A steady core, a dose of upside.
Established stores deliver the recurring yield, the creation pocket brings the upside. A portfolio diversified by design, framed by concentration rules, relying on no single asset.
Two pockets, two complementary roles.
A portfolio made only of established stores would deliver a regular but limited return. A portfolio made only of new builds would offer strong potential, but later and less certain income. Breakwater combines both, in proportions set in advance.
Two thirds of the fund are invested in stores that are already profitable, with audited accounts. They generate cash flow from the day they are acquired: they are the foundation of the dividend.
One third of the fund finances the creation of a multitude of small niche stores. Each one costs little; stacked together, they build the upside potential. The model does not assume they all succeed: a one-in-four success rate is enough.
The allocation is a management rule, not an intention. The investment committee checks it at every acquisition, together with per-asset and per-sector limits set by the investment policy, and it is reported to shareholders every six months.
Few stores, carefully chosen.
Proven, profitable DTC stores, acquired directly, off-market and through a network of partners, then run end to end by TakeMyShop. They generate immediate cash flow: the foundation of the yield.
Our investment criteria are fivefold: revenue, gross margin, profitability, the stability of these indicators over time, and payback on the investment in about three years. A store that does not meet all of these criteria is not put to the committee.
The ticket ranges from €50k to €1M per store. Every file goes through a TakeMyShop pre-audit, then a business audit led by operators, before any letter of intent.
- —Verified revenue and gross margin
- —Profitability and stability over time
- —Payback on the investment: about 3 years
- —Ticket per store: €50k – 1M
A multitude of small assets.
Niche stores built through lucrazia.com for about €2k each. WooCommerce architecture, 100% organic customer acquisition, no inventory: each supplier order is placed after the customer has paid.
Stacking hundreds of positions dilutes the risk of any single site. Successes carry the upside; failures are built into the calculation from the outset.
Every site is tracked on its SEO, traffic and margin indicators. Those that fail to find their audience are closed; those that succeed are reinforced.
- —Cost per site: about €2k
- —Assumed success rate: 25%
- —Target margin of a success: €800 per month
- —Value of a success at 3 years: €15 – 25k
The allocation, pocket by pocket.
| Established pocket (⅔) | Creation pocket (⅓) | |
|---|---|---|
| Allocation | ⅔ of the fund | ⅓ of the fund |
| Sourcing | Direct acquisition, off-market, partner network | lucrazia.com |
| Ticket per site | €50k – 1M | €2k per site |
| Criteria | Revenue, gross margin, profitability, stability, payback in ≈ 3 years | 25% success · €800/month |
| Target yield | 15% per year distributed | ≈ 30% per year at run-rate (from Y4) |
| Role in the fund | The foundation of the dividend | The upside potential |
Sources: internal audit data · lucrazia.com (creation cost, success rate). Target yields are stated at pocket level, as used in the projection on the Returns page. Assumptions are not guaranteed.
Why one success in four is enough.
With a 25% success rate, it takes four builds on average to obtain one success. Compare the cost of those four sites with what a single success produces.
Derived from lucrazia.com assumptions: creation cost, success rate, target margin, value at 3 years. Assumptions are not guaranteed.
No single bet, a construction as a whole.
The strategy depends on no single store, no single sector and no exceptional success.
In the fund's projection, established stores distribute 15% per year. Weighted by their two-thirds share, that is around 10% for the fund as a whole, even if the creation pocket produced nothing.
Niche sites need time to rank in search. Their contribution is nil in the first year, then grows as successes take hold.
The model assumes a 25% success rate. The remaining three quarters are built into the calculation from the start: a site that fails does not call the strategy into question.
TakeMyShop shares tools, teams and methods across all the stores. What is learned on one site benefits the others.
Risks that are identified, measured and contained.
Risk management is built into every stage: before acquisition, during ownership, and in the very construction of the portfolio.
Two pockets, several sectors, dozens and then hundreds of assets: no single store carries the fund's return on its own.
The investment policy sets a limit per asset and per sector. The investment committee checks compliance before every acquisition.
Revenue, margin, traffic, return rates and delivery times are tracked every month. Any drift triggers an action plan and, if needed, a rebalancing decision.
Acquisitions are made in cash. No asset is exposed to bank debt or to the interest-rate risk that comes with it.
Risk spread along four lines.
Home, beauty, pets, sport and outdoor, wellness on one side; soft mobility, eco-friendly products, baby care, garden, health on the other.
Established stores, selected on their numbers, in the established pocket; hundreds of small positions in the creation pocket.
Acquiring proven stores and building new assets: two distinct risk profiles, two income timelines.
Direct acquisition, off-market deals and a partner network, with a systematic pre-audit.
Everyday consumption, in a portfolio.
Products bought, bought again and given as gifts all year round: the basis of steady revenue.
Everyday consumption, in a portfolio.
Products bought, bought again and given as gifts all year round: the basis of steady revenue.
A steady core, a dose of upside: established stores secure the dividend, creation brings the upside potential.
Why two thirds and one third?
Putting two thirds into established stores ensures the dividend rests first on assets that are already profitable. The creation third brings upside potential without putting the core at stake.
How are established stores selected?
On five criteria: revenue, gross margin, profitability, stability over time, and payback on the investment in about three years. Every file goes through a pre-audit, a business audit, then the investment committee.
What if a store deteriorates?
Its indicators are tracked every month. TakeMyShop puts an action plan in place; if the deterioration persists, the investment committee may decide to sell it or reallocate resources.
Can the fund concentrate on one sector?
No. The investment policy sets limits per asset and per sector, checked by the investment committee before every acquisition and overseen by the audit committee.
Where do the returns come from?
The dividend path from year one to year five, the contribution of each pocket, the valuation method, and the downside, target and upside scenarios.