Use Case
Swiss residential real estate, bankable.
Access Swiss residential real estate through dedicated Swiss issuance structures for eligible professional and institutional investors. Choose project-specific debt, project-specific equity or diversified exposure. Developed for the Swiss residential real estate market, where structural and regulatory considerations, including the Lex Koller framework, shape market access.
The opportunity
Swiss residential real estate continues to attract investor interest due to its resilient fundamentals, limited housing supply and long-term demand dynamics.
At the same time, access has historically been constrained by a combination of regulatory considerations, including the Lex Koller framework, as well as the operational complexity of traditional ownership and investment structures.
As financing markets evolve and traditional lending capacity becomes increasingly selective, investors and lenders alike are seeking innovative routes to participate in Swiss residential real estate opportunities.
The solution
GenTwo provides three dedicated structuring routes designed for eligible professional and institutional investors: project-specific debt exposure through a CLN, project-specific equity exposure through a Tracker Certificate, or diversified exposure through an AMC. All three operate through the same dedicated Swiss issuance framework.
- Off-balance-sheet Swiss issuer. Each product is issued through a standalone, ring-fenced Swiss issuance vehicle, ensuring there is no recourse between products or third-party assets.
- Swiss ISIN, custody-ready. Investors hold the certificate through their existing custody arrangements. It settles and transfers like any other security.
- Not a fund. It is a certificate, not a fund and not a collective investment scheme. No fund subscription documentation and no bilateral loan agreements.
- For eligible professional and institutional investors. There is no retail offering associated with the product.
How it works
Three routes to market
The choice comes down to the type of exposure you would like to provide investors. First, diversified across multiple projects and borrowers within one certificate, or project-specific through a single opportunity. Then, if project-specific, whether the investment references debt through a Credit-Linked Note or equity participation through a Tracker Certificate.
Actively Managed Certificate
Multiple projects. Multiple borrowers. One certificate.
Diversified exposure across multiple Swiss residential real estate financing opportunities within a single actively managed structure.
- Multiple financing opportunities
- Diversified exposure
- Active portfolio management
- Multiple borrowers in one certificate
Credit-Linked Note
One project. One loan. One certificate.
Project-specific debt exposure through a single financing opportunity, delivered through a bankable certificate structure.
- Single financing opportunities
- Project-specific debt exposure
- Closed-end investment profiles
- Individual loan structures
Tracker Certificate
One project. One investment. One certificate.
A dedicated Swiss issuance vehicle with its own Swiss ISIN and Swiss Paying Agent. Investors are exposed to the performance of the referenced investment, not to GenTwo's credit.
- Project-specific equity exposure
- Individual investment opportunities
- Equity participation
- Single-project investment structures
A Swiss Residential Real Estate Lender
The situation
A boutique Swiss private credit lender originates CHF 1-20m loans to Swiss residential real estate developers and property owners. The objective is to provide investors with diversified exposure across multiple financing opportunities through a single investment structure.
The structure
A dedicated Swiss issuer provides exposure to multiple Swiss residential real estate financing opportunities within a single actively managed certificate. Loans can be added, repaid and managed within predefined investment guidelines, while investors hold a single Swiss-ISIN certificate through their existing custody arrangements.
The outcome
Once the initial framework is established, additional loans become a configuration exercise rather than a new structuring project. The result is a scalable and repeatable structure that can grow alongside the lending portfolio.
Where the certificate fits
| GenTwo Certificate | Real estate fund | Bilateral loan | |
|---|---|---|---|
| Setup time | Weeks | Quarters | Days to weeks |
| Bankable, Swiss ISIN | Yes | Yes | No |
| Issuer credit risk | None, off balance sheet | Fund vehicle | Counterparty |
| Fund structure | No | Yes | No |
| Transferable | Yes | Gated | No |
For eligible professional and institutional investors. There is no retail offering associated with the product.
The questions clients ask first
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