Fundamentals of Real Estate Capital Formation:
The legal building blocks of real estate joint ventures, syndications and funds.
A real estate sponsor shows an investor a well-produced pitch deck. The property is a value-add multifamily acquisition in a…
Jason Powell
A real estate fund closes its second institutional raise. The GP entity sits at the top of the governance structure….
Jason Powell
A real estate fund sponsor preparing for its first institutional raise sits across the table from a pension fund allocator….
Jason Powell
A real estate fund is three years into its investment period. The founding team has three principals. One of them…
Jason Powell
A limited partnership agreement runs to 120 pages. The distribution waterfall is three of them. Those three pages determine who…
Jason Powell
A real estate fund exits its first three investments at strong returns. Carry is distributed to the GP entity, which…
Jason Powell
A real estate fund closes its first institutional raise. Two founding principals split the promoted interest equally. Three years into…
Jason Powell
A real estate fund closes. The GP entity has three principals: one who spent the prior two years building the…
Jason Powell
Two partners sit across a conference table, each convinced they deserve a larger share of the promoted interest. One believes…
Jason Powell
A real estate sponsor closing a larger deal may find that the investor relationships required to fill the equity stack…
Jason Powell
One of the first decisions a real estate fund sponsor makes is also one of the most consequential: what legal…
Jason Powell
There is a telling asymmetry in how most real estate fund conversations unfold. LPs spend considerable time evaluating the sponsor’s…