Founded in 2004, Revcap is a leading independently owned European fund manager that targets the inefficient small- and mid-cap European real estate markets, investing with aligned local operating partners to ensure local sourcing and expert business plan execution. 

Revcap’s business has consistently generated superior risk-adjusted, absolute returns in European value add and core-plus real estate investments. Since formation in 2004, Revcap has completed over 520 deals with 160 partners in 15 European countries. Revcap deliberately operates below the radar of other institutional investors in the small to mid cap deal space to limit the competitive environment and target well-diversified risk-adjusted portfolio construction. 

The Revcap team’s real estate experience amounts to more than 370 years across multiple sectors, geographies and cycles – over half have been together at Revcap. 

Revcap has three principal business lines: value-add investing, income strategies and platform investing. 

Defined Geographical Investment Area 

  • HQ in London and offices in Frankfurt, Paris, Stockholm, Luxembourg and Madrid. 
  • Primary focus on mature markets of UK, Germany, France, the Nordics and Spain. 
  • Restrictions on doing deals in Eastern Europe and challenged economies.

Investment principles & strategy

Revcap has established 13 investment vehicles since it was formed, raising over £5bn of equity capital from a variety of institutional investors. 


  • Kitty Hawk V (2019, £269m) 
  • Kitty Hawk IV (2016, £271m) 
  • Kitty Hawk III (2014, £225m) 
  • Kitty Hawk II (2012, £150m) 
  • Kitty Hawk I (2010, £30m) 

In addition to its flagship value-add commingled pan European funds, Revcap has a number of separate accounts with individual investors, encompassing core-plus and income, value-add and opportunistic strategies in European real estate. These include Ark Capital Partners I, a specialist data centre developer and operator in the UK. Revcap is currently fund raising for a Rescue Capital strategy (RRCP) that will provide impactful capital to distressed and special situation real estate opportunities in western Europe driven by falling property valuations caused by higher inflation and interest rates. 

Revcap employs a proven strategy of acquiring smaller, undermanaged assets off market or where it enjoys a competitive advantage to reposition through active asset management. This has consistently delivered value-add and opportunistic-level absolute returns on a rigorous risk-adjusted basis, while maintaining a controlled and diversified leverage exposure. 

Revcap’s business strategy is built on the following key principles: 

  • Extensive local operating partner network 
  • Investing under the radar 
  • Rigorous risk assessment and investment process 
  • Experienced and consistent management team 
  • Diversification 
  • Off market sourcing 
  • Active management to create value 
  • Alignment of interest. 

Revcap works with a core group of local operating partners across multiple funds while selectively adding new local operating partners to participate in interesting areas of the market and to gain access to new talent. Revcap remains nimble in the selection of strategies to capitalise on the evolving European market opportunity. 

Revcap also seeks opportunities in real estate-rich operating businesses and obtains exposure to a wider element of the underlying consumer and business economy through a focus on specialist and alternative property types. This is achieved through following real estate fundamentals alongside understanding the underlying cash flows of demand-driven asset classes. 

Revcap takes its responsibility to the environment extremely seriously, and seeks to maintain the highest ethical standards. It strives to create value for its investors, employees, partners and shareholders through investment that improves the quality of the built environment and enhances the communities in which it operates. Revcap engages with its tenants, partners, suppliers and employees to engender sustainable practices that improve asset performance, mitigate environmental impact and construct relevant, efficient and safe real estate for future generations. Revcap is a signatory to the United Nations Principles for Responsible Investing (UNPRI) and Sustainable Markets Initiative (SMI). 


Revcap is committed to achieving long-term sustainable outcomes through our real estate assets, across supply chains and in the local community. In order to drive investments along sustainable and responsible criteria, Revcap has implemented a robust and fully integrated ESG policy, ensuring that ESG considerations are duly considered during all processes and stages of the investment lifecycle. By adopting a disciplined and integrated approach, we aim to achieve portfolios that are more resilient and sustainable to the risks of climate change and regulatory non-compliance, which we believe will ultimately enhance value and deliver better performance for our stakeholders. 

Revcap is a signatory to the UNPRI, demonstrating our commitment to ESG best practice and transparent reporting, and reports annually on the progress of sustainability performance to stakeholders. Revcap actively works with relevant ESG frameworks and bodies including the UKGBC, INREV and UN Finance Initiative to help to advance sustainability efforts and contribute to the sharing of best practice across the real estate industry. 

Revcap committed to be net zero at a corporate level by 2030 in line with the Paris Agreement. Under the SFDR, RRCP will be classified as an Article 8 Fund and will therefore report in line with the disclosure requirements for funds which promote environmental or social characteristics. 

Compliance statement

Revcap Advisors Ltd is authorised and regulated by the Financial Conduct Authority. This information is provided for use by qualified institutional investors and their advisors only. Further information is available on request or via Revcap’s website.