London, 17 December 2025 – RoundShield, the European private credit and tactical opportunities arm of Harrison Street Asset Management, is pleased to announce the successful exit of its investment in the leading German and Swiss campsites platform Lodgyslife. RoundShield originally provided a €50 million senior secured facility to support the expansion of the independent operator in a highly fragmented and under-institutionalised sector.
The capital solution enabled the acquisition and integration of a high-quality portfolio of campsites across southern Germany, contributing to the continued growth of one of the DACH region’s largest independent platforms. The business and its camping destinations has since been acquired by private-equity-backed pan-European operator First Camp as part of a strategic partnership, allowing RoundShield to fully exit its position.
The investment generated strong returns to RoundShield’s investors, delivering a gross IRR of 32.5% and a gross multiple of 1.7x.
Max Leeb, Partner at RoundShield, commented: “We are pleased to have supported this outstanding team in expanding a highly successful platform from its Swiss home market into Germany. This transaction reflects our focus on opportunities underpinned by strong fundamentals and where tailored capital solutions can unlock value.”
René Müller, Co-Founder and CEO of Lodgyslife, commented: “When we initiated our buy and build strategy in the German-speaking camping market five years ago, we were the only institutionally minded company establishing such a platform. We anticipated that once the first institutional investor recognised this, broader interest would follow. RoundShield were the first to not only recognise the opportunity but to commit to it. Our repayment of RoundShield’s investment now underscores the significant and expanding institutional interest in our sector.”
This represents the first exit for RoundShield’s Fund V, which held its final close in September 2024, and underscores RoundShield’s ability to generate liquidity through market cycles via disciplined structuring and partnership with strong counterparties.