Fund X · Core II
Fund X · Core II
Stabilized, Income-Producing Real Estate with Low Leverage
Fund X is a parallel Core vehicle extending the platform's stabilized income exposure across additional geographies and asset types, underwritten with the same low-leverage discipline as Fund IX.
Strategy
The mandate.
Fund X operates as a parallel Core vehicle alongside Fund IX, acquiring stabilized, income-producing real estate with low leverage while diversifying the platform's exposure across additional geographies and property types. The strategy extends institutional-grade sponsor and tenancy relationships developed in Fund IX to a broader set of markets, allowing the platform to scale its Core income allocation without concentrating risk in any single region or sector. Distributions are underwritten on long-duration lease structures with conservative debt assumptions.
Focus Areas
- Complementary geographic diversification
- Sector-diversified stabilized holdings
- Long-duration lease structures
- Institutional-grade sponsor and tenancy
Fund Terms
Structure & economics.
| Term | Fund X |
|---|---|
| Target Fund Size | $1.102B |
| 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 X?
Request offering materials and speak with our investor relations team.