LP Investing Digest #19
LP Investing Digest #19
Tweets on investing, and anything else helpful to LPs
Welcome to the 13 subscribers who joined since the last issue!
Last premium post: Why most LP investments won't 2x your money (heard more positive feedback on this one than almost any post so far, thank you!)
Last free post: LP Investing Digest #18
Announcements:
LP Stories - I’ll be making an effort to record (in an anonymous matter) both good and bad LP investment outcomes to share them on here as well as my social channels. If you’d be open to sharing your story to help fellow LPs, please reply to this email.
New podcast - new podcast up, here I discussed how my business started, alignment of interests, capital calls, and more. As always, my podcast appearances are not an endorsement of the host.
CRE Innovation Panel - I hosted a group of fascinating panelists earlier today who are building and/or investing in the future of real estate. You can listen to the recording here if you weren’t able to join us live.
Happy Friday and welcome to another week of the digest!
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Well phrased… big difference between macroeconomic bets and real estate bets where the GP has some control over the outcome
Reminder that not everyone has your best interests in mind
A reminder on how costs impact your investment - make sure you understand the math below, I tried to make it simpler in second post
I’ve included reminders about rents not always rising… this one is a great reminder that vacancy rates don’t always decline and supply is certainly a part of that equation (via Newmark / M&M). This is where the “people always need a place to live” argument starts to get weak
An interesting look into the office asset class from Goldman Sachs
A discussion on rent growth underwriting assumptions
Don’t usually do this… but here’s a fun one to reward those that got this far :D haha Enjoy the weekend!
Have a wonderful weekend!
Thank you for reading! I genuinely hope you found this helpful - the best way to say thank you is to spread the word.
I advise LPs on existing and potential positions and write articles here weekly on what I see in the marketplace that could help you invest better. You can find me on LinkedIn or Twitter.
Whether you’re an LP, want to learn to become one, or affiliated with LPs (GPs, Attorneys, CPAs, Wealth Advisors) I hope you’ll consider subscribing and sharing this post to help others make more informed investment decisions.
When you’re ready, I could help you in 3 ways - simply reply to this email if one is of interest:
Limited Partners:
Potential positions - you’re considering investing and need an independent opinion
Existing positions - there’s a lack of communication, you’re concerned about fraud, or perhaps you got a capital call request and you’re not sure how to proceed. I have also helped LPs with a “post-mortem” analysis on deals that didn’t work out - it’s important to learn these lessons as opposed to just blaming the GP.
LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments.
LP Community - join my free 1,600+ member LP community on Twitter
Find GPs in unique asset classes/geographies on my monthly intro post (see LinkedIn’s post as well for more)
General Partners:
Deck review - I’ll look over your marketing materials from the perspective of an LP and provide slide by slide commentary to improve your pitch
Investment review - I’ll provide independent feedback on an opportunity you’re pursuing
Capital call advisory - you suspect that you’ll need to make a capital call, but aren’t sure how to proceed or communicate the message.
Other - anything from waterfall/fee advisory to disagreements between co-GPs on the proper path given a set of circumstances
General Consulting: modeling, strategic advisory, underwriting training, etc.
If you’d like to speak on the phone, you can set up an initial consultation.