Square Asset Management
Square Asset Management is a Lisbon-based, CMVM-regulated real estate asset management group managing €2.75B across open-ended and closed-end funds plus institutional consulting, serving ~35,000 investors as the only independent open-ended real estate fund manager in Portugal.
- Company typePrivate
- Founded2002
- HeadquartersLisbon, Portugal
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Square Asset Management does
Square Asset Management (legal name: Square Asset Management - Sociedade Gestora de Organismos de Investimento Coletivo, S.A., 'Square AM') is a Lisbon-headquartered real estate asset management and consulting group founded in 2002 by four partners and operating as a CMVM-regulated financial institution under EU standards. The firm manages €2.75 billion in assets across open-ended and closed-end real estate investment funds plus an institutional consulting vehicle, holding a 12.8–13% share of the Portuguese real estate investment fund market (ranked 2nd) and serving approximately 35,000 investors. It is the only independent management company managing open-ended real estate investment funds in Portugal, distinguishing it from a competitor set dominated by bank-affiliated managers.
The company's product architecture is organized in three lines: Income Funds (open-ended, including CA Património Crescente at €1.457B AUM distributed exclusively via Crédito Agrícola, and Property Core Real Estate Fund at €450M distributed via Banco Best, Novo Banco and Novo Banco dos Açores); Specialized Funds (closed-end SIC vehicles covering healthcare via Saudeinveste, retail parks via PDSM Portfolio and Forum Montijo, shopping centres via Forum Coimbra, and heritage real estate via Rossio Pombalino, among others); and Strategic Consultancy via the wholly-owned subsidiary Square Asset Management II Consulting (€104M AUM, serving clients including Apollo Global Management and Signal Capital Partners). CA Património Crescente and Property Core are classified under SFDR Article 8 with integrated ESG risk management, while the closed-end vehicles are SFDR Article 6. The underlying technology is described as a 'real estate fund management platform' with no disclosed AI/ML capabilities, APIs, or proprietary software products.
Square AM's business model is fee-based asset management. Open-ended funds charge a 1% annual management fee on assets, plus 0.09–0.25% custodian fees and a 10% performance fee benchmarked to 12-month Euribor + 2%. Closed-end fund fees are not publicly disclosed. Revenue is generated through fund-level recurring fees on ~€2.7B of fund AUM plus consultancy fees on €104M of consulting AUM. Distribution is B2B and relationship-driven, relying entirely on banking partner channels (Crédito Agrícola, Banco Best, Novo Banco) for retail reach. In June 2026, Draycott, a Portuguese alternative asset manager, completed the acquisition of 100% of Square AM's share capital, with CEO Pedro Coelho continuing in his role post-acquisition, marking a transition from independent founder-led ownership to PE-backed institutional ownership after 20 years of operation.
Square Asset Management firmographics
Firmographics- Name
- Square Asset Management
- Legal name
- Square Asset Management - Sociedade Gestora de Organismos de Investimento Coletivo, S.A.
- Website
- https://squaream.pt
- Company type
- Private
- Founded year
- 2002
- Operating status
- Acquired
- Headcount range
- 51–100 employees
- Short description
- Square Asset Management is a Lisbon-based, CMVM-regulated real estate asset management group managing €2.75B across open-ended and closed-end funds plus institutional consulting, serving ~35,000 investors as the only independent open-ended real estate fund manager in Portugal.
- Ownership category
- akta.pro rank
Square Asset Management industry classification
Industry- Product category
- Real Estate Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)
- SIC
- Real Estate Agents & Managers (For Others) (6531), Investment Advice (6282)
- akta.pro primary industry
- Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)
- akta.pro secondary industries
- Commercial Real Estate Asset Management (BPAJAMAB), Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)
Keywords
Where Square Asset Management is headquartered
LocationHeadquarters
- HQ city
- Lisbon
- HQ country
- Portugal
- HQ region
- Europe
Offices1 record
Markets served
Square Asset Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Management Fees (Open-ended Funds): Annual management fees charged on open-ended real estate investment funds. CA Património Crescente charges 1% per year; Property Core Real Estate Fund charges 1% per year on ups A units.
- Management Fees (Closed-end Funds / SICs): Annual management fees charged on closed-end specialized funds including Carteira Imobiliária, IREEHF Lisbon Avenida, Saudeinveste, PDSM Portfolio, Forum Coimbra, Forum Montijo, and Rossio Pombalino.
- Performance Fees: Performance fee of 10% of the difference between the 12-month Euribor rate plus 2% and the fund performance, charged on CA Património Crescente and Property Core Real Estate Fund.
- Custodian Fees: Custodian fees charged to funds. CA Património Crescente: 0.25% per year. Property Core Real Estate Fund: 0.09% per year.
