Mandate

What the reserve funds

• Sidecar co-investment for 2028 LPs seeking direct exposure to specific communities or platforms.
• LP liquidity facility subject to GP discretion and NAV policy.
• Follow-on capital for high-conviction 2028 vintage investments.
• Bridging capital for closing timing on large community and portfolio acquisitions.
• Structured to preserve pari-passu treatment among LP classes.

Position

How the reserve protects the community

Reserve Funds sit alongside the investment funds. They fund capital improvements and downside protection that a single-vintage investment fund cannot always absorb through its own capex line.

The Reserve Funds are what make the ten-year community operating standard credible — and what protect LP distributions from being consumed by an unplanned water-system replacement.