To anyone who has substantial career experience, whether in a small, mid size firm to REPE, what are your terms for LP's/ Joint Ventures as the GP that make your fund attractive? For example, do you usually have a preferred return and if so, what is the Pref % as well as the IRR?
Additionally, what are the typical management fees, capital commitments, investment period and structure of the fund. For example, is it typically closed end or open end? I know each fund structure is different but what makes "your" fund more attractive than others?
Also, when you start a fund, do you typically buy properties related to one another? for example, if it's a value-add fund, does the firm typically only buy MF? Thanks
I think it would be great for everyone to share their opinions and experience of their fund structure....
I hear the the industry has become a lot less standard here and there really is no norm outside of REPE mega funds. I’ve heard smaller/newer operators offering a 10% pref and a 50% promote beyond there.
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