The fund started in July 2021 and aims to invest in Portuguese companies (SPEs) that invest in real estate assets in the Iberian Peninsula, mainly Portugal, focused on the student accommodation market. The investment covers the acquisition of land, construction/development of the asset, exploration of the activity and receipt of income from the operations. The estimated IRR is between 7-9% p.a. and the term of the fund is 9 years (from its inception). IP Investment Management (https://www.ip-im.com/), a manager in Hong Kong, will advise Heed Capital for this fund.