Sponsor, structure and asset. All three have to hold.
The mandate is United States-wide. We invest equity in both single-asset placements and funds, with hold periods set by the strategy rather than the calendar. Because we work across asset classes, we judge each opportunity on the asset in front of us and on the sponsor and structure carrying it.
What earns a place on the list.
Six tests, applied in the same order every time. A sponsor clears all six or we pass. These are the questions we ask before a single dollar of investor capital moves.
Realized exits, not just acquisitions
Anyone can buy in a rising market. We want to see capital returned to investors through a full cycle, and we ask how the realized numbers compared with what was projected at the outset.
Meaningful GP co-investment
The sponsor's own capital sits beside yours, in a size that would genuinely hurt to lose. We look at what that commitment represents relative to their balance sheet, not just its absolute figure.
A waterfall that pays the investor first
Promote is earned above a preferred return, not taken from the first dollar back. We read the fee stack in full — acquisition, asset management, refinance, disposition — and price it into the return we expect.
Debt that survives a slow exit
Fixed or capped rates, genuine term, and reserves sized for a market that will not cooperate on schedule. We test whether the deal still services its debt if the business plan takes two years longer than modeled.
Reporting we would accept ourselves
Quarterly at minimum, with real financials rather than a summary paragraph. Our asset management arm holds property managers to that standard every month, so we know the difference between a report and a reassurance.
A downside case they can defend
We ask what happens if it goes wrong, and we keep asking. The answer has to stay specific and internally consistent under pressure — a sponsor who has genuinely thought about the downside will walk you through it without changing the subject.
Every placement we have made, underwritten in-house and still under our oversight.
HWC Fund One — Series 3
Medical-anchored net lease
A portfolio of net-leased medical, dental and veterinary property, already assembled and leased to essential-use operators on long leases. Triple-net structure, credit tenants, and demand that does not track the economic cycle.
Foxtail brought a level of diligence I could not do on my own. The reporting alone changed how I invest.
They think like operators because they are operators. That shows up in every deal they bring.
Measured, honest, and quick to say no. Exactly what I want from someone placing my capital.