Reserve Fund IV
LP Liquidity & Co-Investment Reserve
LP liquidity accommodations and select co-investment opportunities — 2028 vintage.
Fund Size
$875M
Target Net IRR
13-18%
5-Yr MOIC
1.98x
Term
12-15yr
Strategy
Second-vintage LP liquidity and co-investment capital alongside the 2028 platform funds.
Reserve 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 Reserve Fund IV funds
LP liquidityStructured secondaries and interim liquidity for existing investors.
Co-investmentDirect co-investment access into 2028-vintage flagship deals.
Bridge financingShort-term bridges for opportunistic transactions across the vintage.
Strategic partnershipsCapital for strategic joint ventures with brand and hospitality partners.
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