2026 Outlook and Best Wishes
Discipline. Selectivity. Execution.
Dear Investors,
Dear Partners,
The year 2025 marked a decisive milestone for LakeRock.
The arrival of new partners, the organisation of our first Community Forum, and a 34% IRR* on the first assets sold have validated—through results—our distinctive investment thesis as a regulated real estate fund.
In an international environment that remains uncertain, and within a Swiss context characterised by historically low yields, we offer a clear alternative: a strategy capable of delivering double-digit returns, backed by tangible assets and disciplined execution.
From the outset, we have strictly adhered to what we announced: the acquisition of condominium units (PPE) with valid building permits, land plots with approved permits, and houses to be renovated.
Our approach is built on three non-negotiable principles: discipline, selectivity and execution.
The initial results of the first fund confirm the strength of this positioning, both in terms of the quality of assets selected and the value creation achieved.
We deliberately operate within a clearly defined segment: between the developer, exposed to long cycles and high administrative risk, and the trader, focused on rapid turnover.
This intermediate positioning enables us to capture genuine value, grounded in rigorous analysis, operational control and structurally constrained markets.
Our convictions for 2026 are strong:
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The shortage of quality housing remains structural.
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Demand for turnkey, high-end properties will intensify with the continued arrival of wealthy families in Switzerland. Nearly 3,000 millionaires relocated to the country in 2025.
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Interest rates are expected to remain moderate in a stable Swiss environment.
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Value creation depends on execution, not on off-plan promises. Buyers are willing to pay a premium for immediately available, flawlessly completed properties.
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Luxury leaves no room for approximation: liquidity concentrates on a limited number of truly irreproachable assets.
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The potential for transformation remains significant, both within the existing housing stock and in new developments—for those able to identify and execute them effectively.
Building on the first results of our inaugural fund, we approach the next capital raising with confidence.
In December, LakeRock II received FINMA authorisation.
This key milestone validates our structure and governance. As a result, 2026 begins with strong ambitions and a fully secure framework.
The same strategy, the same discipline and the same high standards will continue to guide every one of our decisions.
I would like to personally thank the investors who placed their trust in us from the very beginning. Your commitment both obliges us and reinforces our pursuit of excellence.
On behalf of the entire LakeRock team, I extend my very best wishes for 2026: a year of stability, discernment and sustainable performance.
Léonard Cohen
Chairman
LakeRock
