Fund I
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-Yr MOIC
1.98x
Term
12-15yr
Strategy
Real-estate-anchored retail expansion across the four ChocoJava store formats.
Fund I 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 Fund I funds
Flagship boutiquesClass-A urban destinations combining coffee, tea, chocolate, and juice under one roof.
Community cafesNeighborhood-scale cafes with full-menu service and seating.
Airport & transitSpeed-tuned bar formats in premium terminals and transit hubs.
Food halls & kiosksCompact footprints in food halls and mixed-use developments.
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