Core-Plus Fund
Core-Plus Fund
Stabilized assets with light value-add and modest leverage.
Fund Size
$567.5M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Stabilized income supplemented by disciplined light value-add and modest leverage.
Core-Plus Fund is deployed against the ChocoJava operating plan through disciplined underwriting, direct sourcing, and standardized build-outs. Capital is drawn as opportunities meet the fund’s underwriting standards.
Discipline
How we underwrite
Every investment is measured against unit-level cash-on-cash, cohort maturation curves, and platform-level margin discipline. Nothing is deployed without a documented operating standard already in place.
Focus Areas
What Core-Plus Fund funds
Light value-addTargeted operational and physical upgrades on stabilized assets.
Modest leveragePrudent debt sized to enhance yield without core-risk profile change.
Income plus growthBlend of current income and measured NOI growth.
Asset selectivityFocus on assets with defined, achievable improvement plans.
Fund Terms
Key terms
Structure
Delaware LP with parallel vehicles.
Waterfall
European (whole-fund) with clawback.
Preferred Return
8% compounded.
Term
12-15 years, with two 1-year GP extensions.
GP Commitment
2% of committed capital.
Minimum LP
$2,000,000.
Investor Relations