Ops Fund III
Retail Operations, Supply Chain & Human Capital
Retail operations, supply chain, and human capital — continuing investment in the 2028 vintage.
Fund Size
$651.7M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Second-vintage operating capital dedicated to retail operations, supply chain, and human capital.
Ops 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 Ops Fund III funds
Academy expansionContinued build-out of ChocoJava training and development programs.
Supply chainOngoing investment in sourcing, roasting, and distribution capabilities.
Workforce infrastructureHR systems, benefits, and equity ownership programs at scale.
Operating standardsCodified service standards and quality assurance across the platform.
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