AltherumAltherumAltherum · Opportunity Guide
Altherum brings selected real assets and private-market opportunities into one considered experience — where the object of the opportunity, the way you would participate and the path to get there are set out plainly.
Three ways to participate. One clear route to a conversation.
Why Altherum
Real assets and private markets reward attention. Altherum makes that attention easier to pay: a selected opportunity, a model chosen to fit it, and a coherent path to an informed conversation.
01
Each opportunity arrives with its object, its model and the reasoning behind it.
02
Direct ownership, a dedicated vehicle or a bond issuance — chosen for the opportunity.
03
What you would hold and what happens next are stated before anything is decided.
04
Presentation, documentation and ongoing information are brought together instead of scattered.
Start with the opportunity. The structure follows.
Three ways to participate
The model determines what you would hold. Altherum keeps the three apart, deliberately and visibly.
Co-own an exceptional physical asset.
Direct fractional ownership — no interposed vehicle
Share ownership of a carefully selected physical asset, with the object itself at the centre.
Current minimum participation: EUR 10,000 — Real Assets only.
Join a selected private transaction alongside a limited group.
Participation through a dedicated vehicle
Participation is organised through a vehicle dedicated to the individual transaction.
Subscribe to a selected private-bond issuance, digitally administered.
Issuance-specific terms; selected issuances use Luxembourg compartments
A controlled subscription journey around an issuance with its own terms.
| Model | What you hold | Minimum |
|---|---|---|
| Real Assets | Direct fractional ownership of the identified asset | EUR 10,000 (current) |
| Club Deals | Rights in the dedicated vehicle | Set for each transaction |
| Private Bonds | A bond position under the issuance terms | Set for each issuance |
Real Assets
Club Deals
Private Bonds
The EUR 10,000 minimum applies to Real Assets only. Club Deal and Private Bond minimums are set for each transaction or issuance.
Explore in depth
The comparison above sets out what each model means. Two chapters go further into the opportunities themselves. Open one at a time, or open both.
Co-own an exceptional physical asset.
Rights, availability and transfer conditions remain specific to each opportunity.
Join a selected private transaction alongside a limited group.
Rights, economics, transfer and exit are transaction-specific; liquidity and an exit are not guaranteed.
Real Assets
Property, art, rare gemstones, sporting history, collectible cards and exceptional cars belong to very different markets. What connects them is not a common return profile, but the importance of selection: authenticity, scarcity, provenance, condition, documentation and the depth of genuine demand.
For many collectors and private investors, the most compelling objects have traditionally required specialist networks, substantial tickets and operational expertise. Altherum’s Real Assets model is designed to present selected physical-asset opportunities through a structured digital participation framework. Availability, eligibility and the rights attached to every opportunity remain specific to its definitive materials.
In the Real Assets model the token corresponds to direct fractional ownership of the identified physical asset, with no interposed vehicle. Contracts, ownership records, eligibility and identity checks, safekeeping, insurance, transfer conditions and exit remain specific to each opportunity.
Family
Tangible assets whose value may depend on use, management, income or development, including real estate.
Family
Art, rare gemstones, sporting memorabilia, collectible cards and collector cars, where value is driven by scarcity, authenticity, provenance, condition, cultural relevance and depth of demand. A collectible is never described as income-producing unless the documents of the specific opportunity establish it.
Market observations
Market scale
USD 59.6bn
Estimated global art-market sales
Estimated global art-market sales in 2025, still below the 2022 peak.
As of: 2025 estimate, published 2026
Market turnover, not investor return.
Source: Art Basel & UBS — Global Art Market Report 2026 — market trends
Market direction
+4%
Global art-market sales growth in 2025
Estimated global art-market sales increased 4% year-on-year in 2025 to USD 59.6bn.
As of: Full-year 2025; published 2026
Market turnover estimate, not investment return. Growth was concentrated at the top of the market; sales remained below the 2022 peak.
Collector engagement
20%
Average share of wealth allocated to art
Average share of wealth allocated to art among active HNW collectors surveyed in 2025, against 15% in 2024.
As of: Survey year 2025
Surveyed active collectors; not HNW households generally. Survey-reported intent, not performance.
Three independent market observations, shown as published in three distinct roles — market scale, market direction and collector engagement. They are not combined into an index, they imply no causality, and none of them is an Altherum result, a forecast or a performance figure.
Tangible collectible
Art combines cultural meaning, physical scarcity and a global collector network. Yet ‘the art market’ is not one market: artist, period, medium, quality, provenance and condition can produce sharply different outcomes. The opportunity therefore begins with the work and its evidence, not with a headline index.
