Reserve Fund III
New Location, Franchise Expansion & Supply Chain Reserve
New location build-out, franchise expansion, and supply chain reserve capital — 2028 vintage.
Fund Size
$871.2M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Second-vintage reserve capital for new locations, franchise expansion, and supply-chain resilience.
Reserve Fund III 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 III funds
New location reserveHeld capital for cycle-timed new-location build-outs.
Franchise expansionReserve capital supporting franchise growth across target markets.
Supply-chain resilienceContinued investment in origin, cocoa, and packaging reserves.
Programmatic acquisitionsReserve for opportunistic acquisitions across the specialty universe.
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