The Funds
The Funds
$25.485B across 23 vintage-diversified strategies.
LimeStone's 23 funds span two vintages — 23 funds across the 2026 land-assembly and 2028 real estate strategies, supported by dedicated Operations and Reserve vehicles that power entitlement, technology, land banking, and LP co-investment across the platform.
Investment Funds
Twenty-three complementary strategies across two vintages.
2026 Vintage · Investment Funds · 8 Funds
Fund I
$2.564B
Residential and Master-Planned Community Land Assembly
The platform's flagship strategy: assembling and entitling residential and master-planned community land in the highest-growth suburban corridors of the Sun Belt.
Residential MPC →
Fund II
$1.020B
Commercial Development Land
Entitled commercial land positioned to serve the retail, office, and mixed-use demand that follows Sun Belt residential growth.
Commercial →
Fund III
$1.680B
Industrial, Logistics, and Technology Infrastructure Land
Large-format industrial and logistics land near freight, power, and population — the physical foundation of modern supply chains and data infrastructure.
Industrial →
Fund IV
$1.770B
Urban Infill and Transit-Oriented Development Land
Infill and transit-adjacent land inside established growth cities, where scarcity and density create outsized entitlement value.
Urban Infill →
Fund V
$880M
Premium Waterfront and Resort Destination Land
Scarce, irreplaceable waterfront and resort-destination land entitled for premium residential and hospitality use.
Waterfront →
Fund VI
$970M
Public-Private Partnership Land Development
Land development delivered in partnership with public entities, aligning municipal growth objectives with institutional capital.
Public-Private →
Fund VII
$1.050B
Land Development Infrastructure Financing
Financing the roads, utilities, and public improvements that convert entitled land into buildable communities.
Infrastructure →
Fund VIII
$560M
Opportunity Zone Land Development
Qualified Opportunity Zone land development, pairing community impact with tax-advantaged institutional capital.
Opportunity Zone →2028 Vintage · Investment Funds · 7 Funds
Fund IX
$1.102B
Core I — Stabilized Income Real Estate
Stabilized, income-producing real estate assets with low leverage, delivering durable current yield across institutional-quality holdings.
Core →
Fund X
$1.102B
Core II — Stabilized Income Real Estate
A parallel Core vehicle diversifying across geography and asset type, extending the platform's stabilized income exposure at scale.
Core →
Fund XI
$735M
Core-Plus — Light Value-Add
Stabilized assets with light value-add repositioning and modest leverage, capturing yield with incremental upside.
Core-Plus →
Fund XII
$1.102B
Value-Add — Repositioning & Operations
Repositioning and operational improvement of real estate assets at moderate risk, unlocking value through active management.
Value-Add →
Fund XIII
$1.102B
Growth — Operators & Platforms
Growth equity deployed into scaling real estate operators and vertically integrated platforms building the next generation of the sector.
Growth →
Fund XIV
$1.469B
Opportunistic — Development & Distress
Higher-risk ground-up development, distressed acquisitions, and high-return situations where our operating platform creates asymmetric outcomes.
Opportunistic →
Fund XV
$735M
Special Situations — Event-Driven
Complex, dislocated, and event-driven real estate investments requiring bespoke structuring, specialized underwriting, and execution rigor.
Special Situations →Operations Funds · 4 Funds
Ops I
$749M
Operations Fund I — Land Management & Entitlement Operations
Funds LimeStone's land management platform, entitlement processing, and specialized human capital across the 2026 investment portfolio.
Vintage 2026
Ops II
$750M
Operations Fund II — Technology, GIS & Planning Systems
Capitalizes technology infrastructure, GIS and planning systems, and government relations that de-risk and accelerate entitlements platform-wide.
Vintage 2026
Ops III
$524M
Operations Fund III — Land Management & Entitlement Operations
Extends the operations platform into the 2028 vintage — land management, entitlement operations, and human capital scaled for the stabilized-and-growth strategy set.
Vintage 2028
Ops IV
$525M
Operations Fund IV — Technology, GIS & Planning Systems
Technology, GIS, planning systems, and government relations capitalized for the 2028 vintage's institutional real estate strategies.
Vintage 2028Reserve Funds · 4 Funds
Reserve I
$1.498B
Reserve Fund I — Land Banking, Acquisition & Entitlement Reserve
Dedicated land banking, opportunistic acquisition, and entitlement reserve capital for the 2026 investment vehicles.
Vintage 2026
Reserve II
$1.500B
Reserve Fund II — LP Co-Investment & Redemption Reserve
Reserve pool funding LP co-investment sleeves and structured redemption support across the 2026 fund family.
Vintage 2026
Reserve III
$1.049B
Reserve Fund III — Land Banking, Acquisition & Entitlement Reserve
Land banking, acquisition, and entitlement reserve capital dedicated to the 2028 vintage investment funds.
Vintage 2028
Reserve IV
$1.050B
Reserve Fund IV — LP Co-Investment & Redemption Reserve
LP co-investment and redemption reserve capital dedicated to the 2028 vintage — supporting orderly liquidity and follow-on sizing.
Vintage 2028Shared Terms
One investor-aligned structure across every fund.
LimeStone's investment funds share the same core economic and governance terms.
| Term | Structure |
|---|---|
| Structure | Delaware limited partnership |
| Preferred Return | 9%, compounded |
| Carried Interest | 20% above the 9% preferred, with 100% GP catch-up |
| GP Commitment | 2% of committed capital |
| Distribution Waterfall | European, whole-fund |
| Minimum LP Commitment | $2,000,000 |
| Target Net IRR | 20–28% |
| Leverage | 40–55% LTV (raw) / 50–60% LTV (entitled) |
| Investment Period | 5 years |
| Fund Term | 10 years, plus two 1-year extensions |
Request the full fund materials.
Detailed offering documents are available to qualified investors through our investor relations team.