Fund Management

Decision to launch a new fund vehicle (opportunistic, value-add, core-plus, or development), an existing fund approaching final close or deployment period, a separate account mandate awarded by an institutional LP, a co-invest vehicle formation for a specific deal, or a fund wind-down or extension decision point.

1. Establish fund terms and legal structureFund Formation ToolkitGate: GP and counsel must approve the term sheet. LP feedback during marketing that requires term changes loops back to this step.
2. Build LP pitch deck and DDQ packageLP Pitch Deck BuilderGate: Deck must pass internal GP review before going to market. Iterate until approved.
3. Run capital raise and close subscriptionsCapital Raise MachineGate: First close gate: minimum viable fund size must be reached before deployment begins. Hard cap or final close deadline ends the raise.
4. Set deployment plan and pacing modelPortfolio AllocatorGate: Allocation must fit fund mandate sector, geography, and leverage limits. Investment period remaining must be sufficient to deploy capital.
5. Deploy capital via deal pipeline (acquisition and development chains)Gate: Each deal passes its own IC process. Fund-level gate: deal must fit portfolio allocation before proceeding through deal-level underwriting.
6. Produce quarterly LP reports and capital account statementsQuarterly Investor Update
7. Run performance attribution against benchmarksPerformance AttributionGate: Performance review: fund tracking to target continues as-is. Underperformance triggers a portfolio review and may initiate dispositions.
8. Monitor fund-level debt positions and covenant complianceDebt Portfolio MonitorGate: Covenant breach risk, maturity within 12 months, or rate cap expiration each trigger specific remediation actions.
9. Complete ESG carbon audit and GRESB submissionCarbon Audit & BPS ComplianceGate: GRESB submission deadline and regulatory compliance status determine whether assets need energy retrofits.
10. Score portfolio for physical climate riskClimate Risk AssessmentGate: Material physical risk identified triggers capex-prioritizer for resilience investments or disposition-strategy-engine for exit.

Fund terms from step 1 flow directly into the pitch deck and DDQ in step 2. The approved deck and LP target list move into the capital raise tracker in step 3. At first close, committed capital and mandate constraints pass to the portfolio allocator, which produces a deployment budget and allocation targets that gate every deal entering the pipeline. Closed acquisitions and developments report asset-level NOI, occupancy, cost basis, and capital account balances quarterly to the LP update and performance attribution steps. The same portfolio data feeds the debt monitor and ESG overlays on a parallel track.

• GP and counsel approval of fund term sheet
• Internal GP review of pitch deck before going to market
• First close: minimum fund size achieved before deployment
• Hard cap or final close deadline
• IC approval for each deal within fund mandate
• Performance review after attribution: on-track or portfolio review triggered
• LP vote on fund extension at end of fund life

A GP closes a 300 million dollar value-add multifamily fund at hard cap after an 11-month raise. The portfolio allocator sets a 60 percent Sunbelt, 40 percent Mountain West split with a 50 million single-asset cap. Over 30 months the deal pipeline closes six properties. Each quarter the team runs quarterly-investor-update and performance-attribution; at month 18 attribution shows income on track but appreciation lagging, prompting a portfolio review. The debt monitor flags a rate cap expiring in 90 days on the largest asset, and the team replaces it. At year five, an LP vote grants a one-year extension to finish the disposition.