Blog
Guides, explainers, and insights for real estate fund managers.
European vs. American Waterfall: What Your LPA Actually Means for Your Returns
On the same fund with the same deals and the same exits, the GP can earn $304,000 under an American waterfall and $0 under a European waterfall. That's the most consequential clause in any LPA.
Evergreen Funds, Sequential Series, and Beyond: Advanced Structures for Growing GPs
Sequential series is the most common growth path. Evergreen funds never terminate. Co-invest sidecars solve oversized deals. Here's how each works — and when to use them.
The Fund Structures Nobody Explains: Semi-Specified, Hybrid, and Club Deals
The choice isn't just 'syndication or fund.' Semi-specified funds, hybrid opt-in funds, and club deals each solve a different problem — and most first-time fund managers use one of them.
How Capital Calls Actually Work (And Why They're Different in Every Fund Type)
Capital calls work in three fundamentally different ways depending on your fund structure: pro-rata from commitments, opt-in per deal, or full funding at subscription. The operational burden scales dramatically.
Syndication vs. Fund: What Actually Changes When You Make the Jump
Most GPs start with syndications. At some point, the fund conversation starts. Here's what actually changes — operationally, not just legally — when you make the jump.
How Waterfall Distributions Work in Real Estate Funds
A step-by-step walkthrough of the four-tier waterfall — return of capital, preferred return, GP catch-up, and profit split — with real dollar amounts and the common spreadsheet errors that misallocate investor money.
Preferred Return Explained for LP Investors
Preferred return is the minimum annual return LPs receive before the GP earns carry. Learn how pref works, how it accrues, and why it matters for your real estate fund investment.
GP Catch-Up Explained: Why It Exists and How It Works
The GP catch-up is one of the most misunderstood tiers in a real estate waterfall. Learn why it exists, how it's calculated, and the difference between full and partial catch-up structures.