What Trigal does

Trigal, d.o.o. is a Slovenia-based, JV-controlled alternative asset manager focused on real assets in the broader South-Eastern European region. Founded as a joint venture between KGAL GmbH & Co. KG (a German real asset manager with EUR 15.2bn AUM) and Zavarovalnica Triglav d.d. (a Slovenian insurance group rated A/stable by S&P Global Ratings and A.M. Best), Trigal operates a multi-vehicle platform covering real estate, infrastructure (renewables and energy efficiency), and private equity with private debt capabilities. The firm targets conservative institutional investors — pension funds, insurance companies, and family offices — through three primary fund structures: the Luxembourg Reserved Alternative Investment Fund (SICAV-RAIF, AIFMD and Solvency II compliant), the Slovenia-domestic Trigal RE Fund (registered with the Slovenian Securities Market Agency), and the Trigal Infrastructure Fund (sustainable infrastructure in the Adria region), plus co-management of ALFI PRIVATE DEBT.

The firm's go-to-market is sales-led, anchored by referral-driven distribution from its parent shareholders (KGAL's 57,000 investor base and Triglav's 28 Adria subsidiaries). Revenue is generated principally through subscription and recurring management fees on the AIF vehicles, supplemented by professional services investment and asset management mandates for institutional clients. The invested portfolio includes six income-producing real estate assets (Situla Business Center, Feniks Office Centre, Rezidenca, KARE A in Slovenia; Point Shopping Center in Croatia; Salinera Resort on the Slovenian coast) and an infrastructure book comprising the Perun wind power plant in North Macedonia, ESCO municipal lighting projects across multiple SEE countries, and a 1,123 kW solar portfolio in Slovenia. The reported AUM is EUR 135 million at the fund level, with a current IRR of 12% and 4.5% cash-on-cash yield, benchmarked against SEE prime office yields of 7.5%-8% versus 2.75%-4.5% in major Western European capitals.

The firm is privately held, headquartered in Ljubljana, operates with a small (1–10 employee) team, and is structured as a Slovenian limited liability company (d.o.o.). Hauck & Aufhäuser Fund Services S.A. Luxembourg serves as the AIFM of the Luxembourg RAIF, and Trigal holds partial or full ownership in six Slovenian SPVs that hold individual properties. There is no disclosed revenue figure, no AI/ML capability, and no public valuation; the company's thesis is a yield-arbitrage pitch to conservative European institutional capital seeking higher returns than Western Europe with low volatility.

Name

Trigal

Legal name

TRIGAL, upravljanje naložb in svetovalne storitve, d.o.o.

Website

https://trigal.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Trigal is a Slovenia-based alternative asset manager and joint venture of KGAL and Zavarovalnica Triglav, managing European real estate, infrastructure, and private equity funds for conservative institutional investors including pension funds, insurance companies, and family offices.

Ownership category

akta.pro rank

Product category

Real Asset Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Estate Funds — Core-Plus (FSANAEAG)

akta.pro secondary industry

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

Keywords

• Alternative investment funds
• Real estate investment management
• Infrastructure fund management
• Institutional asset management
• Private debt management

Headquarters

HQ city

Ljubljana

HQ country

Slovenia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: Management fees from operating Alternative Investment Funds including Trigal AIF Luxembourg (SICAV-RAIF), Trigal RE Fund, and Trigal Infrastructure Fund. The fund structure is open-ended and AIFMD compliant.
2. Asset Management Services: Provides investment, operational and asset management expertise to institutional clients including insurance companies, pension funds, and family offices.
3. Co-investment Management: Manages co-investment opportunities alongside main fund investments, providing tailored solutions to diverse client base.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Trigal manages Alternative Investment Funds (AIFs) investing in real estate, sustainable infrastructure (solar power, energy efficiency), and private equity/private debt asset classes across South-Eastern and Central Europe. Its flagship is the Luxembourg Reserved Alternative Investment Fund (SICAV-RAIF), supplemented by Slovenia-registered Trigal RE Fund and Trigal Infrastructure Fund, targeting conservative institutional investors (pension funds, insurance companies, family offices) with tailored products emphasizing stable cash yield, capital preservation, and Solvency II/AIFMD compliance.

Product overview

Trigal is a real asset investment management platform offering three main fund products: TRIGAL Alternative Investment Fund SICAV-RAIF (primary open-ended Luxembourg RAIF), Trigal Infrastructure Fund (sustainable infrastructure fund targeting solar and energy efficiency in Adria Region), and Trigal RE Fund (real estate focused AIF). The firm also co-manages ALFI PRIVATE DEBT for private debt investments in Slovenia and Croatia. The real estate portfolio comprises six income-producing properties including Situla Business Center, Feniks Office Centre, Rezidenca, KARE A (all in Slovenia), Point Shopping Center (Croatia), and Salinera Resort (hotel and apartments on Slovenian coast). Infrastructure investments include wind power (Perun in North Macedonia), ESCO lighting projects across multiple countries, and solar power plants in Slovenia.