Value drivers
Evidence stack
Market-wide figures describe turnover and collector behaviour, never the outcome of an individual work.
Tangible collectible
Rare gemstones compress geology, craftsmanship and provenance into a portable physical asset. Paraíba tourmalines illustrate why apparently similar objects can occupy entirely different markets: copper-manganese chemistry, geographic origin, colour intensity, clarity, treatment, size and laboratory findings all matter.
Value drivers
USD 1,920 including premium
Bonhams, 2025 — one loose 10.99 ct Paraíba-type tourmaline accompanied by a GIA report.
Source: Bonhams — One loose tourmaline with GIA report, lot 3083
USD 1.408m
Sotheby's, 2026 — 7.70 ct AGL-certified Classic Brazilian Paraíba tourmaline, no clarity enhancement; estimate USD 350,000–550,000.
Source: Sotheby's — Superb unmounted Paraíba tourmaline, High Jewelry 2026
USD 4.223m
Christie's, 2025 — Tiffany & Co. necklace set with a 13.54 ct Paraíba-type tourmaline; design and provenance are inseparable from the result.
Source: Christie's — Christie's Magnificent Jewels achieves $46.5 million
Driver constellation
Each driver is assessed on the individual stone and its laboratory findings. Origin determination is itself a technical exercise; see GIA — Gems & Gemology — Paraíba tourmaline: geographic origin determination (Winter 2019).
Selected auction outcomes illustrate dispersion; they are not average prices, performance data or Altherum transactions.
Tangible collectible
Some objects derive value from the moment they witnessed. A jersey, pair of shoes or piece of equipment may combine scarcity with an athlete, an event and a story that can be independently documented. In this market, provenance is not supporting detail: it is central to the asset.
Value drivers
USD 10.1m
Sotheby's — Michael Jordan 1998 ‘Last Dance’ NBA Finals jersey.
Source: Sotheby's — Sports memorabilia
USD 9.3m
Sotheby's — Diego Maradona ‘Hand of God’ shirt.
Source: Sotheby's — Sports memorabilia
USD 1.47m
Sotheby's — Michael Jordan rookie-year Air Ships.
Source: Sotheby's — Sports memorabilia
Chain of evidence
Selected records, not representative prices, and not Altherum transactions.
Tangible collectible
Pokémon transformed a mass cultural product into a global collecting category. The strongest objects are not simply old cards: value concentrates around edition, print history, condition, certified grade, population and cultural importance. Digital marketplaces and professional grading have made evidence easier to compare, but counterfeit risk, regrading, market concentration and price volatility remain material.
Value drivers
USD 550,000
Heritage Auctions, December 2025 — First Edition Base Set Charizard, PSA Gem Mint 10.
Source: Heritage Auctions — $550,000 PSA 10 Charizard breaks record (December 2025)
USD 1.406m
Heritage Auctions, March 2026 — Pikachu Illustrator, PSA Mint 9.
Source: Heritage Auctions — PSA Mint 9 Pikachu Illustrator draws record $1.4 million (March 2026)
From card to collectible
Auction records are demand signals, not a return series. The reporting auction house has a commercial interest in the outcomes it publishes.
Tangible collectible
Collector cars sit at the intersection of engineering, design, history and experience. Demand is increasingly selective: exceptional cars with the right specification and documentation may attract global competition, while less rare models can remain flat and restoration costs may not be recovered.
Value drivers
USD 9.2m
A 1995 Ferrari F50 sold during Monterey Car Week 2025 — a standout result in a mixed market, not evidence of broad appreciation.
Source: Knight Frank — Luxury Investment Index — luxury holds steady
Originality ledger
A single standout result is not a market trend, an average price or an Altherum transaction.
Tangible assets demand more than a compelling story. Ownership, authenticity, provenance, condition, valuation, safekeeping, insurance, transfer conditions and a credible realisation path must be understood together. Altherum is designed to organise those elements around selected opportunities and make the participation journey clearer for eligible participants.
The existence of a category in this guide does not indicate that an opportunity is currently available. Every opportunity is governed by its own approved materials, eligibility conditions and participation terms.
Explore a specific opportunityClub Deals
Club Deals bring a defined group of participants around one private transaction. Instead of buying exposure to a broad portfolio, participants assess a single company, property or strategic situation, the people responsible for it and the terms designed for that opportunity.
The appeal is focus. The work is selection. A compelling asset or business plan is only the beginning: sourcing, diligence, structure, governance, alignment, reporting and a credible exit route determine whether access becomes an investable proposition.
