One discipline, three structures.
Real assets, club deals and bond issuance each follow their own legal architecture. The selection standard, the documentation and the digital administration layer are shared.
Three structures
What you hold depends on the structure.
Before the process, the position. Each track gives you a different legal relationship to the underlying opportunity.
Real Assets
Token = direct fractional co-ownership
No intermediate vehicle. Co-owners hold a documented undivided share of the physical asset itself, and the token records and administers that share.
The co-ownership documentation and the register of participations prevail.
Club Deals
Token = shares of a dedicated SPV
Each operation is carried by its own special-purpose vehicle. The investor subscribes shares or quotas of that SPV; tokens represent and administer those shares.
The SPV's official shareholder register and constitutional documents prevail.
Bond
Notes issued by a securitisation compartment
A ring-fenced Luxembourg compartment issues notes. Investor rights arise from the instrument, not from co-ownership of an underlying object.
The terms and conditions of the notes and the issue documentation prevail.
Track A · Real Assets
Selection, appraisal, structuring, custody, tokens, exit.
The physical-asset lifecycle: six stages from initial review to a potential distribution.
01Deep analysis and selection of the asset
Each candidate asset is sourced, examined and pre-vetted by our team before it is ever presented to investors.
- Authentication and provenance review, with independent expertise engaged where relevant
- Chain of ownership and title verification
- Valuation and market liquidity assessment
- Legal, tax and insurance feasibility check
02The asset goes on the platform
Once approved, the asset is presented on the Altherum platform with a defined subscription window and participation size.
- Full documentation pack made available to eligible investors
- Economic terms, risk factors and indicative holding period disclosed in the transaction documentation
- Subscription open until the asset is 100% funded
03Fully funded — participation effective and custody
When the offering is fully subscribed, the participation becomes effective according to the applicable legal structure and transaction documentation. Custody arrangements for the underlying asset are implemented where applicable.
- Insurance arrangements as described in the transaction documentation
- Confirmation of participation issued to each subscriber
- Custodian details disclosed to participants in accordance with the documentation
- Authenticity records and, where available, provenance materials made accessible
04Holding period in the vault
The asset remains under professional custody for an indicative horizon defined for each opportunity in the transaction documentation. The horizon may change with market conditions, exit windows and inbound offers.
- Continuous monitoring of market comparables and demand
- Ongoing dialogue with dealers, galleries, auction houses and private buyers
- Periodic updates to participants on valuation and market signals
05Exit — potential sale on the market
A sale is pursued through the channel best suited to the asset, following the decision rules and exit mechanics set out in the transaction documentation.
- Sale executed through the most appropriate channel: auction, private sale or dealer network
- Costs, commissions and taxes settled at transaction level
- Net proceeds calculated and reported to participants
06Distribution
Following a completed sale, net proceeds are distributed pro rata to participants, after applicable costs, fees and taxes, in accordance with the transaction documentation.
- Net proceeds calculated after applicable costs, fees and taxes
- Distribution according to the legal and economic rights of each participation
Track B · Club Deals
From verification to a place in the shareholder register.
Private operations are carried by a dedicated vehicle and opened within a reserved circle. The path below is the one an invited investor follows.
- 01
KYC / AML
Identity, source of funds and the checks required before any operation is shown.
- 02
Investor-category verification
Your category is confirmed against the requirements applying to the operation.
- 03
Controlled access to the operation
The dedicated documentation pack is opened to you within the reserved circle.
- 04
Assessment by the vehicle
The special-purpose vehicle reviews the subscription request.
- 05
Subscription
Shares or quotas of the SPV are subscribed and the documents executed.
- 06
Entry in the shareholder register
The official register of the vehicle records your holding and prevails.
- 07
Token allocation
Tokens are allocated to represent and administer the registered shares.
Track C · Bond
Three steps, governed by the issue documentation.
- 01
Eligibility verification
Eligibility is verified as a professional investor within the meaning of applicable regulation.
- 02
Documentation on request
The issue documentation is provided on request to verified professional investors.
- 03
Subscription
Subscription is governed solely by the issue documentation.
The platform
Where the Real Assets flow lives, and the administration layer for all three.
The Altherum platform hosts the Real Assets subscription flow end to end — onboarding, documentation, subscription and portfolio view — and serves as the digital administration layer across the three tracks, recording participations and administrative events.
Each track carries its own risks and eligibility requirements; the transaction documentation reviewed with each investor sets out horizons, valuation methodology and distribution mechanics in full.
Start with an introduction
Whether you represent an investor, family office, advisory firm, asset owner or institutional partner, our team will direct your enquiry to the appropriate specialist.
