Fundamentals of Real Estate Capital Formation:
The legal building blocks of real estate joint ventures, syndications and funds.
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…
Jason Powell
A real estate sponsor preparing to raise capital for a new fund or syndication will spend considerable time on the…
Jason Powell
Consider a real estate fund manager who has successfully built a track record and is ready to raise an institutional…
Jason Powell
A real estate fund manager who raises capital directly from investors is doing something that looks, in important respects, like…
Jason Powell
A real estate fund manager who has spent years sourcing, acquiring, and operating commercial properties might reasonably assume that investment…
Jason Powell
A real estate sponsor negotiating the economics of a new fund faces two distinct pressures pulling in opposite directions. The…