Not a Fund. That’s the Point.

This is not a fund — and it ought not be.

I can hear it now… when people first hear about this, their first question may be:

“So… is this a fund?”

It’s a fair question. Because most real estate investing options are funds (think REITs and PE firms)… But I would propose that it ought not be considered one, and here’s why that matters.

What a fund does:

A fund asks you to:

• Commit your capital up front

• Rely on someone else’s judgment

• Hope they do what they said they will

• Accept terms (fees, structure, timeline) you didn’t negotiate

A good fund can work well. But it requires a lot of trust, very early on, with very little control.

That hasn't satisfied me, and I hope that's not the kind of thing that attracts people to this.

What we do instead:

I propose we build something closer to a member-led angel group.

That means:

• No blind pool — you only back investment strategies / vehicles you believe in

• No fixed investment period — come in when it makes sense for you

• No sponsor — decisions come from within the group, not from above it

We choose collaboration over delegation. We choose transparency over convenience. We choose ownership over optics.

What this enables:

By not being a fund, we get to:

• Share the overhead of legal, accounting, etc.

• Move fast, without being locked into a strategy memo from 2 years ago

• Say no to deals without worrying about “dry powder”

• Say yes to deals that fit a box as well as fit our values (if you so choose)

• Welcome members who contribute sweat equity, in addition to checks

I'm not saying it's necessarily easier, but I am proposing that it's better. Because for people like me who want to help shape what this becomes, that tradeoff is the feature.