Frequently asked questions.

BlackLine Capital Partners is an independent real estate private equity fund platform — purpose-built to deploy institutional capital into distressed hospitality, multifamily, and mixed-use development opportunities. BlackLine is the capital formation and investment governance arm of the BlackLine–Bellamare platform.

Bellamare Development is BlackLine's affiliated operating partner and vertically integrated execution engine. BlackLine raises and deploys capital through the fund vehicle; Bellamare sources deals, manages development, controls construction, and operates assets. Together they form a single integrated platform — unlike traditional PE structures where the fund and operator are separate entities.

Fund I targets two primary geographies: the Southeast United States — where Bellamare has a 20+ year operating history, established municipal relationships, and off-market deal flow — and the West Coast, where the team brings $650M+ in California development and investment experience.

Fund I targets distressed and value-add hospitality, multifamily, and mixed-use development assets. Approximately 60% hotel/hospitality, 25% mixed-use commercial, and 15% multifamily/residential — diversified across development (50%) and value-add acquisition (50%).

The minimum commitment for Fund I is $500,000. All investors must be verified accredited investors under SEC Rule 501 prior to subscription.

Fund I targets a 15–18% net IRR to investors over the 7-year fund term, with an 8% cumulative non-compounding preferred return and a target equity multiple of 1.81x on invested capital. These are targets only — actual results will differ.

Fund I has a 7-year term with two optional 1-year extensions, subject to LP Advisory Committee consent. The active investment period is 2–4 years from first close.

Fund I uses a European (fund-level) waterfall: (1) Full return of LP capital; (2) 8% cumulative preferred return to LPs; (3) GP catch-up to 20% of total profits; (4) 80/20 LP/GP split on remaining distributions. No deal-by-deal promote, no dual-layer economics.

Reg D 506(c) is a private placement exemption that allows fund managers to publicly advertise an offering but limits participation to verified accredited investors only. All investors must complete formal accreditation verification before subscribing.

Fund I is structured as a Delaware LLC. Investments are made through SPVs that provide LPs with direct visibility into individual asset performance. The fund targets 10–15 investments diversified by geography, asset class, and strategy.

An accredited investor is an individual with $200K+ annual income (or $300K+ jointly) for the past two years, OR net worth exceeding $1M excluding primary residence. Entities with $5M+ in assets, family offices, and registered investment advisers also qualify.

Yes. Entities including LLCs, trusts, partnerships, and family offices are eligible provided the entity qualifies as an accredited investor under SEC Rule 501. Please consult your legal and tax counsel.

Submit an inquiry through the Investor Inquiry form. The investment team will confirm eligibility and schedule an introductory call. Qualified investors receive access to the Fund I data room — including the full PPM, financial model, and deal-level underwriting.

The Fund I data room contains: the full Private Placement Memorandum (PPM), the fund financial model and return projections, deal-level underwriting on pipeline assets, the subscription agreement and legal documents, and background materials on the team and platform.

Capital is called as investment opportunities are identified and approved by the investment committee. Commitments are drawn over the 2–4 year investment period. LPs receive advance notice of each capital call.

Distributions are made as assets are stabilized, refinanced, or sold — consistent with the European waterfall structure. The preferred return accrues from the date of capital contribution.

Fund I LPs receive institutional-grade quarterly reports covering portfolio performance, capital deployed, and deal-level updates. Annual audited financial statements and K-1 tax documents are provided.

Qualified LPs may be invited to join the LP Advisory Committee, which provides oversight on fund governance, conflict of interest situations, and major fund decisions. The LPAC reviews related-party transactions between BlackLine and Bellamare.

Select LPs may access co-investment opportunities in specific deals that exceed the fund's target allocation, at the same economics as the fund. Co-investment opportunities are offered at the investment committee's discretion.

Real estate private equity involves significant risks including illiquidity, development delays, cost overruns, market value fluctuations, interest rate risk, and loss of capital. Fund I's returns are not guaranteed. Investors should review the full risk factors in the PPM and consult independent advisors before investing.

No. Fund I is an illiquid, long-term investment. There is no public market for LP interests and no guaranteed right of redemption. Investors should only commit capital they can hold for the full fund term (7 years + extensions).

No. All return projections are illustrative only and based on management's assumptions. Actual results will differ materially. Past performance of the Bellamare platform does not guarantee future results of Fund I.