Fund IV
Premium Tea Lounges
Dedicated tea lounges with menu-length brewing programs and pastry.
Fund Size
$620M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Standalone premium tea destinations that complement the primary cafe network.
Fund IV 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 Fund IV funds
Tea libraryWide loose-leaf selection organized by estate, region, and style.
Tableside brewingMulti-course brewing rituals with sommelier-level service.
Pairing menuCurated pastry and chocolate pairings for each tea flight.
Retail tin programTake-home tea tins and pairing sets.
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