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.

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.
Side letters in real estate fund LPAs.
Samuel Levitz
April 15, 2026

What Is a Side Letter in a Real Estate Fund LPA and When Do Institutional LPs Require One?

Every institutional LP will request a side letter. The real issue is whether you can contain the downstream impact of every concession you agree to.
Presenting management fees and carried interest.
Samuel Levitz
April 15, 2026

How Do You Present Management Fees and Carried Interest in a Real Estate Fund Terms Sheet

Vague fee language reads as a gap in institutional preparation. Here's how to present every term so LPs can model the economics without a follow-up question.
Real estate closed-end fund term sheet guide.
Samuel Levitz
April 15, 2026

What Is a Fund Terms Sheet and What Does It Include for a Real Estate Closed-End Fund?

The fund terms sheet is the upstream control document for your entire raise. Here's what every section must lock before counsel begins drafting.
Private Placement Memorandum for real estate funds.
Samuel Levitz
April 14, 2026

What Goes Into a Private Placement Memorandum for a Real Estate Closed-End Fund?

A real estate fund PPM is not a longer pitch deck. Here's what every section must contain and what a weak one signals to institutional LP counsel.
Setting up a real estate fund GP entity guide.
Samuel Levitz
April 14, 2026

How Do You Set Up a Real Estate Fund GP Entity Before Launching a $100M Raise?

Before your first LP conversation, you need a formed GP entity. The exact three-entity structure institutional sponsors use before a $100M raise.

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