Real Estate
We originate and shape distinctive projects at the convergence of place, design, hospitality, infrastructure and the way people will live and work tomorrow.
The Private Circle Berlin · An Independent Investment House
Where accessbecomesopportunity.
We originate and shape exceptional opportunities across real estate, private equity and art — at the intersection of capital, creativity and trusted international relationships.
For globally minded private investors, families and entrepreneurs seeking relevance beyond the visible market.
BerlinNorthern GermanyMallorcaLisbonMarrakechDubaiBangkok
The Circle
Capital is global.
Access is personal.
The opportunities that matter most are rarely advertised. They emerge through trust, timing and the ability to bring the right people together before a wider market takes notice.
Our circle reaches into business, investment, politics, culture and international society. Built over decades and across continents, these relationships open conversations and create possibilities that remain inaccessible through conventional channels.
The Private Circle is not a brokerage and does not trade in interchangeable assets. We originate, curate and structure selected real estate ventures, entrepreneurial participations and cultural opportunities — combining local intelligence, international capital and a distinctly personal level of discretion.
Proprietary accessLong-term alignmentCreative intelligenceInternational reach
Our Focus
Investing
beyond convention.
We pursue situations where access, imagination and informed execution create value that capital alone cannot unlock.
Private Equity
We partner with entrepreneurs, families and co-investors in selected growth, transformation and succession situations — contributing perspective, relationships and execution beyond capital.
Art & Culture
We connect collectors, artists and cultural voices through considered acquisitions, private encounters and initiatives that unite creative relevance with lasting value.
Coming soon
REAL ASSETS.
NEW ACCESS.
The future of investing is becoming digital.
The Private Circle is developing a new approach to exceptional real-world assets — bringing together carefully selected opportunities in real estate, energy, infrastructure and blue-chip art with the possibilities of digital ownership, tokenization and artificial intelligence.
A new generation of access to real value.
Curated by The Private Circle.
Powered by technology.
Built around real assets.
Our Geography
Seven places.
One circle.
These are not markets observed from a distance. They are places in which we have lived, worked and built trusted access over many years.
01 / 07
Berlin
A European centre of transformation where politics, capital, culture and ideas converge. Our home for discreet dialogue and carefully originated opportunities.
The Principals
Global perspective.
Personal conviction.
Two complementary perspectives united by entrepreneurial judgment, discretion and a belief that the strongest opportunities begin with trust.
Co-Founder & Managing Partner
Thorsten Wulfes
Relationships · Real Estate · Hospitality · Culture
An international real estate and hospitality entrepreneur with more than three decades of experience across Europe, the United States, Morocco and Southeast Asia. Thorsten originates opportunities, develops distinctive concepts and connects local potential with international decision-makers and capital.
Co-Founder & Managing Partner
Thomas Falk
Investment · Structuring · Finance · Execution
Thomas brings extensive experience in real estate investment, private wealth and entrepreneurial opportunities in Germany and Portugal, including senior responsibility within Deutsche Bank Private Wealth Management. He translates access and ideas into robust investment structures and disciplined execution.
The Operating Platform
F2 Partners GmbH
The entrepreneurial platform behind The Private Circle. F2 Partners originates, structures and develops selected ventures across real estate, infrastructure, energy transformation and private enterprise — turning privileged insight into investable, future-facing opportunities.
The Private Circle is powered by F2 Partners GmbH
By private introduction
Some opportunities begin with a single conversation.
We engage selectively with private investors, families, entrepreneurs, property owners, artists and trusted advisers whose perspective and ambition align with ours. Every conversation is personal and discreet.
Enter theconversation
Northern Germany / Heide · Perspectives
Beyond Energy.
From renewable energy to lasting regional value. In this white paper, Thorsten Wulfes explores how the Heide region could connect energy infrastructure, industry, research and entrepreneurship to shape its next chapter.
The perspective reaches beyond energy production: towards an ecosystem in which digital infrastructure, artificial intelligence and sustainable industry create new opportunities for collaboration and long-term investment.
Energy as a foundation
Renewable energy as a strategic resource for industrial transformation and regional competitiveness.
Innovation through connection
Bringing businesses, researchers, public institutions and international partners into a shared conversation.
