Fee Scorecard for High-Yield Real Estate Funds

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Fee Scorecard for High-Yield Real Estate Funds

High-Yield Debt

Operator	Fund	Equity Goal ($Mil.)	Net Return Goal (%)	Fees	Preferred Return For LPs (%)	Subsequent GP/LP Split Of Profits	IRR Needed For GP to Get 20% of Profits (%)
BlackRock	Carbon Capital Fund 5	400	13-15	1.5% management	8	20/80 to 13%, then 35/65	23.7
Bloomfield Capital	Bloomfield Institutional Opportunity Fund 1	100	14-16	1.5% management	10	100/0 to 12%, then 50/50	13.3
Connaught Real Estate Finance	Connaught Distressed Situation Fund	150	15	1.5% management	8	80/20 to 20%, then 20/80	10.7
De La Rosa Co., MJW Investments	De La Rosa/MJW Real Estate Debt Partners	300	13-16	1.5% management	9	100/0 to 20%, then 20/80	11.3
Equibase Capital	Equibase Real Estate Fund 2	300	15	1.5% management	9	50/50 to 20%, then 20/80	15.0
Fortress Investment	Fortress Japan Opportunity Fund 2	1,233	16+	1-1.5% management	8	50/50 to 20%, then 20/80	13.3
G4 Capital	G4 Capital Partners 2	250	14-16	2% management	8	20/80	Never
GE Capital Real Estate	GE Capital Real Estate Debt Fund	500	11-13	0.5% management (1% invested)	8	20/80	Never
Invesco Real Estate	Invesco Real Estate Debt Fund 3	300	12	1% management	8	20/80	Never
Investcorp	Investcorp Real Estate Credit Fund 2	200	12-15	1% management	9	20/80	Never
LEM Partners	LEM Real Estate High-Yield Debt Fund	300	11-14	1.75% management	8	20/80	Never
Marathon Asset Management	Marathon Real Est. Lending and Distr. Debt	500	15-18	1.25% management	8	50/50 to 20%, then 15/85	13.3

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