Altherum's Club Deal model is designed to organise those elements through a dedicated vehicle and a digitally administered participation framework. Rights and economics remain defined exclusively by the documents of the specific transaction.
Participation is through a vehicle dedicated to the transaction. The token represents the rights defined by that vehicle and the transaction documents; it is not a direct title over the company or the property unless the definitive structure expressly provides for it. Economics, governance, voting and approval rights, reporting, records, capital calls, minimum, transfer restrictions and exit are specific to each transaction.
The token supports administration. It creates no liquidity, it does not guarantee transferability and it does not create an exit.
Collaboration is the dominant pattern
69%
Recorded transactions classified as Club Deals
Share of the transactions captured in PwC's proprietary family-office deals database classified as Club Deals in H1 2025, against 58% in H2 2015 and a peak of 75% in H1 2023.
Period: H1 2025 (series from H2 2015)
Recorded transaction structure — not performance and not comprehensive market coverage.
Source: PwC — Global Family Office Deals Study 2025 PwC's proprietary family-office deals database — recorded transactions, not market totals.
39%
Real-estate share of recorded deal activity
Real-estate share of family-office investment activity recorded by PwC in H1 2025, against 26% in H2 2023.
Period: H1 2025 vs H2 2023
Share of recorded deal activity — not portfolio allocation and not return.
Source: PwC — Global Family Office Deals Study 2025 PwC's proprietary family-office deals database — recorded transactions, not market totals.
63% / 75%
Self-reported internal gaps
Respondents identifying internal gaps in deal sourcing (63%) and in private-market analytics (75%) in BlackRock's 2025 survey of 175 family offices.
Period: Survey year 2025
Self-reported survey; the source has a commercial interest. Not evidence that a club structure closes these gaps.
Source: BlackRock — 2025 Global Family Office Survey Self-reported survey of 175 family offices; the publisher has a commercial interest.
Three separate observations, each shown as published. They are not combined, and none of them indicates that a club structure resolves the gaps a survey reports.
Club versus sole participation, as recorded
H1 2025: 69% of recorded transactions were structured as Club Deals; the remainder were sole participations.
Share of transactions recorded in PwC's proprietary family-office deals database, by structure. Three published observations, not a continuous series, not market coverage and not performance.
Source: PwC — Global Family Office Deals Study 2025 PwC's proprietary family-office deals database — recorded transactions, not market totals.
A Club Deal gives participants the ability to consider one thesis on its own merits. It can create a direct line of sight to the underlying asset, sponsor, capital structure, governance and proposed outcome — while allowing expertise and capital to be brought together around a transaction that may be difficult to access individually.
One identified opportunity, not a blind pool.
Capital and relevant expertise brought together around a transaction-specific vehicle, subject to qualification, allocation and execution.
Information, approval and reserved-matter rights for the dedicated vehicle.
Thesis, business plan, reporting and intended exit held within one framework.
Collaboration does not eliminate concentration, execution, governance, counterparty or liquidity risk, and the rights attached to participation vary by transaction.
A building, a portfolio, a development site or a repositioning project each converts a general market view into a plan that can be examined: what is owned, who occupies it, what it costs to hold, what would have to change and over what period. That is why asset-level specificity matters more than a sector opinion.
Recorded activity points to selective re-engagement rather than a universal recovery: capital has returned to particular segments and particular quality tiers, while other stock has not recovered.
Recorded activity
Scale: Deal count
A count of recorded transactions. A count is activity, never performance.
Source: PwC — Global Family Office Deals Study 2025 PwC's proprietary family-office deals database — recorded transactions, not market totals.
McKinsey reports stronger office transaction volumes concentrated in Class A assets, while lower-quality stock remained distressed — selective re-entry, described in volumes rather than prices or returns. Source: McKinsey & Company — Global Private Markets Report — Real Estate Commentary on transaction volumes and selective re-entry — not prices or returns.
PwC figures come from its proprietary family-office deals database and are not market totals. Apartment figures are a deal count; development-site figures are aggregate transaction value; the two are never shown on the same axis. McKinsey describes transaction volumes and selective re-entry, not prices or returns.
Standing assets where occupancy, lease profile and cost base carry the plan.
Assets whose use, quality or tenancy would have to change for the plan to work.
Sites where planning, construction and absorption define the outcome.
Positions where legal, financing or restructuring conditions shape the opportunity.
These lenses are explanatory. They are not live offerings and indicate no current availability.
Concentration and execution remain: tenant, lease and local-market exposure; cost and exit-timing exposure; planning, construction and absorption exposure; legal, environmental, financing and restructuring exposure. A single-asset vehicle concentrates the outcome in one plan, one sponsor and one market.
