Real Estate Fund Management: A Practical Playbook for Building, Operating, and Scaling Institutional Grade Property Funds

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Bol The term sheet says 20 percent carry. On this book's worked fund, the general partner takes 24.6 percent of the profit. Change one definition in the catch-up and the same fund pays the GP $6.0 million, $14.0 million or $17.2 million.Running a real estate fund means making strategy, legal structure, fundraising, underwriting, debt, asset management, reporting and exits work together under institutional scrutiny. This playbook follows that sequence, from the first strategy memo to the next fund, with the numbers worked rather than asserted.Who this book is for- Partners and managers launching or scaling a real estate fund- Investment, asset management and fund finance teams- Investor relations and fundraising professionals- LPs and consultants who diligence real estate managersWorked, not described- One waterfall, fully computed: $100 million contributed, $170 million distributed, an 8 percent preferred return and a full catch-up, ending at $152.8 million to the limited partners and $17.2 million to the general partner.- What the definitions are worth: three catch-up specifications on the same fund, an $11.2 million spread from wording alone.- A tiered promote, tested: at an 11.20 percent IRR and 1.70 times, the fund never reaches the second tier, so the tiers pay exactly what a flat 80/20 pays.- Debt sized under four tests at once, with the binding test named, and a rent roll that separates leased from operating occupancy.Tools includedFive Excel workbooks included carry the book's figures: the fund waterfall, underwriting and exit sensitivity, debt sizing and covenants, asset management and fund operations, and the definitions priced. A second set adds blank versions of all five, five working documents (a thirty-item pre-IC gate, a quarterly close, a fund risk register, the next ninety days, next-fund readiness), forty self-marking questions and three further cases. Nothing is locked; download details are inside the book.Contents in briefHow institutional funds create value; strategy and portfolio blueprint; choosing the vehicle; the legal stack; fundraising and investor expectations; fees and waterfalls; deal process and governance; underwriting that survives the investment committee; due diligence and closing; debt strategy; asset management; accounting, NAV and reporting; risk, compliance and ESG; exits, distributions and the next fund.Part of The Private Markets Career Guides. Read next: Private Equity Real Estate, The Private Markets Limited Partner, The Private Equity Fund Controller Playbook.Educational content. All examples are fictional; not investment, legal or tax advice.

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The term sheet says 20 percent carry. On this book's worked fund, the general partner takes 24.6 percent of the profit. Change one definition in the catch-up and the same fund pays the GP $6.0 million, $14.0 million or $17.2 million.Running a real estate fund means making strategy, legal structure, fundraising, underwriting, debt, asset management, reporting and exits work together under institutional scrutiny. This playbook follows that sequence, from the first strategy memo to the next fund, with the numbers worked rather than asserted.Who this book is for- Partners and managers launching or scaling a real estate fund- Investment, asset management and fund finance teams- Investor relations and fundraising professionals- LPs and consultants who diligence real estate managersWorked, not described- One waterfall, fully computed: $100 million contributed, $170 million distributed, an 8 percent preferred return and a full catch-up, ending at $152.8 million to the limited partners and $17.2 million to the general partner.- What the definitions are worth: three catch-up specifications on the same fund, an $11.2 million spread from wording alone.- A tiered promote, tested: at an 11.20 percent IRR and 1.70 times, the fund never reaches the second tier, so the tiers pay exactly what a flat 80/20 pays.- Debt sized under four tests at once, with the binding test named, and a rent roll that separates leased from operating occupancy.Tools includedFive Excel workbooks included carry the book's figures: the fund waterfall, underwriting and exit sensitivity, debt sizing and covenants, asset management and fund operations, and the definitions priced. A second set adds blank versions of all five, five working documents (a thirty-item pre-IC gate, a quarterly close, a fund risk register, the next ninety days, next-fund readiness), forty self-marking questions and three further cases. Nothing is locked; download details are inside the book.Contents in briefHow institutional funds create value; strategy and portfolio blueprint; choosing the vehicle; the legal stack; fundraising and investor expectations; fees and waterfalls; deal process and governance; underwriting that survives the investment committee; due diligence and closing; debt strategy; asset management; accounting, NAV and reporting; risk, compliance and ESG; exits, distributions and the next fund.Part of The Private Markets Career Guides. Read next: Private Equity Real Estate, The Private Markets Limited Partner, The Private Equity Fund Controller Playbook.Educational content. All examples are fictional; not investment, legal or tax advice.


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