- Strategic Consultancy Services: Square Asset Management II Consulting provides strategic real estate investment consultancy to institutional investors outsourcing management of their investments through funds or specific management solutions. €104 million in assets managed via consulting as of April 30, 2026.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | CA Património Crescente — Open-ended Real Estate Income Fund |
| Subscription | Annual | Property Core Real Estate Fund — Open-ended Real Estate Income Fund |
| Subscription | Annual | Carteira Imobiliária — Specialised Open-ended Real Estate Fund |
| Subscription | Annual | Saudeinveste — Private Subscription Close-ended Real Estate Fund |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
Square Asset Management product offering
Product offeringCore offering
Square Asset Management is a Portuguese CMVM-regulated collective investment undertaking manager specializing in real estate. It manages open-ended and closed-ended real estate investment funds (including the flagship CA Património Crescente and Property Core Real Estate income funds plus multiple specialized SICs covering healthcare, retail, offices, and heritage assets) and provides strategic real estate investment consultancy to institutional investors. The firm manages approximately €2.8 billion in assets across its fund management and consulting subsidiaries.
Product overview
Square Asset Management operates as a specialized real estate fund management group offering three distinct product lines: Income Funds (open-ended real estate investment funds focused on generating consistent income through diversified core asset portfolios), Specialized Funds (closed-end funds targeting specific sectors including healthcare, retail, and commercial properties), and Strategic Consultancy (outsourced investment management for institutional investors). The flagship products include CA Património Crescente (the largest open-ended real estate fund in Portugal with €1.457 billion AUM), Property Core Real Estate Fund (€450 million AUM focused on stable income), and a portfolio of specialized closed-end funds including Saudeinveste (healthcare), Forum Coimbra, Forum Montijo, Rossio Pombalino, and others. The firm manages approximately €2.75 billion in total assets under management across its fund management and consulting operations.
Differentiator
Problem solved
Functional benefit
Products and services
- CA Património Crescente (Património Crescente) Open-ended real estate investment fund (Open Income Fund) targeting investors seeking real estate market exposure with professional asset management, offering consistent income and low volatility. Management fee 1% per year, custodian fee 0.25%, performance fee 10% above 12-month Euribor + 2%. Minimum initial subscription 25 units (approximately €614). Recommended 3-year minimum holding period. Over 23,000 unit holders.
- Property Core Real Estate Fund Open-ended real estate income fund focused on core assets in offices, shopping centres, logistics, retail, and distribution sectors, suitable for investors seeking NAV stability, low volatility, and returns above traditional banking products. Management fee 1% per year, custodian fee 0.09%, performance fee 10% above 12-month Euribor + 2%. Minimum subscription €100. Distributed through Banco Best, Novo Banco dos Açores, and Novo Banco.
- Carteira Imobiliária Specialised open-ended real estate investment fund focused on creating sustainable value increases in specialized assets through rigorous appraisal processes and strategic solutions to maximize investor returns. Distributed and custodied by Caixa Económica Montepio Geral. For qualified investors only.
- IREEHF Lisbon Avenida - SIC Private subscription, alternative, closed-end real estate collective investment undertaking focused on investing in real estate assets, holdings in real estate companies, or participation units of other real estate investment entities, primarily in Lisbon.
- Saudeinveste Private subscription closed-ended real estate fund focused on achieving capital appreciation through investment in healthcare sector real estate assets including hospitals, assisted living residences, and real estate companies. APFIPP Best Rental Close-ended Real Estate Investment Fund 2024.
- PDSM Portfolio (Portugal) - SIC Alternative, closed, real estate collective investment undertaking focused on medium to long-term capital appreciation in real estate assets, primarily invested in commercial properties with single or predominant tenants.
- Fórum Coimbra - SIC Closed-end, alternative, real estate collective investment undertaking of private subscription that invests in real estate, stakes in real estate companies, or participation units of other real estate investment entities, concentrated in Portugal.
- Fórum Montijo - SIC Closed-end, alternative, real estate collective investment undertaking that focuses on holding and leasing the Alegro Montijo shopping centre to generate income and increase shareholder value.
- Rossio Pombalino - SIC Closed-end, alternative, real estate collective investment undertaking by private subscription focused on passive investment in historic properties located at Praça da Figueira and surrounding areas in Lisbon, holding and managing the assets for long-term value maximization.
- Strategic Consultancy Services Strategic real estate investment consulting services delivered through Square Asset Management II Consulting for institutional investors, providing outsourced portfolio management through investment funds or specific bespoke management solutions. Manages approximately €104 million in consulting assets as of April 30, 2026.
Quantifiable outcome
- 15 consecutive years of MSCI award recognition (2011–2025)
- +4 more outcomes
Companies that use Square Asset Management
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles3 records
Square Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Square Asset Management partnerships and signals
Strategic signalScale indicators16 records
Recent moves7 records
Expansion highlights6 records
Square Asset Management competitors and assessment
Company assessmentDirect peers
- Savills Investment Management: Savills Investment Management is a global real estate investment manager offering open-ended and closed-ended funds across Europe and Asia. Comparable to Square AM in offering diversified core real estate income products alongside sector-specific specialized vehicles for institutional and qualified investors.
