Fund XI · Core-Plus
Fund XI · Core-Plus
Stabilized Assets with Light Value-Add and Modest Leverage
Fund XI targets stabilized real estate with light value-add repositioning opportunity, applying modest leverage to capture current yield alongside incremental upside from lease-up and re-tenancy.
Strategy
The mandate.
Fund XI acquires stabilized real estate assets that carry light value-add opportunity — cosmetic upgrades, lease-up of near-stabilized space, and re-tenancy of underutilized square footage — paired with a modest leverage profile relative to the platform's more aggressive strategies. The strategy sits between Core and Value-Add on the platform's risk spectrum, offering investors a yield-plus-upside profile without the full operational intensity of a ground-up repositioning. Target markets share the same growth fundamentals that anchor the rest of the LimeStone platform.
Focus Areas
- Cosmetic and operational value-add
- Lease-up and re-tenancy upside
- 50-60% LTV target capital stack
- Yield-plus-upside profile
Fund Terms
Structure & economics.
| Term | Fund XI |
|---|---|
| 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 XI?
Request offering materials and speak with our investor relations team.