Core II Fund

Core II Fund


Stabilized, income-producing assets with low leverage. A second core sleeve extending institutional-grade exposure across additional service categories.

$0.794B
Committed Capital
17–22%
Net IRR Target
8 yr
Fund Term
Core
Strategy
Strategy

Investment thesis

UpManagement Core II Fund extends the core strategy into additional stabilized property management categories. Like Core I, the fund targets low-leverage, income-producing operators — but with dedicated capacity to build the second layer of the core portfolio, enabling wider geographic and sub-strategy diversification without diluting Core I's concentration discipline.

Terms

Fund architecture

VehicleDelaware Limited Partnership
Term8 years (+ two 1-year extensions)
Preferred return8% preferred return
Carried interest20% carried interest above preferred
WaterfallAmerican waterfall with GP clawback
Minimum LP$1,000,000
AuditorPricewaterhouseCoopers LLP
Legal counselLePore Law Group
Target assets

Where this fund concentrates

  • Diversified core property management operators
  • Complementary service categories to Core I
  • Stable fee income across property types
  • Investment-grade balance sheets
Operating discipline

The numbers we run to

Every managed property is held to weekly operating metrics. These are the disciplines that distinguish an institutional operator from a passive fee collector.

Reserve availability

Undrawn capital ready to deploy

Deployment discipline

Committee-approved use of reserve

Expansion velocity

Speed to close opportunistic deals

Portfolio benefit

Assets improved by reserve programs

Property management is the most undervalued operating layer in real estate. Run it like the business it is.
Alexandra Pohl, Founder and CEO

Speak with our investor relations team

For fund materials, capital account information, and partnership inquiries, reach UpManagement directly.

Contact Investor Relations