- Schroder Real Estate: Schroder Real Estate manages European real estate funds across core, core-plus, value-add, and debt strategies with multi-billion-euro AUM. Comparable to Square AM as a multi-strategy European RE platform with both open-ended income funds and specialized sector vehicles.
- Catella Real Estate: Catella is a European real estate investment manager offering open-ended and closed-ended real estate funds focused on income-producing assets across the Nordics, Germany, and Southern Europe. Comparable to Square AM's product mix of core income and specialized sector funds.
- PATRIZIA: PATRIZIA is a European real estate investment manager with €50B+ AUM offering open-ended and closed-ended real estate funds across the continent. It is a direct peer in the European open-ended real estate fund market and serves as a useful scale comparable for Square AM's Iberian strategy.
- Imogestão: Imogestão is a Portuguese real estate asset management company managing investment funds and property portfolios for institutional and retail clients. It is one of the closest direct competitors to Square AM in the Portuguese open-ended and closed-ended real estate fund space.
- Norfin (Sonae Sierra): Norfin is a Portuguese real estate investment management and servicing company associated with Sonae Sierra, managing real estate investment funds across residential, commercial, and retail assets. It directly competes with Square AM for institutional mandates and Portuguese real estate fund AUM.
Broad incumbents
- Deka Immobilien: Deka Immobilien is one of Europe's largest real estate fund managers, operating open-ended real estate funds (including the Offene Immobilien-Publikumsfonds) with multi-billion-euro AUM. A direct functional peer in the open-ended RE fund category serving retail and institutional investors.
- CBRE Investment Management: CBRE Investment Management is the global real estate investment management arm of CBRE, managing open- and closed-end real estate funds across Europe. It competes with Square AM for institutional capital, particularly in Iberia, and Nuno Nunes (Square AM's CIO) was previously head of CBRE Capital Markets in Portugal.
- Santander Asset Management (Iberia): Santander Asset Management operates one of the largest real estate fund platforms in Iberia through its bank distribution network. It is a broad incumbent competitor with overlapping capabilities in open-ended real estate funds serving retail and institutional clients.
- Caixa Gestão de Ativos (CGD): Caixa Gestão de Ativos is the asset management arm of Caixa Geral de Depósitos, Portugal's largest state-owned bank, and one of the largest real estate fund managers in the country. As a bank-affiliated incumbent, it competes with Square AM across both retail and institutional RE fund distribution.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Square Asset Management social profiles
Digital presenceSquare Asset Management compliance and trust
Trust signalCompliance2 records
Square Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Square Asset Management leadership team
Management profileNumber of profiles
Profiles6 records
Square Asset Management subsidiaries and ownership
Company hierarchySubsidiaries1 record
Square Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Square Asset Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Square Asset Management
What does Square Asset Management do?
Square Asset Management is a Portuguese CMVM-regulated collective investment undertaking manager specializing in real estate. It manages open-ended and closed-ended real estate investment funds (including the flagship CA Património Crescente and Property Core Real Estate income funds plus multiple specialized SICs covering healthcare, retail, offices, and heritage assets) and provides strategic real estate investment consultancy to institutional investors. The firm manages approximately €2.8 billion in assets across its fund management and consulting subsidiaries.
Is Square Asset Management a public or private company?
Square Asset Management is a private company. It is classified as corporate owned and is currently acquired.
When was Square Asset Management founded?
Square Asset Management was founded in 2002. It employs 51 to 100 people.
Where is Square Asset Management based?
Square Asset Management is headquartered in Lisbon, Portugal, in the Europe region.
How does Square Asset Management make money?
Five revenue lines are on record. Management Fees (Open-ended Funds) is the primary driver. The others are management Fees (Closed-end Funds / SICs), performance Fees, custodian Fees and strategic Consultancy Services.
Who are Square Asset Management's main competitors?
Direct peers on record are Savills Investment Management, Schroder Real Estate, Catella Real Estate, PATRIZIA, Imogestão and Norfin (Sonae Sierra). Broad incumbents are Deka Immobilien, CBRE Investment Management, Santander Asset Management (Iberia) and Caixa Gestão de Ativos (CGD).
Does Square Asset Management have an API?
No public API is recorded for Square Asset Management.
What industry is Square Asset Management in?
Square Asset Management's product category is Real Estate Asset Management. Its primary akta.pro industry code is BPAJAMAJ, Real Estate Portfolio & Fund Management (Institutional/REIT/PE), with a secondary code of BPAJAMAB, Commercial Real Estate Asset Management. Its NAICS code is 523940 and its SIC code is 6531.