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ABOUT US

Our company.

About Threestones Capital
Threestones Capital Management S.A.

15+ years in healthcare real estate market.

Threestones Capital Management manages private equity real estate regulated investment vehicles under the supervision of the Luxembourg financial authorities (CSSF) in compliance with European financial regulations.
2

Billion € AUM

100

Investments Since 2015

10000

Beds

500000

Square Meters

Founded in 2009

Managed by its 3 founding partners.

Vertically integrated platform

Strong local operational presence and in-house property management.

More than €2 billion

Commutative AUM (Nursing homes 90%/ Residential 10%).

Founded in 2009

Managed by its 3 founding partners.

Vertically integrated platform

Strong local operational presence and in-house property management.

More than €2 billion

Commutative AUM (Nursing homes 90%/ Residential 10%).

Authorised AIFM

Luxembourg-registered fund manager.

40+ Years experience

Senior professionals specialised in care and residential properties.

Local relationships

Providing on-the-ground market knowledge and proprietary deal flow.

Authorised AIFM

Luxembourg-registered fund manager.

40+ Years experience

Senior professionals specialised in care and residential properties.

Local relationships

Providing on-the-ground market knowledge and proprietary deal flow.

Group timeline.

  1. 2009
  2. 2010
  3. 2012
  4. 2014
  5. 2016
  6. 2017
  7. 2018
  8. 2019
  9. 2020
  10. 2021
  11. 2022
  12. 2023
  13. 2024
  14. 2025
  1. 2009

    Establishment of Threestones as Regulated Fund Management Company in Luxembourg.

    Threestones Capital Favicon
  2. 2010 - Launch of Fund I

    TSC German Property Income Fund investing in long term care facilities in Germany.

    German healthcare funds
  3. 2012 - AUM reaches €100 million

    Closing of Fund I with more than €100 million AUM.

    Launch of TSC Berlin Residential Fund.

    Open ended fund investing in residential properties in Germany.

  4. 2014

    AIFM licence from CSSF.

    Launch of Fund III – TSC Gefcare Real Estate.

    Open ended fund investing in long term care facilities in Germany.

  5. 2016 - AUM reaches €500 million

    Exit from Fund I. 

    1.6x multiple/13% net IRR to investors

    Launch of Fund III (TSC Eurocare Real Estate).

    Strong growth of AUM, reaching €500 million.

  6. 2017

    Expansion of the Group to Italy with the opening of the office in Rome.

    Rome
  7. 2018 - AUM reaches €1 billion

    Expansion of the Group to Spain.

    Strong growth of AUM, reaching €1 billion.

    Plaza Mayor in Madrid at Sunrise
  8. 2019

    Expansion of the Group to Middle East with the opening of the Dubai office.

    Favicon
  9. 2020 - AUM reaches €2 billion

    Strong growth of AUM, reaching €2 billion.

    Launch of the 4th Healthcare Real Estate Fund (TSC Eurocare IV).

    Open ended fund investing in long term care facilities.

  10. 2021

    Lunch of Fund IV, and relaunch of the German Residential Fund.

    Threestones sells Fund II to Swiss Life for €425m.

    One of the largest transactions in the sector for the past several years.

  11. 2022

    Label ISR (Investissement Socialement Responsible) obtained for Eurocare IV.

    ISR label
  12. FUND OBJECTIVES

    Acquire yield generating senior housing properties in Europe, rented out under long term contracts to top tier nursing home operators.

    TSC Eurocare IV presents a unique investment proposition combining recurring cash flow and capital appreciation in a growing and uncorrelated sector. 2/3 of expected performance generated by recurring cash flow.
    Build up a critical mass portfolio of quality senior housing assets sufficiently large to attract institutional investors willing to pay a premium to access sizeable portfolios in this emerging and still fragmented asset class.
    The fund was launched in March 2021 and is accepting subscriptions from investors.
  13. 2023

    Fundraising for Fund IV completed.

    GRESB assessment performed for Fund IV.

    First asset of the TSC Fund portfolio certified with BREEAM.

    GRESB Accredited
    Breeam certified
  14. 2024

    Launch of RAIF umbrella structure.

    BREEAM certifications obtained for 20+ properties of the TSC fund portfolio.

    Breeam certified
  15. 2025

    Launch of Threestones Capital Fund – Eurocare V, sub-fund of the RAIF structure.

    Fund V is in its fundraising period.

    Acquisition of 9 Properties for Fund IV.

THREESTONES CAPITAL LEADERSHIP

The partners.

Our esteemed partners are the driving force behind our success, contributing their vast experience and strategic vision to the company. Their leadership and commitment ensure that we maintain our competitive edge and deliver exceptional value to stakeholders.
Giovanni Perin

Giovanni Perin

Partner
Alessandro Sparaco

Alessandro Sparaco

Partner
Francesco Sparaco

Francesco Sparaco

Partner, Member of the Board of Directors
MANAGEMENT TEAM

Board of directors & conducting officers.

Our Board of Directors and Conducting Officers bring together a diverse range of expertise and leadership. They are responsible for steering our company towards achieving its goals, ensuring the highest standards of regulatory compliance and corporate governance.
Francesco Sparaco

Francesco Sparaco

Partner, Member of the Board of Directors
Laurent Raynel

Laurent Raynel

Member of the Board of Directors
Nunu Tadesse

Nunu Tadesse

Chief Financial Officer, Member of the Board of Directors
Raoul Chevignard

Raoul Chevignard

Conducting Officer in charge of Risk Management
Jakob Bjurgert

Jakob Bjurgert

Conducting Officer in charge of Portfolio Management
Pavlos Manoliakis

Pavlos Manoliakis

Conducting Officer in charge of Central Administration and Valuation

Find out more about the talent behind the scenes

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