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.

Capital advisor fees for structuring $100M funds.
Samuel Levitz
April 14, 2026

What Does a Capital Advisor Charge to Help Structure and Raise a $100M Real Estate Fund?

A 2% success fee on a $100M raise equals $2M before a dollar is deployed. The headline fee is rarely the real cost. Here's what to model first.
Hiring help to launch an institutional fund.
Samuel Levitz
April 14, 2026

How Do Real Estate Developers Hire Help to Launch Their First Institutional Fund?

Hiring outside advisors in the wrong order wastes budget and leaves diligence gaps. Here's the sequence first-time fund sponsors should follow.
Capital stack for a $100M real estate fund.
Samuel Levitz
April 12, 2026

What Fund Documents Do You Need to Raise $100M From Institutional Investors in Real Estate?

The credibility test isn't whether you have a PPM. It's whether every document in your stack tells the same story. Here's what institutional LPs need.
Institutional LP removal rights for real estate GPs.
Samuel Levitz
April 13, 2026

What Removal Rights Do Institutional LPs Typically Demand From a Real Estate GP?

Institutional LPs read the governance section first. Here's what GP removal rights they require and how to draft them without losing credibility.
Standard GP promote structure for $100M funds.
Samuel Levitz
April 13, 2026

What Is a Standard GP Promote Structure for a $100M Real Estate Closed-End Fund Targeting Institutional LPs?

Institutional LPs read your promote structure as a signal of judgment before diligence begins. Here's what the standard looks like in 2026.
Minimum track record for a $100M real estate fund.
Samuel Levitz
April 13, 2026

What is the minimum track record needed to launch a $100M real estate fund?

Three completed projects may start the conversation with institutional LPs. They rarely close one. Here's what the track record bar looks like.
Structuring a $100M fund for institutional LPs
Samuel Levitz
April 9, 2026

How Real Estate Developers Structure a $100M Closed-End Fund for Institutional LPs

Institutional LPs underwrite managers, not deals. Here's the actual structure a $100M closed-end real estate fund needs to pass diligence.
Finding advisors for real estate fund formation.
Samuel Levitz
April 9, 2026

How Do You Find Advisors Who Specialize in First-Time Real Estate Fund Formation?

Most developers search for fund formation advisors the wrong way and hire the wrong person. Here's where qualified advisors actually come from.
Role of placement agents in real estate raises.
Samuel Levitz
April 9, 2026

Do You Need a Placement Agent to Raise a $100M Real Estate Fund?

Most Fund I managers don't need a placement agent - they need institutional readiness. Here's how to tell which problem you're actually solving.

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