ONE SP4
Real Estate Private Credit Platform
For important risk and disclaimer information, Click here.
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Tamara Williams | Managing Director
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(385) 600-1871
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Overview
Emicapital One (“Emicapital”) is raising $1 billion to launch a real estate private credit platform, strategically focused on short-term lending to credible real estate developers across the Gulf Cooperation Council (GCC) region.
Primarily issue senior and mezzanine loans to credible developers engaged in early-stage real estate development, including land acquisition, architectural planning, and pre-sales
Targeting 23% annual gross returns across a portfolio of short-duration real estate loans ( Actual returns may vary by loan type, risk profile and collateral structure )*
Strong macroeconomic tailwinds, such as Vision 2030 initiatives and a $5 trillion projected regional real estate market by 2029, provide fertile ground for growth
Will provide senior and mezzanine loans with durations of 6-24 months, targeting early-stage real estate development such as land acquisition, design, and pre-sales
Led by a team with a proven track record and an investment committee of bankers, private credit experienced professionals, and regional real estate experts
The Problem
Traditional banks in the GCC are increasingly constrained by regulatory capital requirements and slow decision-making processes
This has created a significant funding gap for small and mid-sized enterprises (SMEs) and real estate developers, especially in the early stages of development
Developers often face difficulty securing timely, flexible financing to acquire land or finalize near-complete projects
The lack of customized credit products inhibits project execution and delays monetization
The Opportunity
The GCC private credit market is currently valued at ~$5 billion, and is expected to grow at a 15–30% CAGR, reaching $11–20 billion in the next 5–6 years
Real estate development is being propelled by mega projects like Saudi Arabia’s NEOM and Qiddiya, alongside the UAE’s continuous urban expansion
With over 5,000 active developers in the region and $1.68 trillion worth of real estate projects in the pipeline, the market remains heavily underserved by bank lenders
The region’s growing REIT market and institutional interest underscore strong secondary market potential
Strategy
Emicapital’s platform will issue short-term (3-18 months) senior and mezzanine loans targeting land acquisition, design stages, and early pre-sales
This strategic focus ensures collateral-backed lending during the riskiest, but highest potential, phases of development
The capital recycling model enhances IRR by allowing for multiple deployments within the platform’s term
The platform will not use leverage, maintaining conservative capital discipline, aligning with institutional risk standards
Return Profile
- Traditional private credit strategies typically yield:
- Core/Core-plus: 6–10%
- Value-Add: 8–14%
- Opportunistic: 16%+
- Emicapital aims to deliver
- 18–20% net annual returns*
- Targeting short-duration, high-yield loans in an inefficient, underserved market
- Returns are enhanced by disciplined underwriting, active monitoring, and multiple reinvestment cycles
*Unless otherwise referenced, all statements, projections and opinions were provided by Company management team. Past performance is not indicative of future results, and there can be no assurance that similar results will be achieved. Historical data and a detailed financial model with assumptions and scenario analysis functionality are available. Target returns and financial projections are presented solely to show Company’s objectives, should not be used as a primary basis to invest, and there is no assurance of future performance or the adequacy of the methodology used. Private securities are speculative, illiquid, and carry a high degree of risk – including the loss of the entire investment. For use by institutional investors only; not for use by retail investors.
The Team
Aldo Garbagnati
Chairman
Founder of the Emicapital group in Dubai and London. Developed multiple companies in the industrial, financial and fiduciary sectors, in Switzerland and Europe, since 1990. Seasoned specialist in family offices management and assets structuring, in Dubai and in Europe.
Peter Litvin
Board Member
Over 25 years of experience managing the financial, risk and operational infrastructure of global alternative asset managers. Has been a Board member of funds and asset managers regulated by the UK’s FCA, the SEC in the US, and the DFSA and ADGM in the UAE.
Craig Roberts
Board Member
Client focused, service oriented senior finance professional with over 25 years in-depth experience in various Countries. Expertise focuses on providing strategic, financial and operational advice to investment funds and financial services companies globally.
Susan Dinor
CIO
Prominent real estate professional. 22 years of experience in the region. Held multiple Board positions and was responsible for investment and real estate professional development advice, bringing several billion dollars FDI to Dubai and the UAE.
Specific Risks
- Delegation of Control: Although management will screen the fund or other collective investment scheme for the portfolio within the platform, the manager has no ability or obligation to predict the investments the advisors to that fund may select, or whether such advisors will act in accordance with disclosure documents or descriptive materials furnished by them to manager
- Lack of Control: The Management will not control the individual investments made by a platform or other collective investment scheme in which the platform invests. The choice of investments and other investment decisions made with respect to any such fund will be totally within the control of that platform’s advisors. There can be no assurance that such investments will be successful or will not result in substantial losses
- Valuation: The directors and the administrator will rely on the valuations provided by the platform or other collective investment scheme in which the platform invests for the purposes of calculating the Net Asset Value of the portfolio within the platform and preparing financial reports. There is no assurance that such valuations will be correct
- Concentrated Investments: Although a platform may intend to invest in several funds or other collective investment scheme, two or more of those funds may hold the same investments. Therefore if a platform, through such a fund, makes investments that are ultimately concentrated in a limited number of types of investment, the platform could be exposed to losses disproportionate to market declines in general, if there are disproportionately greater adverse price movements in those investments
- Offsetting Investments: Conversely, funds or other collective investment schemes in which the platform invests may, at times, hold economically offsetting positions. To the extent that funds, in fact, hold such positions, the platform considered as a whole, may not achieve any gain or loss despite incurring expenses.
- Investment Strategies Used by Funds or Other Collective Investment Schemes May Fail or Change: Certain economic conditions, such as illiquidity within a market, may cause an investment strategy employed by one or more funds or other collective investment schemes in which the platform invests to fail and adversely affect the performance of the relevant portfolios within the platform
- Lack of Operating History: Each portfolio within the platform, when initially offered, is newly (or relatively newly established and has no (or no substantive) operating history. The past performance of the principals of, or entities associated with, the management of any portfolio may not be construed as an indication of the future results of an investment in such portfolio within the platform
- Substantial Fees and Expenses: Each portfolio within the platform will be required to meet certain fixed costs, including establishment and offering expenses, investment-related expenses, and ongoing administrative and operating expenses (such as fees payable to the service providers). These fees and expenses may be substantial and will be payable by each portfolio regardless of whether any profits are realized by such portfolios
- Illiquidity: There is not now, and there is not likely to develop, any market for the resale of shares. Shares are subject to limited redemption rights. Furthermore, under certain circumstances, the platform may suspend redemptions or delay payment of redemption proceeds with respect to one or more portfolios within the platform, or limit the amount redeemed from any portfolio on any redemption day
- Do Not Participate in Management: Shareholders do not participate in the management of the platform or a portfolio or the conduct of its business
- Private securities are speculative, illiquid, and carry a high degree of risk – including the loss of the entire investment
A full set of risks can be found in the private placement memorandum
