LLC or LP? Choosing the Right Legal Structure for Your Real Estate Fund
One of the first decisions a real estate fund sponsor makes is also one of the most consequential: what legal entity will the fund use? The question typically comes down to two options. The limited liability company and the limited partnership are the dominant structures for private real estate funds in the United States, and […]
GP Capital Contributions: How Much Skin in the Game Is Enough?
There is a telling asymmetry in how most real estate fund conversations unfold. LPs spend considerable time evaluating the sponsor’s acquisition capabilities, asset management track record, and market expertise. The sponsor spends considerable time explaining why the deal thesis is compelling. But at some point in the diligence process, an experienced LP will ask a […]