A campus for collaboration
The proposed Green Energy Park Region Heide as a place for knowledge exchange, entrepreneurship and new partnerships.
Selected Project · Green Energy Park Region Heide
Architecture as a statement
Where energy,
innovation and
community meet.
The Green Energy Park is conceived as more than a campus. It is a place where ecological responsibility, technological innovation and human encounter form one connected environment.
Located directly on the A23 in the emerging industrial and energy corridor around Heide, the project brings together offices and co-working, research and laboratories, conference and exhibition spaces, gastronomy, service areas and hydrogen applications. A digital twin extends the physical campus into an intelligent platform for communication, simulation and visibility.
The architectural concept by Willen Associates Architekten translates sustainability into a distinctive identity. Modular timber-hybrid construction, passive building principles, recyclable materials and renewable systems including solar, PVT and geothermal energy are combined with a walkable roofscape, urban-farming areas and a generous landscaped courtyard conceived as the social heart of the campus.
Clear, open and adaptable, the architecture gives form to the project’s central idea: a locally rooted place with international relevance, designed to bring companies, researchers, institutions and people together.
Approx. 8,000 m²Planned gross floor area
Heide, GermanyEnergy and industry corridor
Willen AssociatesArchitecture and design
Marrakech / Morocco · Perspectives
Where capital,
culture and access
converge.
Morocco’s next chapter brings together cultural depth, international connectivity and a changing investment landscape. Our white paper explores two complementary perspectives: Marrakech’s distinctive hospitality, real estate and collector economy, and Tangier’s infrastructure-led growth.
Informed by Thorsten Wulfes’ lived professional experience in Marrakech, The Private Circle’s approach centres on selective origination, trusted relationships and disciplined assessment of long-term value.
Marrakech: capital meets culture
Distinctive riads, private residences and experience-led hospitality at the intersection of design, art and enduring scarcity.
Tangier: capital meets infrastructure
A complementary perspective on logistics, industry and connectivity, and the urban demand they can create.
The long view
Looking beyond 2030 to assets supported by lasting demand, with local access grounded in independent due diligence.
Bangkok / Thailand · Perspectives
Before the
world arrives.
Bangkok’s cultural landscape is entering a new chapter. In this personal white paper, Thorsten Wulfes reflects on twenty-five years of experience in the city and the convergence of private collecting, ambitious institutions, architecture and international exchange.
From Dib Bangkok and Bangkok Kunsthalle to Khao Yai Art Forest, the perspective explores how an art scene becomes an ecosystem — and how sustained relationships offer a deeper understanding of the people and ideas shaping its future.
From collections to institutions
Private conviction taking public form through museums, cultural platforms and long-term patronage.
Art, architecture and place
A dialogue between contemporary art, the memory of the city and the possibilities of landscape.
Access through continuity
Personal encounters and relationships built over decades, connecting art, hospitality, business and private collecting.
Mallorca & Ibiza
A place in the circle.
For thirteen years, Mallorca and Ibiza were home to Thorsten Wulfes and his family. During those years, he became part of the islands’ international community, building lasting relationships with entrepreneurs, families, collectors and investors whose lives and interests extend far beyond the islands.
That experience offers a perspective shaped by participation. Knowing a place means understanding its nuances: how trust develops, how decisions are made and why the most meaningful conversations often happen in private.
His relationships grew through shared experiences, personal introductions and years of being present. Recognition came naturally within those circles. Discretion was part of belonging.
Today, those connections inform The Private Circle’s approach to Mallorca and Ibiza — bringing together people, places and opportunities through an understanding earned over time.
Some doors open because people know who you are.
Berlin
Where relationships
become opportunity.
Berlin brings capital, politics, enterprise and culture into close proximity. Understanding the city requires more than knowing its institutions. It requires knowing the people behind them, the conversations taking shape and the relationships through which ideas move forward.
Thomas Falk and Thorsten Wulfes bring that understanding to The Private Circle. Their approach combines commercial judgement with trusted access across business, political and cultural circles — connecting people and opportunities with discretion, purpose and a long-term perspective.
Off-market real estate
Opportunity before visibility.
