Fund V · Waterfront
Fund V · Waterfront
Premium Waterfront and Resort Destination Land
Scarce, irreplaceable waterfront and resort-destination land entitled for premium residential and hospitality use.
$880MTarget Fund Size
20–28%Target Net IRR
9%Preferred Return
Strategy
The mandate.
Fund V acquires and entitles premium waterfront and resort-destination land — among the most scarce and irreplaceable real-asset positions available. The strategy targets lakefront and destination corridors with strong second-home and hospitality demand, delivering entitled residential and resort parcels to premium developers.
Focus Areas
- Lakefront and destination shoreline
- Resort and hospitality land
- Premium second-home communities
- Marina and amenity-anchored positions
Fund Terms
Structure & economics.
| Term | Fund V |
|---|---|
| Target Fund Size | $880M |
| 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 V?
Request offering materials and speak with our investor relations team.