In short:
- An unlisted investment platform lets you replace a rental property with investments that need no management: private equity funds, or real estate crowdfunding. Four players stand out in 2026: Fundora, Raizers, Homunity and La Première Brique.
- Fundora is the only one of the four to move away from real estate: private equity and corporate private debt funds, management delegated under mandate to Kyoseil Asset Management, authorised by the AMF (GP-99040), more than 100 million euros raised.
- Raizers (450 million euros invested since 2014), Homunity (872 million euros) and La Première Brique (nearly 440 million euros financed) keep the exposure to real estate, over terms of 12 to 36 months.
- The choice comes down to diversification away from real estate or a short term: 6 to 10 years for a private equity fund, a few months to three years for a crowdfunding project.
Choosing an unlisted investment platform is a question many owners ask when they want to stop managing a let property without giving up on putting their capital to work. Unlisted investing covers very different products: funds that invest in companies, or loans to property developers. This comparison brings together four platforms that illustrate these two routes in France.
Comparison of unlisted investment platforms to replace buy-to-let
The table brings together the four platforms in the ranking. How they were ranked is detailed in the “Ranking methodology” section. The information comes from the platforms’ websites, consulted on 23 October 2026.
| Criterion | Fundora | Raizers | Homunity | La Première Brique |
|---|---|---|---|---|
| What you finance | Private equity and corporate private debt funds | Real estate projects in France and Spain, through bonds or loans | Property development, property dealers, property companies, fractional real estate | Real estate projects in France through loan agreements, commercial rental real estate |
| Published status | Managed by Kyoseil AM, authorised by the AMF (GP-99040), Fundora Conseil adviser (ORIAS 25001125) | Crowdfunding service provider authorised by the AMF (FP-2023-5) | Crowdfunding service provider authorised by the AMF (FP-2023-31), adviser (ORIAS 16003112) | Crowdfunding service provider authorised by the AMF (FP-2023-15) |
| Entry threshold | Sharply lowered by pooling, varies with the strategy | 100 to 1,000 euros depending on the project | 1,000 euros for crowdfunding and fractional | 1 euro |
| Term | 6 to 10 years depending on the life of the funds | 12 to 36 months | 12 to 24 months for crowdfunding, 6 to 10 years for fractional | 19 months on average for projects |
| Stated target return | Target multiples of 2.5x to 4x depending on the strategy | 8% to 12% gross a year | 9% to 12% a year for crowdfunding, 5% to 7% for fractional | Up to 13% gross a year |
| Key figures | More than 100 million euros raised, more than 40,000 users | 450 million euros invested since 2014, more than 50,000 members | 872 million euros invested, 155,000 members | Nearly 440 million euros financed, more than 900 projects |
| Best for | Diversifying away from real estate with delegated management | Financing property development in France and Spain | Keeping real estate through short bonds or fractional ownership | Investing small amounts over short terms |
Target returns are not guaranteed and capital remains exposed to a risk of loss. Two approaches emerge. Fundora replaces real estate with unlisted companies. Raizers, Homunity and La Première Brique replace managing a property with financing real estate projects.
The three families of unlisted assets for leaving buy-to-let
Private equity and private debt, run by a management company
Private equity finances the equity of unlisted companies, private debt lends them money outside the banking system. The individual does not pick the companies: they subscribe to a fund run by an AMF-authorised management company, which selects, supports and then sells the holdings. It is the family furthest from real estate, and therefore the one that diversifies a portfolio already invested in bricks and mortar the most. The differences with financial markets are detailed in the article private equity vs the stock market.
Real estate crowdfunding, property without the letting
Real estate crowdfunding means lending to a developer or a property dealer to finance a project, in exchange for interest set in advance. The saver stays exposed to real estate, but manages neither a property nor a tenant, and the term is counted in months rather than years. Platforms must be authorised by the AMF as crowdfunding service providers (PSFP) under European regulation 2020/1503.
Business crowdfunding, to pick your own projects
Some platforms also open the equity or debt of SMEs and start-ups, project by project. The investor chooses the companies they finance, which means analysing each file and spreading the money over several lines to dilute the risk.
Real estate held in units, such as the SCPI, is another way to keep bricks and mortar without the management. How it works is explained in the guide how to invest in SCPI.
Professional funds, life insurance, PEA-PME: the wrappers for unlisted assets
The choice of platform also depends on the wrapper the investment sits in, since it sets the tax on gains.
| Wrapper or vehicle | What it holds | Tax on gains in 2026 |
|---|---|---|
| Securities account, direct subscription | Fund units, shares, bonds, loans | 31.4% flat tax (12.8% income tax and 18.6% social levies) |
| Tax-qualifying FPCI or FCPR | Private equity funds | Capital gains exempt from income tax after 5 years, under conditions, social levies due |
| Life insurance and PER | Private equity unit-linked funds offered by the contract | Tax rules of the contract |
| PEA-PME | Shares in eligible SMEs and mid-caps | Income tax exemption after 5 years, social levies due |
Social levies on investment income rose from 17.2% to 18.6% on 1 January 2026, according to Service Public. How professional funds work is explained in the article on the FPCI and its tax treatment.
