Value-Add Fund
Value-Add Fund
Repositioning, operational improvement, moderate risk.
Fund Size
$851.3M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Repositioning and operational-improvement strategies at moderate risk profiles.
Value-Add 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 Value-Add Fund funds
RepositioningFormat conversions, refurbishments, and brand upgrades across the platform.
Operational improvementMargin expansion through disciplined execution and standards.
Moderate riskBalanced risk profile with clear business plans and milestones.
Value creationReturn driven by NOI growth and multiple improvement.
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