Legal updates on real estate syndications, fund formation, and tokenized offerings under U.S. securities law.
A real estate fund sponsor preparing for its first institutional raise sits across the table from a pension fund allocator. The sponsor has a…
Read moreA real estate fund is three years into its investment period. The founding team has three principals. One of them announces she is leaving…
Read moreA limited partnership agreement runs to 120 pages. The distribution waterfall is three of them. Those three pages determine who gets paid first, who…
Read moreA real estate fund exits its first three investments at strong returns. Carry is distributed to the GP entity, which in turn distributes it…
Read moreA real estate fund closes its first institutional raise. Two founding principals split the promoted interest equally. Three years into the investment period, one…
Read moreA real estate fund closes. The GP entity has three principals: one who spent the prior two years building the investor relationships that filled…
Read moreTwo partners sit across a conference table, each convinced they deserve a larger share of the promoted interest. One believes the opportunity never exists…
Read moreA real estate sponsor closing a larger deal may find that the investor relationships required to fill the equity stack exceed what the GP’s…
Read moreOne of the first decisions a real estate fund sponsor makes is also one of the most consequential: what legal entity will the fund…
Read moreThere is a telling asymmetry in how most real estate fund conversations unfold. LPs spend considerable time evaluating the sponsor’s acquisition capabilities, asset management…
Read moreConsider a real estate fund manager who has successfully built a track record and is ready to raise an institutional fund. A pension fund…
Read moreA real estate fund manager who raises capital directly from investors is doing something that looks, in important respects, like what a registered broker-dealer…
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