Stelliger Renewal Equity Fund

United States of America

Last updated 13 May 2020, by Impactyield.

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The Fund focuses on real estate investment opportunities in close-to-urban and urban areas in the United States, primarily in the middle market segment. The General Partner has a particular interest to invest in cities with a strong university or research center presence as we believe those cities often are job creation centers and less economically cyclical. We plan to achieve optimal energy efficiency and sustainability in invested properties within appropriate financial constraints. We intend to acquire properties at below market or replacement values, fully stabilize the properties, rehabilitate the properties into optimal performance buildings (e.g., through energy efficiency), and reposition them for sale at higher values. We also will evaluate select demand-driven development opportunities with clear user demand and financing sources.

Financial description

The Fund intends to invest primarily in real estate properties in the middle market segments in the United States with project size ranging up to $100 million. The Fund plans to target close-to-urban and urban markets based on fundamental economic metrics, detailed sub-market research, and local on-the-ground real estate operator network information. The Fund has a particular interest in areas with a strong university or research center presence. These locations have demonstrated a long term trend of economic and job growth due to the educated workforce and the intellectual capital that exist in these locations. Research shows that major educational and research centers tend to be more recession resistant, to be job creation centers, and also to attract people due to the stable skilled job supply.
The Fund plans to achieve its target fund IRR of 20%+ annually through value-add, opportunistic repositioning and select demand driven developments. The General Partner believes that the current real estate down cycle provides attractive investment opportunities with sizable returns that can be achieved using minimal leverage. The Fund plans to acquire properties on a cash basis during the initial acquisition phase and then utilizes debt leverage (with debt leverage averaging below 50%) as the properties are stabilized. The General Partner believes that quality returns can be obtained through thoughtful and careful value-added work without the need of high leverage.

13 years

of track record


the year funded

200,000,000 USD


Asset manager

Stelliger Renewal Equity Fund


Headquarters location:

Key performance indicators

Fund overview

Asset manager: Stelliger Renewal Equity Fund

Product track record: Fund has 13 years of track record

Target IRR: 20%

Committed Capital: 0 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2010

Vintage year: n.a.

Target region: , , ,

Target close date: 01/12/2011

Product term: 7 year term

Assets under management: 200,000,000 USD (US Dollar)

Investment size: Min: 2,000,000; Max: 45,000,000; Avg: 10,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 0

Fund investments to date exited or repaid: 0

Management fee: 1.75%

Carried interest: 20%

Hurdle rate: 8%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Endowments/Foundations, Family Office, Pension Funds


E-mail: n.a.


Phone number: (917) 968-3703

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Charlene Kuo


Impact Performance


Impact thesis

The General Partner believes that it is both financially and environmentally sensible to invest in real estate with energy efficiency and sustainability goals. Buildings are responsible for approximately 70% of total electricity usage, 40% of green house gas emissions, and 12% of water consumption in the US. How responsibly we erect and retrofit our buildings will be important to our energy usage and environmental impact. New technologies and techniques have gradually reduced the costs of building sustainably. The General Partner aims to reposition properties acquired at discount into optimal performance buildings through energy efficiency and other sustainable features within appropriate financial constraints. The General Partner strives to achieve energy efficiency as the foremost priority for the most beneficial environmental impact and direct reduction in operating costs. The Fund will leverage the General Partner's experience in sustainable development to achieve minimal adverse long term environmental effect and increase the value of its real estate properties.
The General Partner also will invest in real estate properties with the interests and the needs of the communities as important priorities. When appropriate, mixed income real estate properties will be evaluated and considered. The General Partner has a strong interest to invest in real estate products that would better the lives of the people in the communities where the Fund invests.

Impact Management


Financial benchmark

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