (fonds nourricier) that invests exclusively in SC Proxima Vie, aiming to build a diversified, balanced portfolio with controlled volatility.
- Phoenix Club Invest 1 Value-added multi-asset club deal fund positioned on operations with real estate underlying assets with medium-term valorization potential.
- Phoenix Club Invest 2 Second generation value-added multi-asset club deal fund positioned on operations with real estate underlying assets with medium-term valorization potential. Exceeded €45M fundraising target in 2024.
- Phoenix Club Invest 3 Third generation value-added multi-asset club deal fund positioned on operations with real estate underlying assets with medium-term valorization potential.
- Moulin Plaza Hotel investment fund targeting rare opportunities in a vibrant Paris neighborhood, focusing on hotel assets capable of creating value through controlled transformation. Minimum subscription €250,000, 9% target return, 6-year fund.
- Doccity Fund developing a network of multi-professional medical consultation centers across France, targeting strategic locations in dense urban areas or near hospitals and clinics.
- 39 Faubourg SAS fund acquiring a mixed-use Parisian building combining office spaces, residential housing, and commerce in the dynamic Sentier district. Minimum subscription €510,000, ±9% target return.
- Opéra Hanovre Capitalization club deal targeting acquisition and valorization of an Art Nouveau office building in Paris' Quartier Central des Affaires.
- H Log 2 Fund dedicated to building and valorizing a portfolio of logistics assets on major strategic axes in France, targeting a size of over €100 million through a build-up strategy.
- Square d'Orléans Fund acquiring a historic 12,000 m² real estate complex in Paris' 9th arrondissement, combining 60% offices and 40% residential, with plans for complete renovation.
- Solstice Opportunist FPCI focused on investing in discounted real estate assets from forced sellers.
- Odéon Saint-Germain FPCI hotel fund acquiring the Grand Hôtel des Balcons in Paris 6th arrondissement for transformation into a 4-star hotel. Tenth alternative hotel investment fund structured by Eternam, valued at €530,000 per room key.
- Partner Distribution Program B2B partnership program for financial advisors, wealth managers, and insurance distributors with dematerialized subscription platform, real-time dossier tracking, dedicated account management, and marketing materials.
- Club Deal Structuring Tailored co-investment structures for select institutional and private investors in specific assets, structured alongside operating partners specialized in relevant asset classes.
- SCPI Allocation Optimization Advisory and investment service accompanying investors in optimizing their SCPI allocation in line with risk/return expectations and tax considerations.
Quantifiable outcome
- 8-10% target IRR for Alcyon Hospitality Europe
- +3 more outcomes
Companies that use Eternam
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles3 records
Eternam technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Eternam partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core.
- Hôtels en VillecoreSpecialized hotel operator for city-center asset management and valorization. Managing 28 establishments with 926 rooms and €59M combined revenue. Operating partner for Grand Hôtel des Balcons renovation to 4-star hotel.
- European Hotel OperatorscoreNetwork of hospitality operating partners for Alcyon Hospitality Europe fund targeting France, Spain, Italy, Portugal, Greece, and Germany. Fund structured for co-investment with proven European hotel operators.
- Dunamis HospitalitycoreHotel group partner for Blue Coast portfolio acquisition (9 hotels, 630 keys). Eternam and Dunamis partnered for this hotel portfolio investment on the North-West coast of France.
- ETCHEcoreMinority partner (5%) in Hexagone portfolio of 25 office and activity center assets (83,000 m²) held since 2018. Joint sale to American fund for €100M+ completed March 2024. ETCHE will continue as asset manager for new owner.
- GCI (Galena Capital Investissement)coreJoint venture partner with Eternam for 6 Hanovre acquisition (4,600 m² Art Nouveau office building in Paris 2e acquired from SFL for €58.3M). Partnership continuing from previous successful QCA transactions.
- Herrmann Frères & FilscoreLogistics real estate partner co-investing with Eternam and Atmos Capital in HLOG 2 vehicle. Specialized in building, managing, and divesting logistics portfolios. Already acquired 50,000 m² near Grenoble, Rennes, Millau, and Valence.
- Atmos CapitalcoreCapital partner in HLOG 2 logistics fund alongside Herrmann Frères. Cofounder Marc Bouckenheimer stated complementary and agility of partnership enables effective investment strategy execution.
- Black Swan Real Estate CapitalcoreUK investment fund partner for co-investment in Paris 17e mixed-use building (1,500 m² at 12 rue Jacquemont). Third joint acquisition following 39 Faubourg Poissonnière and Beauregard hotel.
- somnoOcoreFrench hotel owner-operator with 60+ hotels in France and Germany. Two-cycle strategy: Cycle 1 as minority operator/shareholder, Cycle 2 as majority owner-operator. First joint investment was Ibis Styles Marseille Provence Aéroport (117 rooms) in July 2021; somnoO acquired Eternam's stake in June 2026 as FPCI Alcyon's first divestment.
