Model Your Fund V Return Profile

Fund V has acquired 17 assets across three asset classes. Distributions have begun. Value-add execution is underway. Enter your target allocation and see projected returns in real time.

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0+Years operating
$0M+AUM
0+Properties managed
0M+SF under management
0+Pads managed

The Last-Check Advantage

Capital committed later in a fund's deployment cycle enters closer to the inflection point — nearer to stabilized NOI, observable value-add execution, and proximity to capital events. The result is a potentially shorter duration to distributions and, historically, a measurably higher IRR for later-entry partners.

In Fund I, last-check partners observed a 4.5% higher IRR compared to first-check partners — driven by entry timing and proximity to value creation milestones.

As of March 1, 2025, Fund V has acquired 17 assets across self-storage, manufactured housing, and small-bay industrial — diversified across multiple geographies. Distributions have commenced, and value-add execution is observable across the portfolio. First assets were acquired in December 2024.

New partners entering today step into a portfolio where the work has started, the thesis is being validated, and the path to NOI growth is measurable — not theoretical.

Fund I precedent
+4.5%
Higher IRR observed by last-check partners vs. first-check partners — driven by entry timing and proximity to capital events.
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17 assets acquired in Fund V as of March 2025
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LP distributions have commenced
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Value-add execution observable across portfolio
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Three asset classes, diversified geographies
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Zero unplanned capital calls in 17+ year history
17+ year track record
$0
Investor principal lost — ever. Zero unplanned capital calls. Capital safety is not a talking point; it is the foundation of every fund we have managed.
Return calculator

Projected Fund V Return Profile

Fund-level returns shown gross of all fees and promote. Class A-1 returns reflect projected LP distributions after the full waterfall, pre-tax.

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Fund level (gross of fees & promote) Class A-1 — projected net to LP (pre-tax) Delta
Year CoC % $ Distribution CoC % $ Distribution Fund vs. A-1
* Includes projected return of capital + exit event proceeds. Fund-level returns are gross of all fees, expenses, and GP promote. Class A-1 returns reflect projected LP distributions after management fees, fund expenses, and GP carried interest per the 80/20 to 50/50 waterfall. All returns are pre-tax, represent targeted base-case projections, and are not a guarantee of future results. Past performance is not indicative of future performance.

Class A-1 (modeled above)

80/20 LP/GP split up to 15% IRR, then 50/50 thereafter. Returns shown reflect projected LP distributions after this waterfall.

Class A-2

70/30 LP/GP split up to 15% IRR, then 50/50 thereafter. Request A-2 projections →

The delta column reflects the spread between fund-level gross returns and projected Class A-1 net-to-LP returns (pre-tax). This spread encompasses management fees, fund operating expenses, and GP carried interest. All figures are pre-tax and targeted. Actual results may vary based on share class, entry timing, and fund performance. This material does not constitute an offer to sell or a solicitation of an offer to purchase any security.

Explore Your Allocation

Speak directly with our investor relations team about Fund V, entry timing, and your portfolio objectives.

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