The carry trade is dead, and capital is moving to whoever can manufacture cash flow. Takeaways from a day with more than 250 investors and operators in emerging real estate.
Private wealth has passed the institutional market, and most sponsors have no idea how to reach it. A workshop on raising from family offices and RIAs.
OpCo/PropCo structures for capitalizing real estate operating businesses. Thesis Driven has covered the model more closely than any publication: which investors lead these deals, how OpCo and PropCo capital get raised and sequenced, governance and control conflicts, exclusivity and radius restrictions, promote and fee economics, PropCo seed capital, and why venture-funded versions failed.
