Reserve Fund II
LP Liquidity & Co-Investment Reserve
LP liquidity accommodations and select co-investment opportunities.
Fund Size
$1.250B
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Provides investor flexibility and structured co-investment access alongside the platform funds.
Reserve Fund II 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 Reserve Fund II funds
LP liquidityStructured secondaries and interim liquidity for existing investors.
Co-investmentDirect co-investment access into flagship deals and platform expansions.
Bridge financingShort-term bridges for opportunistic transactions across the funds.
Strategic partnershipsCapital for strategic joint ventures with brand and hospitality partners.
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