Funds
Vicus Capital Advisors is an alternative investment fund manager (AIFM) registered by the Financial Supervisory Authority of Finland. We currently manage two real estate investment and development funds – YCE Housing I LP and Vicus Limited. Our second fund VCA Baltic Retail Fund LP was very successfully wound up in 2016.


YCE Housing I
YCE Housing I was established in the end of 2016. The fund invests in residential development projects in the capitals of 6 CEE and Baltic countries: Czech Republic, Slovakia, Poland, Estonia, Latvia and Lithuania.

YCE Housing I offers a unique opportunity for diversified investing in attractive housing markets in strongly growing economies. The fund works in close co-operation with YIT, a leading housing developer in the fund’s target cities.

The fund’s equity is approximately 37 MEUR. During the next few years, the fund is expected to carry out more than 10 projects and develop approximately 1000 apartments to be sold primarily to private buyers. Investors of the fund include YIT, Etera Mutual Pension Insurance Company and several private investment companies and family offices.

The fund is closed for new investments.

Current Investments
YCE Housing I

Suomi III
Vibu IV
Nuppu II
Tammi V
Raitininku I

Vicus Limited

Vicus Limited was established in 2005 with the purpose to invest in the property markets of Russia, Ukraine and the Baltic States. The fund raised equity investments totaling 75 MEUR from its investors which include institutions as well as high net-worth individuals and family offices. The funds were mainly invested in commercial real estate development projects in the target markets during 2005–2010.

As of today, the investments in the Baltic States have been mainly divested very profitably. Vicus continues to own large office and warehouse properties in St. Petersburg and Kiev, respectively. In Moscow, Vicus currently develops a large shopping and entertainment center. All investments in Russia and Ukraine are joint ventures with strong international and local partners.

Vicus is closed for new investments.

Current Investments
Vicus Limited

Pulkovo Sky Business Center, St. Petersburg
Mira Development, Moscow Region
4Daily Mall, Moscow Region
Land Portfolio, Ukraine
Commercial Site, Kiev

Divested Investments
Vicus Limited

Komodor Warehouse Complex, Kiev
Prisma Hypermarket, Narva
Baltic Portfolio
Opera Passage Shopping Center, Lviv
Olinda Site, Vilnius

VCA Baltic Retail Fund
VCA Baltic Retail Fund LP, established in 2010, invested in retail development projects in the Baltic States. The fund made its investments during 2010–2012 and divested its holdings in 2013–2014. The fund yielded a post-fee annual return of 37 % to its investors.

VCA Baltic Retail Fund is closed for new investments.

Divested Investments
VCA Baltic Retail Fund

Prisma Hypermarket, Riga
Prisma Hypermarket, Tartu