Core II Fund
Core II Fund
Stabilized, income-producing assets with low leverage.
Fund Size
$851.3M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Companion core vehicle providing capacity and diversification alongside Core I.
Core II 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 Core II Fund funds
Portfolio diversificationSister vehicle to Core I with parallel underwriting and complementary asset mix.
Institutional pacingSized to accommodate additional institutional demand for the core strategy.
Aligned termsMirror economics and governance to Core I for programmatic LP access.
Yield stabilitySame income-first discipline focused on stabilized operating assets.
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