News & Insights from IRC Partners

IRC Partners publishes institutional-grade research on capital stack structuring, GP/LP economics, debt and equity positioning, fund formation, and LP due diligence for real estate developers and growth-stage founders raising
$5M to $250M.
Each article is written to the standard institutional investors use to evaluate sponsors, not as general education.

Blue Sky Laws for real estate funds raising from multi-state pension funds.
Samuel Levitz

What Blue Sky Laws Apply to a Real Estate Fund Raising Capital From Pension Funds Across Multiple States?

Rule 506 preempts state registration but not state notice filings. A multi-state pension fund raise must file in every state where an LP is domiciled.
Institutional LP requirements for fund administration agreements.
Samuel Levitz

What Fund Administration Agreements Do Institutional LPs Require Before Committing to a Real Estate Fund?

Institutional LPs check whether a fund administrator is already in place before evaluating your strategy. Here's what the agreement must cover to pass ODD.
Fund custody agreement requirements for institutional real estate LPs.
Samuel Levitz

What Is a Fund Custody Agreement, and Do Real Estate Closed-End Funds Require One for Institutional LPs?

Real estate funds aren't automatically required to have a custody agreement. But if you can't explain your custody approach, institutional LPs will notice.
Fund fact sheet requirements for institutional LP meetings.
Samuel Levitz

What Is a Fund Fact Sheet and Do Institutional LPs Require One Before a First Meeting?

Institutional LPs don't always call it mandatory, but most expect a fund fact sheet before a first meeting. Arriving without one is a credibility gap.
Financial projection expectations for institutional LP pitch decks.
Samuel Levitz
April 16, 2026

What Financial Projections Do Institutional LPs Expect to See in a Real Estate Fund Pitch Deck?

Institutional LPs read projections to evaluate the manager, not the assets. Here's the projection package a $100M pitch deck must include to pass IC review.
Data room organization for a first-time $100M fund manager.
Samuel Levitz
April 16, 2026

How Do You Organize a Data Room for a First-Time Real Estate Fund Manager Raising $100M

Institutional LPs treat the data room as a proxy for operational discipline. Here's the exact folder structure a $100M fund raise requires.
Pitch deck slide breakdown for pension fund presentations.
Samuel Levitz
April 16, 2026

How Many Slides Should a $100M Real Estate Fund Pitch Deck Have for Pension Fund Presentations?

A pension fund pitch deck should have 10 to 12 core slides. Anything over 18 signals weak prioritization. Here's the structure that survives IC review.
SEC filing requirements for $100M real estate funds.
Samuel Levitz
April 16, 2026

What SEC Filings Are Required to Raise a $100M Real Estate Fund From Institutional Investors and How to Avoid Costly Compliance Mistakes

Most $100M real estate funds never register with the SEC. They file a Form D notice. Here's the exact filing sequence and where first-time sponsors go wrong.
Comparison between Subscription Agreements and LPAs.
Samuel Levitz
April 15, 2026

What Is a Subscription Agreement and How Does It Differ From an LPA in a Real Estate Fund?

A signed subscription agreement accepted by the GP is a binding capital commitment. A soft-circle is not. Here's how it differs from the LPA.

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