- Atypio GroupcoreHotel operator partner for three Accor and Louvre Hotels establishments acquired from 123 IM: Campanile Lille Sud, Campanile Montesson, and Mercure Tours Sud (200+ rooms combined). Atypio also serves as manager of these properties.
- Zaka InvestmentscoreHotel real estate company of Evok hotel group. Partnered with Inter Invest Capital and Eternam's FPCI Alcyon to develop Brach Madrid (59 rooms, 5-star, Philippe Starck design) at 20 Gran Via.
- HovacoreHealthcare real estate specialist partner co-investing with Proxima Vie in medical properties and alternative healthcare assets.
- PrincipcoreOutdoor hospitality specialist (campings) co-investing with Proxima Vie in glamping and outdoor hotel assets in France.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Eternam competitors and assessment
Company assessmentDirect peers
- Extendam: French hotel-focused asset manager running multiple FPCI vintages targeting underperforming European hotels. Direct competitor to Eternam's Alcyon platform and a co-investor alongside Eternam on the Hilton Garden Inn Rome Claridge JV.
- Perial Asset Management: French independent RE asset manager running SCPI, OPPCI, and club deals for private investors. Comparable mid-market French RE manager targeting similar HNW/distributor channels with diversified asset class exposure.
- Sofidy: Major French real estate asset manager (SCPI, OPCI, club deals) under Tikehau Capital. Direct competitor in French retail-facing RE investment vehicles; minority partner with Eternam's Proxima Vie on O'Parinor shopping center acquisition.
- Inter Invest Capital: French RE investment manager operating FPCI vehicles and club deals; financial co-investor with Eternam on Brach Madrid via Alcyon. Comparable structure targeting French private investors.
- Praemia REIM (formerly Primonial REIM): One of France's largest real estate asset managers (~€50B+ AUM), offering SCPI, OPCI, and institutional club deals across office, residential, healthcare, hospitality, and logistics — overlapping with most of Eternam's product range.
Broad incumbents
- AEW Capital Management: Global real estate investment manager with significant European presence across core, value-add, and debt strategies. Larger, broader incumbent competing for similar French and European institutional capital pools.
- Amundi Real Estate: European real estate asset management arm of Amundi (one of Europe's largest asset managers). Competes in French retail RE vehicles (SCPI, OPCI) and pan-European institutional mandates at materially larger scale than Eternam.
- M&G Real Estate: Major European real estate investment manager (part of M&G plc). Documented institutional co-investor with Eternam on club deals; broader incumbent with core and value-add strategies across France and Europe.
Others
- Zaka Investments (Evok Collection): Hotel owner-operator (Evok hotel group) and co-investor with Eternam's Alcyon on Brach Madrid. Adjacent ecosystem participant — a hotel operator/owner rather than competing asset manager.
Regional players
- Herrmann Frères & Fils: French logistics real estate specialist, co-investor with Eternam on the H Log 2 logistics vehicle. Comparable asset-class focus on logistics; partnership relationship rather than direct head-to-head competition.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Eternam social profiles
Digital presenceEternam financial estimates
Financial estimateRevenue estimate
Valuation estimate
Eternam leadership team
Management profileNumber of profiles
Profiles6 records
Eternam funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Eternam M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Eternam
What does Eternam do?
Eternam is an AMF-licensed French portfolio management company (société de gestion) that structures and manages real estate investment vehicles (FPCI, FPS, Société Civile, SAS) and club deals across hospitality, office, logistics, healthcare, and retail asset classes. The firm sources, underwrites, and actively manages real estate assets on behalf of professional and high-net-worth private investors, deploying an operating partner model for execution. As of January 2026, Eternam managed €1.6 billion in assets across 25+ collective funds and 30 club deals.
Is Eternam a public or private company?
Eternam is a private company. It is classified as corporate owned and is currently operating.
When was Eternam founded?
Eternam was founded in 2011. It employs 11 to 50 people.
Where is Eternam based?
Eternam is headquartered in Paris, France, in the Europe region.
How does Eternam make money?
Four revenue lines are on record. Fund Management Fees are the primary driver. The others are performance Fees, subscription/Entry Fees and acquisition Fees.
Who are Eternam's main competitors?
Direct peers on record are Extendam, Perial Asset Management, Sofidy, Inter Invest Capital and Praemia REIM (formerly Primonial REIM). Broad incumbents are AEW Capital Management, Amundi Real Estate and M&G Real Estate. Zaka Investments (Evok Collection) is listed as an others. Herrmann Frères & Fils is listed as a regional player.
Does Eternam have an API?
No public API is recorded for Eternam.
What industry is Eternam in?
Eternam's product category is Real Estate Asset Management. Its primary akta.pro industry code is BPAJANAF, Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships). Its NAICS code is 523940 and its SIC code is 6282.