Fund XV · Special Situations
Fund XV · Special Situations
Complex, Dislocated, and Event-Driven Investments
Fund XV invests in complex, dislocated, and event-driven real estate situations that require bespoke structuring, specialized underwriting, and execution rigor.
Strategy
The mandate.
Fund XV targets complex, dislocated, and event-driven real estate investments — situations arising from litigation, bankruptcy, entitlement disputes, or ownership transitions that require bespoke structuring rather than standard acquisition processes. The strategy provides rescue capital and gap financing where speed and creative structuring are the primary value drivers, drawing on the platform's legal, entitlement, and workout expertise to unlock value in situations that conventional capital sources are unable or unwilling to underwrite.
Focus Areas
- Event-driven restructurings
- Complex title and entitlement dislocations
- Rescue capital and gap financing
- Bankruptcy and workout situations
Fund Terms
Structure & economics.
| Term | Fund XV |
|---|---|
| Target Fund Size | $735M |
| 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 XV?
Request offering materials and speak with our investor relations team.