FUND I — NOW OPEN
Institutional capital, operator alignment.
Blackline Capital Partners Fund I is a Reg D 506(c) real estate private equity fund targeting distressed hospitality, multifamily, and mixed-use development opportunities across the Southeast, West Coast, and Midwest — executed through our vertically integrated operating partner, Bellamare Development.
For accredited investors only · Private placement · Not an offer to sell securities
FUND TERMS
Fund Structure
Delaware LLC
Target Fund Size
$100,000,000
Offering Type
Reg D 506(c)
Minimum Investment
$25,000
Investor Eligibility
Accredited Investors Only
Fund Term
5 Years + Three 1-Year Extensions
Investment Period
2–4 Years
Preferred Return
8% Cumulative, Non-Compounding
Target Investor IRR
15–18%
Target Equity Multiple
1.81x
Average Cash-on-Cash
6–8%
Waterfall
European (Fund Level)
RETURN STRUCTURE
European waterfall. LP-first economics.
Fund I uses a European waterfall structure with a single fund-level promote. LPs receive their full capital back plus preferred return before the GP participates in any profits. No dual-layer economics. No deal-by-deal carry.
Return of Capital
LPs receive 100% of contributed capital before any profits are distributed.
Preferred Return
8% cumulative, non-compounding preferred return paid to all LPs before GP participates.
GP Catch-Up
50/50 split until GP receives 20% of total profits distributed to that point.
Residual Profits
80% to LPs / 20% to GP on all remaining distributions. No deal-by-deal promote.
ILLUSTRATIVE RETURNS
What $25,000 looks like over 5 years.
Based on fund-level projections at target IRR. Illustrative only — actual results will differ.
Cumulative, non-compounding. Paid to LPs before GP participation in any profits.
Total return multiple on invested capital over the 5-year fund term at target IRR.
Illustrative profit above invested capital at 15–18% target IRR over the 5-year fund term.
DEAL PIPELINE
Active pipeline at first close.
Bellamare's active pipeline includes 10+ projects identified, with approximately $15M initial equity requirement at first close. Pre-identified deals are contractually assigned to Fund I through a warehousing agreement at cost.
Pref return: 8% on all listed projects · Additional projects under evaluation
WHY A FUND
Advantages over deal-by-deal syndication.
Speed & Certainty
Committed discretionary capital allows quick execution critical in distressed transactions — no per-deal fundraise delay.
Diversified Portfolio
10–15 investments spread risk across multiple assets rather than concentrating LP exposure in any single deal.
Off-Market Access
Fund structure provides access to transactions unavailable to syndicators dependent on per-deal fundraising timelines.
Scalable Platform
Positions Blackline for Fund II and beyond, creating a durable multi-fund investment platform with institutional LP relationships.
Dynamic Allocation
Capital deployed opportunistically across distressed acquisitions, value-add, and ground-up development as conditions evolve.
LP-Aligned Economics
Preferred return, European waterfall, investment committee, and LP Advisory Committee oversight align interests at every level.
DATA ROOM ACCESS
Full PPM, model, and diligence materials for qualified investors.
ir@blackline-cap.com