Ops Fund IV
Technology, POS & Franchise Infrastructure
Technology, POS systems, and franchise infrastructure — continuing investment in the 2028 vintage.
Fund Size
$658M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Second-vintage technology and franchise-infrastructure capital across the platform.
Ops 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 Ops Fund IV funds
POS & systemsContinued investment in unified POS, inventory, and back-office systems.
Loyalty & digitalOngoing loyalty, mobile, and personalization platform development.
Franchise platformFranchisee onboarding, reporting, and compliance infrastructure.
Data & analyticsUnit-level analytics, forecasting, and decision-support 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.
Investor Relations