Twenty vehicles. Two vintages. One integrated capital plan.
Twelve investment funds, four operations funds, and four reserve funds across the 2026 and 2028 vintages together support the ChocoJava expansion, supply chain, technology, and people programs.
2026 Vintage
Four investment funds, two operations funds, and two reserve funds anchoring the launch of the ChocoJava platform.
Physical Retail Network
Flagships, cafes, airport concessions, and food-hall unit build-out across major U.S. metros. Fund size $3.167B. Target net IRR 13-18%, 5-year MOIC 1.98x.
Explore fund Fund IIDTC, Franchise & Corporate
Direct-to-consumer, franchise, and corporate channels platform. Fund size $2.580B. Target net IRR 13-18%, 5-year MOIC 1.98x.
Explore fund Fund IIIVertically Integrated Supply Chain
Vertically integrated supply chain and production: direct-trade sourcing, roasting, chocolate manufacture, and warehousing. Fund size $1.740B. Target net IRR 13-18%, 5-year MOIC 1.98x.
Explore fund Fund IVPremium Tea Lounges
Dedicated tea lounges with menu-length brewing programs and pastry. Fund size $620M. Target net IRR 13-18%, 5-year MOIC 1.98x.
Explore fundRetail Operations, Supply Chain & Human Capital
Retail operations, supply chain, and human capital — training academy, hospitality standards, and workforce infrastructure. Fund size $930.9M.
Explore fund Ops Fund IITechnology, POS & Franchise Infrastructure
Technology, POS systems, and franchise infrastructure: loyalty, mobile ordering, franchise systems, and data platform. Fund size $940M.
Explore fund Reserve Fund INew Location, Franchise Expansion & Supply Chain Reserve
New location build-out, franchise expansion, and supply chain reserve capital. Fund size $1.245B.
Explore fund Reserve Fund IILP Liquidity & Co-Investment Reserve
LP liquidity accommodations and select co-investment opportunities. Fund size $1.250B.
Explore fund2028 Vintage
Eight investment funds spanning core through opportunistic and special-situations strategies, plus two operations funds and two reserve funds continuing the platform build-out.
Core I Fund
Stabilized, income-producing assets with low leverage. Fund size $851.3M. Target net IRR 13-18%.
Explore fund Core II FundCore II Fund
Stabilized, income-producing assets with low leverage. Fund size $851.3M. Target net IRR 13-18%.
Explore fund Core-Plus FundCore-Plus Fund
Stabilized assets with light value-add and modest leverage. Fund size $567.5M. Target net IRR 13-18%.
Explore fund Value-Add FundValue-Add Fund
Repositioning, operational improvement, moderate risk. Fund size $851.3M. Target net IRR 13-18%.
Explore fund Growth FundGrowth Fund
Growth equity into scaling operators and platforms. Fund size $851.3M. Target net IRR 13-18%.
Explore fund Opportunistic I FundOpportunistic I Fund
Higher-risk development, distressed, and high-return situations. Fund size $567.5M. Target net IRR 13-18%.
Explore fund Opportunistic II FundOpportunistic II Fund
Higher-risk development, distressed, and high-return situations. Fund size $567.5M. Target net IRR 13-18%.
Explore fund Special Situations FundSpecial Situations Fund
Complex, dislocated, and event-driven investments. Fund size $567.5M. Target net IRR 13-18%.
Explore fundRetail Operations, Supply Chain & Human Capital
Retail operations, supply chain, and human capital — continuing investment in the 2028 vintage. Fund size $651.7M.
Explore fund Ops Fund IVTechnology, POS & Franchise Infrastructure
Technology, POS systems, and franchise infrastructure — continuing investment in the 2028 vintage. Fund size $658M.
Explore fund Reserve Fund IIINew Location, Franchise Expansion & Supply Chain Reserve
New location build-out, franchise expansion, and supply chain reserve capital — 2028 vintage. Fund size $871.2M.
Explore fund Reserve Fund IVLP Liquidity & Co-Investment Reserve
LP liquidity accommodations and select co-investment opportunities — 2028 vintage. Fund size $875M.
Explore fundStandard fund terms across the platform
Structure
Delaware limited partnerships with parallel vehicles and blockers as required for LP taxation.
Waterfall
European (whole-fund) waterfall with 100% GP catch-up and standard clawback.
Preferred Return
8% compounded annually, ahead of GP carried interest.
Fund Term
12-15 year term with two one-year GP extensions, subject to GP discretion.
GP Commitment
2% GP commitment across the platform funds.
Minimum LP Commitment
$2,000,000, subject to GP discretion for strategic investors.
Auditor
PricewaterhouseCoopers LLP.
Legal Counsel
LePore Law Group.
Reporting
Quarterly LP reports with ILPA-aligned templates and annual audited financials.