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 United States and West Coast — 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
$500,000
Investor Eligibility
Accredited Investors Only
Fund Term
7 Years + Two 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 $500,000 looks like over 7 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 7-year fund term at target IRR.
Illustrative total distributions including return of capital plus cash flow at 15–18% target IRR.
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.
[NAME]@blackline-cap.com · www.blackline-cap.com