Investment Fund III

Affordable Housing Compliance Management


A specialized management platform for LIHTC, Section 8, and other regulated affordable housing, where compliance precision protects both owner subsidy and resident stability.

$0.870B
Committed Capital
17–22%
Net IRR Target
8 yr
Fund Term
Affordable
Strategy
Strategy

Investment thesis

UpManagement Fund III acquires and scales property management operators focused on regulated affordable housing. Managing this asset class is a compliance discipline as much as an operating one: income certifications, set-aside monitoring, HUD and state-agency reporting, and inspection readiness determine whether an owner keeps its subsidy and tax credits. The fund builds a specialized compliance-management platform — standardized certification workflows, audit-ready documentation, and technology that flags exceptions before an agency does — and applies it across a growing book of regulated communities.

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 net IRR17%–22% net
Target assets

Where this fund concentrates

  • LIHTC and tax-credit community compliance management
  • Project-based Section 8 and HUD-assisted portfolio management
  • State and local affordable and workforce housing programs
  • Owners and housing authorities requiring audit-ready compliance
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.

Compliance exceptions

Certification and set-aside error rate

Inspection readiness

REAC / NSPIRE pass performance

Collections rate

Tenant and subsidy portions, weekly

Recertification timeliness

On-time annual recert completion

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