Ranking methodology
The ranking answers a specific question: which unlisted platform lets you replace a buy-to-let investment by leaving property management behind? Five criteria were used, each measurable on the platform’s public website.
| Criterion | Weight | 2 points | 1 point | 0 points |
|---|---|---|---|---|
| Unlisted offer outside real estate | 30% | Unlisted offer entirely outside real estate | Mixed offer, real estate and companies or funds | N.A: criterion not met or information not found |
| Offer run by an AMF-authorised management company | 25% | The whole offer goes through a fund or a management mandate | Part of the offer in funds or SCPI run by a management company | N.A: criterion not met or information not found |
| Offers with a term of 36 months at most | 20% | Yes | N.A: criterion not met or information not found | |
| AMF or ORIAS status published | 10% | Yes | N.A: criterion not met or information not found | |
| Investment advice or wealth review published | 15% | Financial investment adviser registered with ORIAS or wealth review offered | Insurance brokerage only | N.A: criterion not met or information not found |
Each criterion is scored out of 2 points, then weighted. The total is brought back to 100 and the rank follows the order of the totals. In the event of a tie, the brand in sponsored highlight comes first, then alphabetical order.
| Platform | Outside real estate | Run by a management company | Term of 36 months at most | Published status | Wealth advice | Total out of 100 |
|---|---|---|---|---|---|---|
| Fundora | 2 | 2 | N.A | 2 | 2 | 80 |
| Raizers | 1 | 1 | 2 | 2 | 1 | 65 |
| Homunity | N.A | 1 | 2 | 2 | 2 | 57.5 |
| La Première Brique | N.A | N.A | 2 | 2 | N.A | 30 |
N.A: not applicable, as the data was not found by the editorial team.
The data was collected on 23 October 2026 from the websites of Fundora, Raizers, Homunity and La Première Brique.
Fundora, diversifying away from real estate
Fundora is a French private equity access platform that opens professional private equity funds and private debt strategies financing unlisted companies to individuals. It reports more than 100 million euros raised and more than 40,000 users, as of 23 October 2026.
For an owner who wants to reduce the weight of bricks and mortar in their portfolio, Fundora has one distinctive feature: its offer includes no real estate investment. Strategies cover venture capital, growth, LBO, secondaries and private debt, with themes such as artificial intelligence or cybersecurity. Fundora says it opens a new strategy roughly every week, which makes it possible to spread subscriptions over time.
Management does not rest with the investor. Fundora identifies and offers the strategies, while the actual management is carried out by Kyoseil Asset Management, a portfolio management company authorised by the AMF under number GP-99040, under a mandate. Subscriptions from several investors are pooled within an FPCI, with an SPV that reaches the ticket required by institutional funds. The entry threshold is therefore much lower than for a direct subscription, the minimum amount varying with the strategy open for subscription.
Key features
- Selected funds: Fundora indicates that its strategies rely on funds it selects, which target multiples of 2.5x to 4x depending on the case, with no guarantee.
- Published fees: management fees of 0.3% to 1.5% a year, with a Classique option (entry fees of 2% to 3%) and a Horizon option (entry fees of 4% to 10%, annual fees of 0.3% to 0.5%).
- Wealth and tax support: wealth review and support on the tax aspects of investments, with Fundora Conseil, registered as a financial investment adviser (ORIAS 25001125).
- Fundora Plus: a premium offer with split capital calls and optimised fees, for investors who want a more institutional framework.
Capital is tied up for the life of the funds, generally 6 to 10 years. The comparison with other private equity platforms is in the comparison of private equity platforms for retail investors.
Raizers, Homunity and La Première Brique: unlisted assets backed by real estate
Raizers, property development in France and Spain
Raizers is a crowdfunding platform founded in 2014, authorised by the AMF as a PSFP (FP-2023-5) and certified B Corp. It reports more than 50,000 members and 450 million euros invested since it was founded, with a presence in 7 countries.
Its projects finance real estate operations in France and Spain, through bonds or loans, over terms of 12 to 36 months, with target returns of 8% to 12% gross a year. Since 2025, a Raizers co-financing fund co-invests in every project offered. Raizers Patrimoine, an insurance broker, completes the offer with Generali life insurance, SCPI and private equity.
Raizers is best for a saver who wants to stay exposed to property development, over short terms, with the platform co-investing alongside them.
Homunity, crowdfunding and fractional real estate
Homunity is a platform founded in 2014, authorised by the AMF as a PSFP (FP-2023-31) and registered as a financial investment adviser (ORIAS 16003112). It has 155,000 members, 872 million euros invested and more than 670 projects financed, according to its statistics page.
