Reserve Fund I
New Location, Franchise Expansion & Supply Chain Reserve
New location build-out, franchise expansion, and supply chain reserve capital.
Fund Size
$1.245B
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Held capital deployed opportunistically as market and supply conditions warrant.
Reserve Fund I 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 Reserve Fund I funds
Opportunistic acquisitionsCycle-timed acquisitions of specialty operators and roasteries.
Supply-chain resilienceStrategic origin, cocoa, and packaging reserves.
Real-estate optionalityHeld capital for anchor sites in target markets.
Innovation & pilotsFormat and product pilots at ChocoJava scale.
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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