We Put Our Own Money In Every Deal — Before We Open It to Investors. Here's Why That Matters.

In private real estate, 'alignment of interest' is one of the most overused phrases in the industry. Almost every fund manager will tell you their interests are aligned with yours. Most of them are not telling the truth.

"What percentage of this specific deal's equity is your own personal capital, on the same terms as mine, locked up for the same period, with the same downside exposure?"

If the answer is 'we charge a 2% management fee,' that's not alignment — that's a fee. If the answer is 'the GP commits 5% of the fund,' that's better, but the GP often gets that 5% back through fees over the fund's life. If the answer is 'we put our own personal money in first, at the same unit price as you, before opening the rest of the deal' — now the sponsor only makes money if you make money.

That's the model we use at Origire. Every deal. No exceptions.

Why we built it this way

Greek real estate is not a fee-extraction game. The opportunity is too specific and too time-sensitive for that. The properties that actually deliver double-digit IRRs are the ones where we find a mispricing, move fast on acquisition, execute the renovation cleanly, and exit at the right moment. Every one of those four steps is something a sponsor can do well only if they're personally exposed to the outcome.

When we underwrite a deal, we ask ourselves a simple question first: if we couldn't open this to anyone else and had to put 100% of our own capital into it, would we still do it? If the answer is no, we walk. If the answer is yes, we acquire it — and then, only after the asset is in our books on our own terms, we open the remaining equity to co-investors.

What this means in practice

• The price you see is the price we paid. Not a marked-up 'fund price.' Same unit price for us and for you.
• We're already exposed. If the deal goes wrong, we lose alongside you, on the same per-euro basis.
• Decisions in the build are made by people whose own money is in the building.
• Exit timing is decided by the same logic we'd use if it were 100% our capital.

That's the structural difference. It's not a marketing claim — it's the underwriting itself.