Operations Fund III

Platform Operations & Talent (Vintage II)


The 2028 successor operations vehicle capitalizing continued platform-wide operations, property management standardization, and talent infrastructure.

$0.659B
Committed Capital
17–22%
Net IRR Target
8 yr
Fund Term
Operations
Strategy
Strategy

Investment thesis

UpManagement Operations Fund III is the 2028-vintage successor to Operations Fund I, capitalizing the continued build-out of platform-wide operations, property management standardization, and talent infrastructure. As the platform grows into the 2028 vintage, Operations Fund III funds the incremental operating investment required to keep every acquired manager running to a single institutional standard.

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

  • Regional operating hubs and shared services
  • Talent recruitment, training, and retention programs
  • Cross-portfolio operational integration
  • Continued platform standardization
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