We will buy anything at the right price.
Capitalization structure
We raise money on a deal-by-deal basis as opposed to a fund structure. Each investment structure is tailored to the risk profile and nature of the projected return, whether weighted toward cash flow or residual value. While use of leverage juices returns in good times, we prefer to use low-to-moderate debt levels in our deals, in line with our "protect the downside" mentality.
flexible duration and value-oriented
Many of our investments are underwritten with a view toward long-term hold periods, which has the dual benefit of differentiating us from other sources of private equity and allowing us to better take advantage of favorable tax attributes inherent in real estate investing. Downside risk mitigation is at the forefront of our investment process - we favor investing in well-located real estate that can be acquired for below replacement cost.
alignment with investors
We believe it is critical that those making the investment and management decisions invest significant personal capital in these investments. Our founding principal has nearly all of his personal net worth dedicated to investing alongside partners, and we require all of our employees to invest in deals.
investment objectives
Deploy into investments which provide the opportunity for asymmetric upside
Identify mispriced opportunities not recognized or favored by the broader market
Find special situations which require complex analysis and creative structuring to maximize optionality and positive outcomes
Create long-term value through execution and a hands-on asset management approach
Align interests between principals and investors through transparency and significant capital commitment
Target investment themes based on macroeconomic tailwinds and specific market trends
Under promise, over deliver
investment Philosophy
Our philosophy is anchored in downside protection, disciplined underwriting of complexity, and active ownership. We seek:
Asymmetric payoff profiles, where current cash flow or contractual economics protect the downside while a specific business plan creates upside.
Complexity-driven mispricing rather than commodity market beta.
Assets that require hands-on execution, legal/tax structuring, stakeholder management, or long-term patience.
Opportunities that larger institutions are unwilling to pursue because a transaction is too small, too unusual, or too operationally intensive.
Situations where underwriting, structuring, and asset management skills are directly relevant.