Last premium post: Why LP investments won't let you quit your 9-5
Last free post: LP Investing Digest #20
Announcements:
LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments. I have two spots left for the April cohort. If you’re interested, please reply to this email.
Announcing Monthly “LP Topics” Meetings - many have asked me to create an ongoing meeting where I can share some of the things that I’m seeing. The goal of these meetings will vary from modeling exercises to looking at deals in distress. If this is of interest, please reply to this email and (optional!) let me know what topics you’d enjoy seeing.
Two new podcasts:
In Apartment Investors Club, was asked for my thoughts on GP Ethics and Reporting, among other things
On The Long Game Podcast we talked about the complexities of focusing on a single factor when investing as well as common structures and fees
As always, my podcast appearances are not an endorsement of the host
Happy Sunday (sorry for being late this week 😊) and welcome to another week of the digest!
These weekly posts are free and I hope you’ll consider upgrading to premium as a way to say thank you.
By upgrading to Premium, you’ll get:
✍️ Weekly premium articles on LP investing
📚 Full access the archive of all 30+ previously published articles (see full article index here)
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An interesting look into the Austin & Charlotte multifamily markets (see comments as well)
A simple but important reminder
Good to understand what happens on the other side of the aisle building a GP in an ethical manner is difficult
A great thread for LPs looking for investing ideas
A lot of interesting commentary came out of this question
Decomposing inflation to understand what’s actually going on
All discounts are relative, and nowadays it’s more important to ask “how much of a discount relative to true value” rather than “are we getting a discount to 2020-2022 comps?” - the latter should be obvious in most cases
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.