Ops Fund I
Retail Operations, Supply Chain & Human Capital
Retail operations, supply chain, and human capital — training academy, hospitality standards, and workforce infrastructure.
Fund Size
$930.9M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Investment in the people, training, and standards that make every store perform.
Ops 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 Ops Fund I funds
ChocoJava AcademyMulti-tier training program for baristas, chocolatiers, and tea specialists.
Store leader pipelineMulti-year development track from barista to district leader.
Hospitality standardsDocumented service standards, mystery-shop program, and quality audits.
Equity ownership pathwaysLong-tenure equity participation for store leaders.
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