Capital partners
Own the asset, not the story.
We invest our own capital in every project, and open a limited amount of each deal to a small group of private partners.
The approach
Aligned by structure, not by promise.
Alignment is easy to claim and hard to prove. Ours is structural: we fund a meaningful share of every project from our own balance sheet, and we are paid on performance, not on the size of the fund.
If a project underperforms, we feel it before our partners do. That single fact shapes every decision we make about what to buy and what to walk away from.
We are developers first. Partners invest in specific, identified projects they can look at, drive past and ask questions about, not a blind pool.
What we look for
The filter a project has to pass.
A reason it is cheap
There has to be an identifiable, fixable reason the asset is priced where it is. Deferred maintenance, a bad layout, an expiring lease, a motivated seller. If we cannot name the reason, we assume we are the reason.
Costs we can actually price
Scopes are priced by the trades who will carry them before we commit, not estimated from a per-square-foot rule of thumb.
More than one exit
Sell, refinance and hold, or lease and hold. A project that only works if it sells at a specific price in a specific quarter is a bet, not an investment.
Downside we can survive
Every deal is stressed on cost overrun, schedule slip and a softer exit at the same time. If the stressed case wipes out partner capital, we do not do the deal.
What partners get
Everything, in writing, before and during.
We are a young firm and we are not going to dress that up with numbers. What we can commit to is how we treat the people whose money is in the deal.
Before you commit
- Underwriting
- The full model. Purchase, budget, schedule, exit, and the assumptions we argue about internally
- The property
- Visit it. Walk it with us. Talk to the trades who will do the work
- Terms
- Fees and promote disclosed in the offering documents, in full, in writing
- Your counsel
- Nothing is signed until your own attorney has read it
While it runs
- Updates
- Written progress reports covering construction, schedule and any material change
- Numbers
- Budget against actuals. The same figures we are working from, not a summary
- Access
- You can call us. There is no investor relations layer to get through
- Bad news
- You hear it from us, early, while there is still time to do something
How it works
Four steps, no pressure at any of them.
Introduction. A short call so we understand what you are trying to achieve, and you can decide whether we are worth more of your time.
Materials. We share the current opportunity with the full underwriting, budget, schedule and risk factors behind it.
Diligence. Ask anything. Visit the site. Speak to our trades and to existing partners. We would rather answer hard questions now than after a wire.
Documents and funding. Terms are set out in formal offering documents reviewed by your own counsel before anything is signed.
Common questions
Before you ask.
Who can invest?
What is the typical minimum?
How long is capital committed?
How are you compensated?
What reporting do partners receive?
Can I lose money?
Investor enquiries
Request the current deck.
Tell us a little about what you are looking for. We will respond personally, usually within two business days.
Everything you send is treated as confidential. We do not sell, share or rent your information.