Fund XIV · Opportunistic
Fund XIV · Opportunistic
Higher-Risk Development, Distressed, and High-Return Situations
Fund XIV pursues higher-risk ground-up development, distressed acquisitions, and high-return situations where the platform's operating capability creates asymmetric outcomes.
Strategy
The mandate.
Fund XIV is the platform's highest-conviction, highest-return vehicle, pursuing ground-up development, distressed-note and REO acquisitions, and recapitalization opportunities that require both capital and operating intensity to execute. The strategy concentrates positions where dislocation, complexity, or capital scarcity has created outsized return potential, relying on the platform's underwriting discipline and execution capability to convert higher risk into asymmetric outcomes for investors.
Focus Areas
- Ground-up development
- Distressed-note and REO acquisitions
- Recapitalization opportunities
- Concentrated conviction positioning
Fund Terms
Structure & economics.
| Term | Fund XIV |
|---|---|
| Target Fund Size | $1.469B |
| 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 XIV?
Request offering materials and speak with our investor relations team.