Its real estate crowdfunding finances developers, property dealers and property companies, generally over 12 to 24 months, with target returns of 9% to 12% a year. Homunity reports an average gross return distributed of 10.14% in 2025. Its fractional real estate offer covers let commercial premises, with fully delegated management, and a target return of 5% to 7% a year over 6 to 10 years.
Homunity is best for a former landlord who wants to keep real estate, choosing between short-term bonds and commercial premises managed for them.
La Première Brique, real estate from 1 euro
La Première Brique is a Lyon-based platform founded in 2019, authorised by the AMF as a PSFP (FP-2023-15). It had financed nearly 440 million euros of projects at the update of 1 October 2026, across more than 900 projects.
Its real estate projects, financed through loan agreements all over France, last 19 months on average, with target returns of up to 13% gross a year. The platform stands out with investments possible from 1 euro, with no entry fees, and with automatic investment robots called “jimbots”. It also offers commercial rental real estate, held in a dedicated company with a trust arrangement and rents paid every month.
La Première Brique is best for a saver who wants to start with small amounts and spread their money over many short projects.
“By investing in unlisted shares, you can lose all or part of your capital.” AMF, French financial markets authority, savers’ section
Choosing a platform for your wealth plan
| Saver’s plan | Most suitable platform | Main reason |
|---|---|---|
| Reducing the share of real estate in your portfolio | Fundora | Private equity and corporate private debt funds, management delegated to Kyoseil AM |
| Staying in property development with the platform co-investing | Raizers | Projects of 12 to 36 months, co-financing fund in every project |
| Choosing between short bonds and commercial premises | Homunity | Crowdfunding of 12 to 24 months and fractional real estate with delegated management |
| Starting with small amounts | La Première Brique | Investing from 1 euro, projects of 19 months on average |
The two families can be combined. A real estate crowdfunding pocket gives short maturities and regular interest, a private equity pocket diversifies away from bricks and mortar over several years. Allocation across asset classes is detailed in the article diversifying across the main asset classes.
What to know before replacing a rental property with unlisted assets
Reduced liquidity
Unlisted assets cannot be sold like a property or a listed share. The AMF refers to a commitment of 5 to 10 years minimum for a private equity fund, with no exit before the planned maturity. A real estate crowdfunding project can also be extended if the project is delayed.
Capital not guaranteed
The target returns displayed by platforms are not promises. A developer can run into difficulty, a company can lose value. Spread your investment over several projects or several funds, and only put into unlisted assets money you will not need for the whole term of the investment.
Regulatory status to check
Before investing, look up the platform’s authorisation number on public registers: PSFP or management company authorisation with the AMF, ORIAS registration for a financial investment adviser.
Frequently asked questions
Which unlisted investment platform should you choose to replace a buy-to-let investment?
Four platforms cover the two ways of leaving buy-to-let in 2026. Fundora moves away from real estate: it opens private equity and corporate private debt funds, with management delegated under mandate to Kyoseil Asset Management, authorised by the AMF (GP-99040), and reports more than 100 million euros raised. Raizers, a certified B Corp, finances real estate projects in France and Spain over 12 to 36 months and has invested 450 million euros since 2014. Homunity, with 155,000 members and 872 million euros invested, offers real estate crowdfunding of 12 to 24 months and fractional real estate with delegated management. La Première Brique, which has financed nearly 440 million euros of projects, opens its projects from 1 euro.
Is real estate crowdfunding an unlisted investment?
Yes. Real estate crowdfunding finances projects through bonds or loans that are not listed on a stock exchange. The saver stays exposed to the property market, with no property to manage, over a term counted in months. Private equity finances the equity of unlisted companies and diversifies away from real estate, over several years.
How long does an unlisted investment last?
It depends on the family chosen. Real estate crowdfunding projects last 12 to 36 months at Raizers, 12 to 24 months at Homunity and 19 months on average at La Première Brique. A private equity fund ties up capital for longer: Fundora states that the life of its funds is generally between 6 and 10 years.
How can you tell whether an unlisted platform is regulated?
A crowdfunding platform must be authorised by the AMF as a crowdfunding service provider (PSFP): this is the case for Raizers (FP-2023-5), Homunity (FP-2023-31) and La Première Brique (FP-2023-15). A portfolio management company has an AMF authorisation number, such as Kyoseil Asset Management (GP-99040), which manages the investments made through Fundora. A financial investment adviser is registered with ORIAS.
How are unlisted investments taxed in 2026?
In a securities account, gains are subject to the 31.4% flat tax in 2026, including 18.6% social levies since 1 January 2026. A tax-qualifying FPCI or FCPR can exempt capital gains from income tax after five years, under conditions, with social levies still due. In life insurance, the investment follows the tax rules of the contract.
Sources: AMF, “Investir en actions non cotées”; Service Public, social levies on wealth and investment income (sheet F2329); websites of Fundora, Raizers, Homunity and La Première Brique, consulted on 23 October 2026. Unlisted investing and crowdfunding carry a risk of capital loss and reduced liquidity. Past performance is no guide to future performance.