Ops Fund II
Technology, POS & Franchise Infrastructure
Technology, POS systems, and franchise infrastructure: loyalty, mobile ordering, franchise systems, and data platform.
Fund Size
$940M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
The technology backbone that unifies stores, DTC, franchise, and corporate channels.
Ops 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 Ops Fund II funds
Unified POSSingle POS across every format, connected to inventory and loyalty.
Loyalty & appGuest loyalty program, mobile ordering, and personalization engine.
Franchise systemsFranchisee onboarding, reporting, and compliance platform.
Data platformUnit-level analytics, forecasting, and menu-engineering tools.
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.
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