Some of Berlin’s most compelling real estate opportunities emerge well before a formal sales process begins. They develop through private conversations with owners, developers, investors and families considering the future of their assets.
The Private Circle provides access to this less visible landscape: selectively introduced properties, development opportunities and situations in which the right partner can help unlock an asset’s potential.
Our role extends beyond an introduction. We bring people together around a credible proposition, explore the alignment between ownership and capital, and help shape the commercial conversation. Value begins with understanding what each party wants to achieve — and recognising where those ambitions can meet.
Private equity & strategic transactions
The right counterpart changes the possibilities.
Businesses rarely reveal their most consequential decisions in public. A founder considering succession, a shareholder seeking a strategic partner or an entrepreneur exploring an acquisition may begin with a confidential conversation rather than a market announcement.
Through their relationships, Thomas Falk and Thorsten Wulfes connect selected investors and entrepreneurs with privately discussed opportunities in company participations, growth partnerships, acquisitions and mergers.
The emphasis is on fit: the right capital, the right expertise and the right people around the table. A transaction becomes more compelling when the parties share an understanding of its purpose, its structure and the future they intend to build.
The Private Circle creates the conditions for those conversations, with discretion throughout and specialist advisers involved where the transaction requires them.
Political & institutional connections
Understanding the context.
Reaching the right people.
Berlin’s political environment has its own language, rhythms and relationships. For businesses and investors, understanding that environment can be essential to assessing a project, explaining an ambition or identifying the right institutional counterpart.
Thorsten Wulfes and Thomas Falk are connected within Berlin’s political and business circles, with personal access to decision-makers and people who help shape the wider conversation.
This access enables informed dialogue. It helps bring a well-prepared proposition to the appropriate audience, establish context and create opportunities for substantive exchange.
Credibility matters in these rooms. Relationships open the conversation; preparation, integrity and the strength of the proposition determine what follows. The Private Circle approaches this responsibility with the judgement and discretion that enduring trust demands.
Art & private encounters
A different quality of conversation.
Berlin’s cultural life creates a meeting ground for people whose interests span collections, companies, institutions and ideas.
The Private Circle brings selected guests together through invitation-only art events, private gatherings and carefully considered encounters. Collectors, artists, entrepreneurs, investors and cultural figures meet in settings that encourage curiosity and conversation.
The guest list is part of the curation. So are the setting, the subject and the freedom to speak without the pressure of a public platform. A private viewing, an intimate dinner or a conversation around an artist’s work can create a connection that develops naturally into a friendship, collaboration or business relationship.
These occasions reflect the character of the Circle: culturally engaged, internationally connected and attentive to the people who make an encounter meaningful.
The Private Circle in Berlin
Access with judgement.
Thomas Falk and Thorsten Wulfes bring together complementary relationships and experience to connect private capital with opportunities across real estate, enterprise and culture.
Their value lies in knowing whom to approach, understanding why a connection matters and recognising when the moment is right. Every introduction carries a responsibility to the people on both sides.
For The Private Circle, access is the beginning. The ambition is to turn that access into trusted relationships, well-considered opportunities and lasting value.
Lisbon
A perspective from within.
For Thomas Falk, Lisbon is home. His perspective on the city is shaped by living there — through personal relationships, everyday encounters and an understanding of how its international community connects with Portuguese life.
Lisbon brings together established families, entrepreneurs, investors and people building their next chapter across borders. Within that community, trust develops through presence, shared experience and introductions that carry personal weight.
Thomas approaches the city from within. Living there gives him continuity: the opportunity to follow conversations over time, understand people’s intentions and recognise when a connection could become meaningful.
That perspective informs The Private Circle’s approach to Lisbon. Across real estate, enterprise and private investment, the starting point is a relationship and an understanding of what the people involved want to achieve. Opportunities can emerge quietly — through an owner considering a new direction, an entrepreneur seeking a partner or a family exploring where to invest next.
Thomas’s presence provides a personal point of connection between Lisbon and the Circle’s wider international relationships. It allows conversations to develop naturally, with discretion and the patience that lasting partnerships require.
For The Private Circle, Lisbon is a place of ongoing involvement, informed by someone who calls it home.
The strongest connections grow where life is lived.