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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 sponsors and growth-stage founders.
Each article is written to the standard institutional investors use to evaluate sponsors, not as general education.
April 16, 2026
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.
April 16, 2026
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.
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.
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.
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.
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.
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.
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.
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.
Schedule A Meeting
You get one shot to raise the right way. If this raise is worth doing, it’s worth doing with precision, leverage, and control.
This isn’t a practice run. Serious capital. Serious strategy. Let’s raise it right.
We onboard a maximum of seven
new strategic partners each quarter, by application only, to maximize your chances of securing the capital you need.