Differentiator

Problem solved

Functional benefit

Brands

• Trigal RE Fund, AIF: Real estate alternative investment fund managing commercial properties in Slovenia and Croatia.
• Trigal Infrastructure Fund
• Trigal Alternative Investment Fund SICAV-RAIF

Products and services

• TRIGAL Alternative Investment Fund SICAV-RAIF Open-ended Luxembourg Reserved Alternative Investment Fund (SICAV-RAIF) that combines the flexibilities of Luxembourg vehicles with the AIFMD regulatory framework. AIFM is Hauck & Aufhäuser Fund Services S.A. Luxembourg; structure is Solvency II compliant. Designed for institutional investors (pension funds, insurance companies, family offices) seeking exposure to SEE/CEE real assets.
• Trigal Infrastructure Fund Alternative investment fund registered with the Slovenian Securities Market Agency focused on sustainable infrastructure in the Adria Region, including solar power plants and energy efficiency projects across Slovenia, Croatia and Serbia.
• Trigal RE Fund, AIF Real estate focused alternative investment fund registered in Slovenia, with inaugural investment in Situla Business Center (Ljubljana, 12,499 sqm net leasable area). Targets commercial properties across Slovenia and Croatia.
• ALFI PRIVATE DEBT Co-managed alternative investment fund providing flexible private debt financing solutions to small and mid-sized companies in Slovenia and Croatia.

Quantifiable outcome

• 4-5% cash yield target for real estate investments
• +5 more outcomes

Named customers23 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered major and minor.

• Interenergo d.o.o.majorStrategic or Co-development Partner · 21 April 2021Leading expert developer partner for renewable energy investments. Trigal invested together with Interenergo in Gevgelija wind farm (EUR 40M+ project) and Wind power plant Perun in Bogdanci, North Macedonia (30MW installed capacity).
• ResaltamajorStrategic or Co-development PartnerEnergy services provider managing ESCO projects portfolio including LED lighting renovation projects in Serbia (5 municipalities) and Croatia. Also provides engineering, operations and maintenance for solar power plants at 4 locations in Slovenia (1,123 kW total capacity).
• Sava TurizemminorOthersSlovenian tourist accommodation manager running the Salinera Hotel & Apartments Resort on the Slovenian coast.

Scale indicators19 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Patrizia AG: European real estate investment manager with EUR 50B+ AUM operating across multiple European markets and asset types. Comparable to Trigal in product (RE-focused AIFs, institutional LPs) but at much larger scale and with broader pan-European mandate rather than SEE niche.
• Union Investment Real Estate: German real estate investment manager with EUR 50B+ AUM, part of DZ Bank Group. Comparable in offering institutional real estate fund vehicles with European scope, though operating at much larger scale and broader mandate.
• Erste Asset Management: One of the largest asset managers in CEE with EUR 80B+ AUM, part of Erste Group. Operates real estate funds, infrastructure mandates, and pooled funds across CEE. Comparable in asset-class breadth and CEE regional focus but at much larger institutional scale.
• Generali Investments: European asset manager with multi-asset and real-asset capabilities including real estate funds. Comparable in targeting institutional insurance and pension LPs with Solvency II-aligned products across European markets, though at substantially larger scale.

Direct peers

• InterCapital: Croatian asset management firm managing investment funds and discretionary mandates with focus on Croatia and SEE region. Directly comparable in terms of regional focus and SEE institutional client base, though product mix is more mutual-fund oriented.
• Triglav Skladi: Slovenian asset management subsidiary within the Triglav group — Trigal's co-parent. Manages investment funds for Slovenian retail and institutional clients with EUR 1B+ AUM. Most directly comparable Slovenian peer, sharing distribution relationships and the Triglav sponsorship.
• KGAL GmbH & Co. KG: Trigal's co-parent and co-founder. German real-asset investment manager with EUR 15.2B AUM across real estate, infrastructure (including aviation), and other alternative asset classes. Directly comparable to Trigal's product mix but at much larger scale and broader geographic scope.
• Catella AB: European real estate investment manager with pan-European presence and fund vehicles for institutional clients. Comparable in offering Luxembourg-domiciled RE AIFs to institutional LPs, though with broader geographic reach than Trigal's SEE focus.

Regional players

• KD Group (Krovna družba): Slovenian financial group providing asset management, fund management, and pension products. Comparable in serving Slovenian institutional investors but with broader product mix including life insurance and pension funds.
• NLB Skladi: Slovenian asset management firm part of the NLB Group, managing diversified mutual funds for retail and institutional clients in the Adria region. Comparable in regional positioning but operates open-end mutual funds rather than closed-end/RAIF structures like Trigal.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 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 Trigal