01
Short-cycle execution
Focus on projects with identifiable milestones, pre-commercialisation potential and defined routes to realisation.
Predictable cash flows from real assets
Endeavour Real Assets Fund II. Objective: High-yield real estate investments in CEE, especially Poland, with a ‘build-to-sell’ model.
Endeavour Real Assets Fund II
Value creation through real estate and infrastructure.
Anderton's real-assets strategy focuses on selected projects in Poland and Central and Eastern Europe where value can be created through disciplined structuring, development, pre-commercialisation and clearly defined exits.
StrategyBuild-to-sell real assets
Primary geographyPoland and CEE
Typical project ticketEUR 1-7 million
European regulatory frameworkMFSA · KNF · CBI
Investment objective
Create value before completion.
Endeavour seeks capital appreciation and project-level income through opportunistic and value-add investments in real estate, renewable-energy infrastructure and selected industrial assets.
The Sub-Fund invests equity directly or through project SPVs and joint ventures with experienced developers and operating partners. Any acquisition or project financing is raised at SPV or portfolio-company level, while the Sub-Fund holds equity and equity-related exposure.
Project value-creation pathway
SourceIdentify bankable, permit-ready, underutilised or pre-commercialised opportunities.
DevelopCreate value through planning, construction, leasing, pre-sales and operational preparation.
Exit & recycleMonetise at completion or stabilisation and redeploy capital into new real estate or infrastructure projects.
The pathway is illustrative. Individual transactions may enter or exit at different stages and remain subject to project-specific conditions.
02
Tangible asset exposure
Invest through project companies holding real estate, infrastructure or production-oriented assets with real economic utility.
03
Flexible capital structures
Combine equity with project-level senior, mezzanine or other financing where appropriate to the transaction.
Investment selection
Bankability before ambition.
Endeavour prioritises projects where demand, execution, financing and exit assumptions can be assessed before capital is committed.
What Endeavour seeks
- ✓Visible demand in established or growing locations
- ✓Clear planning, permitting and construction pathway
- ✓Experienced developers and operating partners
- ✓Pre-sale, leasing or alternative exit potential
- ✓Disciplined budgets and project-level financing
- ✓Risk controls tailored to the asset and transaction
What Endeavour generally avoids
- ×Speculative land without a credible permitting route
- ×Open-ended development periods without milestones
- ×Unproven demand or unsupported sales assumptions
- ×Weak sponsor alignment or limited execution capacity
- ×Uncontrolled project leverage or refinancing dependency
- ×A single exit route with no practical alternative
Current investment focus
Real assets with visible economic demand.
The investable universe covers selected property and infrastructure projects supported by urbanisation, energy transition, logistics requirements and the need for modern productive assets.
Residential & mixed-use
Build-to-sell and value-add developments in locations with visible end-user demand and defined commercialisation plans.
Commercial & logistics
Selected commercial, logistics and light-industrial projects supported by occupier demand and practical exit routes.
Energy infrastructure
Renewable and transition assets, including biogas, biomethane and related infrastructure with operational revenue potential.
Industrial assets
Production-oriented, permit-ready or pre-built facilities offering rapid deployment, scalability and tangible asset backing.
Target return profile
Projections, not historical performance.
Endeavour does not present historical fund performance. The illustrations below translate the 16-23% target annualised IRR range stated in the fund materials into constant-compounding scenarios over three years.
16-23%Target annualised IRR range
1.56-1.86xIllustrative value after 3 years
3 yrsIllustrative compounding period
TBDProjection-based disclosure only
Illustrative scenario
Value of EUR 100 at the target IRR range
Constant annual compounding at 16% and 23%; indexed starting value of EUR 100.
Lower target case: 16%Upper target case: 23%
| Illustrative period | Lower target case: 16% | Upper target case: 23% |
|---|---|---|
| Starting value | EUR 100.0 | EUR 100.0 |
| Year 1 | EUR 116.0 | EUR 123.0 |
| Year 2 | EUR 134.6 | EUR 151.3 |
| Year 3 | EUR 156.1 | EUR 186.1 |
These figures are purely illustrative mathematical scenarios based on the stated target IRR range. They are not a forecast of NAV or a guarantee of return and do not reflect actual project cash-flow timing, fund or investor fees, taxes, expenses, losses, delays or market conditions. Actual returns may be materially lower or negative.
Fund at a glance
Key terms and investment parameters.
| Fund name | Endeavour Real Assets Fund II |
| Structure | Open-ended sub-fund of Anderton SICAV p.l.c. |
| Fund type | Notified Alternative Investment Fund |
| Regulatory framework | Maltese Notified AIF under the MFSA framework; AIFMD marketing notifications completed in Poland (KNF) and Ireland (CBI) |
| Domicile / base currency | Malta / EUR |
| Investor eligibility | Professional and Qualifying Investors only |
| Minimum initial investment | EUR 100,000 |
| Target investment horizon | 3-4 years, subject to the Offering Documents |
| Target annualised IRR | 16-23%; target only, not guaranteed |
| Typical transaction size | EUR 1-7 million |
| Target fund size | EUR 20-100 million |
| Management fee | 0.20% per annum |
| Performance fee | 20%, subject to the applicable hurdle and the official Offering Documents |
| SFDR classification | Article 6 |
| ISIN | MT7000035242 |
| LEI | 213800OVW55L9TGVW995 |
Principal risks and liquidity
Real assets remain investment assets - not capital guarantees.
Collateral, insurance, pre-sales, institutional providers and project controls may reduce selected risks but do not eliminate the possibility of delay, loss or an adverse outcome.
| Key risk | What it means for the investor |
|---|---|
| Loss of capital | The value of an investment may fall and investors may lose some or all invested capital. |
| Development and construction risk | Projects may experience delays, cost overruns, contractor failure, defects or changes in scope. |
| Planning and permitting risk | Approvals may be delayed, modified or refused, affecting project feasibility, value and timing. |
| Market and exit risk | Properties or infrastructure assets may not be sold, leased or refinanced on the anticipated terms or timeline. |
| Liquidity and redemption risk | Underlying assets are illiquid and redemptions may be delayed, restricted or suspended under the Offering Documents. |
| Valuation risk | Project and property valuations depend on assumptions and may differ materially from realised proceeds. |
| Financing and interest-rate risk | Project-level financing may become unavailable, more expensive or subject to restrictive conditions. |
| Counterparty and sponsor risk | Developers, contractors, tenants, purchasers, lenders or operating partners may fail to perform. |
| Geographic and concentration risk | Exposure to a limited number of projects or to Poland and CEE may materially affect the Sub-Fund's NAV. |
| Infrastructure operational risk | Energy or industrial assets may face commissioning, operational, regulatory, feedstock or revenue uncertainty. |
Institutional infrastructure
Independent functions around the investment process.
Investment manager / AIFMQ Fund Management Ltd.
DepositarySparkasse Bank Malta p.l.c.
AdministratorFexServ Fund Services Ltd.
AuditorForvis Mazars Malta
Fund documents
Review the official documents before making an investment decision.
Investment decisions must be based on the Offering Memorandum, the final Offering Supplement, Subscription Documents and applicable risk disclosures.