Opportunistic Series

Opportunity Fund 1

Based on its view of the market, as well as the team’s experience gained through years of deploying and managing capital in European real estate, INTERNOS has developed the following investment strategies for Opportunity Fund I:

Liquidity Provisioning: Investments in markets where sellers require a rapid exit – acquisitions at a discount, particularly in locations where current selling opportunities appear limited, or where asset/portfolios are mispriced due to complexities of corporate structure, deal size and/or multi-jurisdictional transactions.

Value Add: Using INTERNOS’ experienced asset management teams located on the ground across key European markets to identify opportunities and generate returns through repositioning assets, typically in off-market transactions. INTERNOS will focus on the more liquid and high growth markets.

Strategic Shifts: Investing in locations or asset classes which have a compelling case for growth, generally driven by demographic and social trends. In the past INTERNOS partners have led the field in investment in specialist asset classes such as self storage and care homes, seeing robust growth in these sectors driven by the urbanisation trend and an ageing European population.


  • Core / Core+ 0%
  • Value-added 0%
  • Opportunistic 100%

INTERNOS Global Investors Limited




70% (per investment), 60% overall.




Launch in 2018 / Closed ended 7-year fund


€25 – €75 million of equity per transaction


All assets types


€500 million


18% – 20% gross IRR, 13% – 15% net IRR after all fees and taxes




Up to €1.25 billion


Ludovic Bernard - Head of Opportunistic Investments - Biography and contact details

Ludovic Bernard

Head of Opportunistic Investments

Ludovic Bernard joined INTERNOS in June 2008, initially as part of the transactions team. His key responsibilities are to source, execute and manage new transactions.

Ludovic started his career in 1998 with the french bank CDC (Caisse des Depots et Consignations) in Australia working on concession projects, before moving back to France to work as a construction Engineer for Eiffage in Paris and in asset management for Société Générale. He then moved to London in 2005 to join Pramerica Real Estate Investors, where he was integral to the successful implementation of real estate private equity investments in Europe.

Ludovic holds an MSc in Civil Engineering from the National Institute for Applied Sciences (INSA-Lyon, France), and a Masters Degree in Finance from University Dauphine (DESS 203, Paris, France). He is a French citizen.

Phone: +44 (0) 20 7355 8800 (london office)


INTERNOS 65 Grosvenor Street, London W1K 3JH United Kingdom
Phone: +44 (0) 20 7355 8800 Fax: +44 (0) 20 7355 8801

This website is only directed at you to the extent that it is lawful to do so in any jurisdiction. Similarly, interests in any fund managed by Internos Global Investors Limited (Internos Global Investors) or any of its affiliates will only be available for investment by you to the extent lawful in any jurisdiction. Accordingly, visitors to this website should inform themselves about, and observe, local laws in their own jurisdiction which may restrict their ability to engage the services of Internos Global Investors or any of its affiliates, or to invest in any fund managed by Internos Global Investors or any of its affiliates.

In particular, this website is intended only for, and is directed only at, persons who both (i) are capable of being treated by Internos Global Investors as professional clients or eligible counterparties, as each term is defined in the rules of the FCA, and (ii) fall within exemptions from section 21 (or, in relation to communications by Internos Global Investors concerning collective investment schemes, section 238) of FSMA on the basis that they fall (a) within Article 19 of the FSMA (Financial Promotion) Order 2005 (FPO) or Article 14 FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (CIS Order), being investment professionals having experience in relation to investments including unregulated funds, (b) within Article 49 FPO or Article 22 CIS Order, being certain high net worth companies, trusts and unincorporated associations etc., or (c) within any other classes of person in or outside the UK to whom this website and its contents may otherwise lawfully be communicated (collectively, Eligible Persons). This website is not directed at or intended for U.S. persons.

Persons who are not Eligible Persons including those individuals or other persons who fall within the FCA’s definition of “retail clients” should not use or rely upon this website and may not engage the services of Internos Global Investors or any of its affiliates, or invest in any fund managed by Internos Global Investors or any of its affiliates.

Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a fund or separate account if not managed by Internos Global Investors.

Before accessing this website please confirm you have understood and agree to the above and that you understand yourself to be, or be representing, an Eligible Person.