Fund XII · Value-Add
Fund XII · Value-Add
Repositioning, Operational Improvement, Moderate Risk
Fund XII repositions and operationally improves underperforming real estate assets, unlocking value through active management at a moderate risk profile.
Strategy
The mandate.
Fund XII targets real estate assets in need of physical repositioning and operational improvement — underperforming multifamily, office, and retail properties where active management, renovation, and re-leasing can materially improve net operating income. The strategy concentrates on select sub-sectors where the platform has demonstrated repositioning expertise, underwriting to a mid-teens to high-teens net IRR profile through disciplined capital improvement budgets and hands-on asset management rather than market timing.
Focus Areas
- Physical repositioning and renovation
- Operational and management overhaul
- Selective sub-sector concentration
- Mid-teens to high-teens net IRR profile
Fund Terms
Structure & economics.
| Term | Fund XII |
|---|---|
| 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 XII?
Request offering materials and speak with our investor relations team.