2026 Vintage · 12 Funds · $95.281B
Eight PropTech categories. Two support tiers.
Every fund is structured as a Delaware Limited Partnership, audited annually by PwC, administered by an independent third-party fund administrator, with its own GP entity and LP Advisory Committee.
| Fund | Committed Capital | Category / Strategy |
|---|---|---|
| Property Operations Technology Fund | $8.369B | Property operations platform technology and rent collection and payment technology. |
| Construction & Design Technology Fund | $7.670B | Construction and design technology, digital twin and spatial visualization technology. |
| Smart Building & Access Fund | $7.670B | Smart building and energy optimization technology, and building security and access control technology. |
| Data, Analytics & AI Fund | $8.370B | Real estate data analytics and AI valuation, and ESG and sustainability reporting technology. |
| Transaction & Tokenization Fund | $6.970B | Real estate transaction and tokenization technology, and CRM and investor relations technology. |
| Real Estate FinTech Fund | $6.970B | Mortgage and lending technology, and real estate insurance technology. |
| Field Operations Technology Fund | $4.880B | Drone and aerial inspection technology and other field-operations tooling for property portfolios. |
| Emerging PropTech Ventures Fund | $6.270B | Early-stage and thematic PropTech venture investments across the operating portfolio's strategic verticals. |
2026 Vintage · Operations & Reserve Funds
Infrastructure and dry powder for the platform.
| Fund | Committed Capital | Purpose |
|---|---|---|
| Operations Fund I | $4.768B | Platform Operations, Product Development, and Human Capital — investment team, integration operators, platform functions. |
| Operations Fund II | $4.760B | Technology Infrastructure and Software Systems — portfolio monitoring, DevOps, benchmarking. |
| Reserve Fund I | $14.294B | Acquisition Pipeline and R&D Reserve — dry powder for tuck-ins and follow-on investment. |
| Reserve Fund II | $14.290B | LP Co-Investment and Redemption Reserve — co-invest allocation and structural liquidity. |
2028 Vintage · 35 Funds · $66.697B
Six risk profiles across a scaled institutional platform.
The 2028 vintage adds 31 investment funds organized by risk profile, plus dedicated Operations and Reserve vehicles — designed to meet institutional LPs where they are on the risk/return curve.
| Strategy Family | Funds | Family Capital | Mandate |
|---|---|---|---|
| Core | 9 funds | $12.005B | Stabilized, income-producing assets with low leverage. Each fund $1.334B. |
| Core-Plus | 3 funds | $4.002B | Stabilized assets with light value-add and modest leverage. Each fund $1.334B. |
| Value-Add | 5 funds | $6.003B | Repositioning, operational improvement, moderate risk. Each fund $1.201B. |
| Growth | 5 funds | $6.003B | Growth equity into scaling operators and platforms. Each fund $1.201B. |
| Opportunistic | 6 funds | $8.004B | Higher-risk development, distressed, and high-return situations. Each fund $1.334B. |
| Special Situations | 3 funds | $4.002B | Complex, dislocated, and event-driven investments. Each fund $1.334B. |
| 2028 Investment Total | 31 funds | $40.018B |
2028 Operations & Reserve
| Fund | Committed Capital | Purpose |
|---|---|---|
| Operations Fund III | $3.338B | Platform Operations, Product Development, and Human Capital — 2028 vintage support tier. |
| Operations Fund IV | $3.332B | Technology Infrastructure and Software Systems — 2028 vintage support tier. |
| Reserve Fund III | $10.006B | Acquisition Pipeline and R&D Investment Reserve — 2028 dry powder. |
| Reserve Fund IV | $10.003B | LP Co-Investment and Redemption Reserve — 2028 co-invest and structural liquidity. |
Combined Platform Totals
Standard Fund Terms
Consistent economics across every vehicle.
Preferred Return
8%
Compounded annually, before carry begins.
Net IRR Target
18–23%
Target range across investment funds.
Waterfall
American
Deal-by-deal with clawback. 30% of carry held in escrow through fund term.
GP Commitment
2%
Principal capital committed alongside LPs in every fund.
Minimum LP Commit
$2M
Standard subscription minimum across investment funds.
Investment Period
5 Years
Standard capital deployment window per fund.
Fund Term
10 Years
With two one-year extensions at GP discretion, standard for institutional PE.
Distributions
Quarterly
Capital account statements, ILPA-template reporting, and quarterly letters.