Outside property, the same discipline applies to businesses: the thesis, the people responsible for it, the structure through which participation occurs and the evidence behind each of them.
Capital directed at an identified expansion plan in an established business.
Examined through
Unit economics, funding needs, competitive position, management depth, dilution.
A change of ownership or generation in a private company.
Examined through
Ownership terms, continuity of management, governance rights, minority protections.
An acquisition whose logic depends on integration rather than price alone.
Examined through
Integration plan, synergy evidence, financing structure, execution capability.
Positions shaped by legal, financing or restructuring conditions.
Examined through
Legal position, creditor and counterparty exposure, timing, recovery assumptions.
Archetypes are illustrative of how transactions are examined. They indicate no current availability.
Asset-level plan and its dependencies
What is acquired and on what terms.
A dependency map, not a return curve. Each stage depends on the one before it and on conditions outside the participant's control.
Six layers, examined in order.
A Club Deal is assessed layer by layer. Each layer carries its own exposure, and none of them is removed by the presence of the others.
The token supports administration. The transaction documents define the investment.
01
A specific transaction, not a theme.
02
What has to be true, and what happens if it is not.
03
Legal, financial, tax, technical and operational, to the extent the transaction warrants.
04
Vehicle, governance, economics, records and transfer restrictions for that transaction.
05
Eligibility and the required identity checks are completed before participation.
06
Documented rights are put in place and administered digitally.
07
Progress and material developments are reported as the documents provide.
08
The contemplated route is pursued when conditions permit.
The most attractive private transactions often begin with privileged access, but they become investable only through disciplined selection, clear alignment and documents that connect the underlying thesis to the participant's actual rights.
Altherum brings the opportunity, dedicated structure and digital administration into one coherent journey for eligible participants. Every Club Deal remains a concentrated, transaction-specific investment whose capital, timing, transferability and outcome may be at risk.
Discuss a specific Club DealBefore you participate
A token is an administrative layer; it does not by itself define your rights. Six plain questions frame any Altherum conversation.
01
What is the underlying asset, transaction or issuance?
02
What would I hold?
03
Why was this participation model chosen?
04
What are the principal economics and costs?
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What are the main risks and time horizon?
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What is the intended exit or repayment path?
The answers are specific to each opportunity and come from its own documents.
Opportunity room
Where an opportunity room is provided, it brings the approved material together in six categories.
The asset, transaction or issuance concerned.
The participation model and the rights it establishes.
The material available for the opportunity at that stage.
The commercial terms and the costs that apply.
The risk factors and dependencies identified.
The expected horizon and the route out, where one is described.
Access to information does not confirm eligibility, allocation or acceptance.
How it works
01
Understand the opportunity and the participation model that applies to it.
02
Tell us what interests you and begin the relevant conversation.
03
Consider the key information and obtain independent advice where appropriate.
04
Complete the applicable steps and access ongoing information.
The sequence may vary, and no digital step overrides the applicable documents or law.
Risk, transfer and exit
Capital may be at risk, valuations may be uncertain and transfers may be restricted. Liquidity may be limited or unavailable.
Independent professional advice may be appropriate.
The Altherum experience
Altherum is a brand of CGPH Asset Management SAS. It selects, structures, presents and digitally administers participation frameworks for each opportunity.
Context, object and the reasoning behind the model, presented together.
Documentation and records are supported digitally throughout.
A qualified conversation precedes participation.
CGPH Banque d'affaires is a separate sister company that may support the identification or origination of relevant opportunities; any involvement is stated in that transaction's materials.
Questions
Ask about this guide
Answers come only from the content of this page. It gives no investment, legal or tax advice, no suitability assessment, no availability, allocation, pricing or performance information, and it does not create an engagement.
Next step
If you would like to understand the participation model, the documentation and the path for a specific Altherum opportunity, start a conversation.
info@altherumtokenization.com
Related institutional materials
Altherum is a brand of CGPH Asset Management SAS, RCS Nanterre 106 533 920. This guide is provided for general information only. It is not an offer, solicitation, investment recommendation, suitability assessment or legal, tax or investment advice, and it does not invite investment in Altherum or CGPH Asset Management SAS equity. Participation in any opportunity is subject to eligibility, KYC, definitive documents and applicable law. Rights, risks, costs, transfer restrictions, record arrangements and exit or repayment mechanics are specific to each opportunity. Capital may be at risk; liquidity may be limited or unavailable.
CGPH Asset Management SAS — RCS Nanterre 106 533 920