Fund II · Commercial
Fund II · Commercial
Commercial Development Land
Entitled commercial land positioned to serve the retail, office, and mixed-use demand that follows Sun Belt residential growth.
$1.020BTarget Fund Size
20–28%Target Net IRR
9%Preferred Return
Strategy
The mandate.
Fund II acquires and entitles commercial land in emerging growth nodes — retail, office, hospitality, and mixed-use pads that follow rooftops. The strategy concentrates on corridors and intersections where residential absorption is creating durable commercial demand, delivering approved pads to commercial developers and end users.
Focus Areas
- Retail and mixed-use pad delivery
- Office and hospitality land
- Growth-node intersections and corridors
- Commercial developer offtake
Fund Terms
Structure & economics.
| Term | Fund II |
|---|---|
| Target Fund Size | $1.020B |
| 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 |
Terms shown are indicative and are qualified in their entirety by the fund's definitive offering documents, available to qualified investors.
Interested in Fund II?
Request offering materials and speak with our investor relations team.