According to the Irish Times, everything seems to have gone wrong for them. The fund’s first investment, an office block in Germany, went awry after the tenant made extensive changes to the building before going bust, costing Bipep a small fortune to put right when it got the keys back. It then switched focus to the US. It embarked on a risky foray into the Detroit abandoned homes market, which has blown up in the fund’s face in recent years. City rules clamping down on lead-based paint, following a drinking water crisis, required the replacement of doors and windows in scores of its properties, wiping out millions on these and other repairs. Its remaining 70 houses are now for sale in lots of 10 at a time.