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Real Estate Investment Funds
A real estate investment fund—sometimes referred to as a real estate private equity fund or real estate fund—is a pooled investment fund structure used to purchase or develop real estate. Funds may specialize by asset class, such as office, industrial, retail, medical, or residential. They might focus on a specific strategy, including value-add, core, distressed, joint venture equity, or development. They may also take the form of open-ended or closed funds.
The Allen Matkins Investment Management Group includes top corporate, finance, and tax attorneys with extensive experience structuring real estate investment funds and advising fund managers. We are experienced in compliance issues with federal and state securities laws and regulations.
The team has worked on a broad range of deals, including the following:
What is a Real Estate Investment Fund?
Matthew Ertman works with companies and individuals to structure and execute successful deals and
real estate investment funds. He brings certainty and efficiency to the transactions he leads. His clients value his ability to identify and eliminate problems that generate unnecessary risk.
Partner, Allen Matkins
Matthew J. Ertman
Max Brunner's practice is focused on mergers and acquisitions, public and private securities offerings, corporate governance, commercial contracts, and other complex corporate matters and transactions.
Max Brunner
Senior Counsel, Allen Matkins
• Structure: Most real estate investment funds have a closed structure with a fixed term, but open-ended funds and continuation funds are also options. Funds should also determine whether to form in the United States or in another jurisdiction.
• Strategy: A clear investment strategy is essential for attracting investors and meeting their needs and expectations.
• Cost: Until they raise capital, sponsors assume initial organization costs, including legal, accounting, and marketing costs.
• Investors: Individual and institutional investors often have different needs and expectations for real estate funds.
Fund sponsors have several decisions to make before forming their first real estate investment fund. They include the following considerations:
Before You Form Your First Fund
Due to the complexities involved with real estate fund formation, seeking experienced counsel is essential. An attorney can advise fund sponsors on topics like raising capital, setting up, and administering the fund. Other services include:
• Compliance with federal and state securities, tax, and ERISA laws and regulations
• Fund documentation
• Compensation for fund sponsors and managers
• Asset acquisition, financing, and disposition
• Addressing and managing conflicts of interest
The Role of Counsel
in Your Real Estate Investment Fund
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Forming Your First Real Estate Fund
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Opportunity
Zone Fund
$100 MM
Acquisition and development of multifamily affordable housing properties in opportunity zones
$90 MM
Ultra-Luxury
Resort Fund
Acquiring and developing ultraluxury eco-friendly
resorts in Panama
and Kenya
$50 MM
Franchise
Restaurant Fund
Acquisition of franchise quick
service restaurants
$50 MM
Industrial Real
Estate Fund
Acquiring and redeveloping
value-add industrial real estate in the Western United States
$25 MM
GP Co-Investment
Fund
Co-investing with the sponsor
in the sponsor’s joint venture
development projects
$150 MM
Medical Office
Building Fund
Acquiring medical office buildings throughout the United States
$127 MM
Residential Real
Estate Fund
Residential housing fund with a
large institutional pension fund
as the principal investor
$100 MM
Impact
Opportunity Fund
Developing and redeveloping multifamily affordable housing properties and providing social impact initiatives
$500 MM
Real Estate
Impact Fund
Evergreen, hybrid private equity/hedge impact fund investing in value added real
estate with a social impact component
$450 MM
Hospitality
Opportunity Fund
Value add and development of
hospitality and other properties
$250 MM
Real Estate Debt and
Equities Opportunity Fund
Acquiring real estate related debtand equity investments
$550 MM
Residential Real
Estate Fund
Institutional investor investing in single-family housing projects throughout the country
$550 MM
California Real Estate
Debt Fund
Making loans to developers of
commercial and residential real estate located in California
$500 MM
Value-Add Real Estate
Opportunity Fund
Capital commitments focused on commercial value-add opportunities in select west coast urban markets
Forming Your First Real Estate Fund
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