The figure is stated after fund fees, so it is the closest thing on this page to what an investor would actually see. The longer commitment lets capital compound through several full acquisition-to-exit cycles rather than a single one, and gives the manager room to wait out a bad quarter instead of selling into it.

Two vehicles, and your residence decides which one

The strategy is carried out through two parallel vehicles that invest side by side, pro rata and on substantially the same terms. ARCSA Real Estate Fund LP, a Delaware limited partnership, is for United States investors only. ARCSA Real Estate Parallel Fund LP, a Cayman Islands exempted limited partnership registered with the Cayman Islands Monetary Authority, is for non-United States investors only. They are not two products with different returns; they are one programme with two entry points, and an investor is admitted to one or the other according to residence, never to both.

Minimum commitment

USD 500,000. The general partner may accept a lesser amount at its sole discretion. Any other figure published elsewhere does not reflect the current offering.

The 21% is both the objective and the ceiling

Distributions follow a defined order. Proceeds are split 80% to the investor and 20% to the general partner until the investor has received a cumulative annual return of 21% on capital contributed. Beyond that point, 100% goes to the general partner as carried interest.

Two things follow, and both are worth stating plainly. The general partner does not keep its share of the upside until the investor has reached 21%, and if the fund terminates short of that figure the general partner must return carried interest already received, up to the shortfall. But the investor does not participate above 21% either. It is a target, not a floor, and it is also a cap. It is not a guarantee, not fixed income and not a commitment to distribute.

Term and liquidity

The fund terminates on the seventh anniversary of the initial closing, extendable by one year at the general partner’s discretion. Capital is committed for that term. There is no right of withdrawal and no general redemption right. A limited partner may request redemption in a thirty-day window opening on the second anniversary of the final closing, and again on the fourth; the general partner may grant or refuse without giving reasons, and no more than 20% of aggregate commitments is redeemed in any twelve-month period. Distributions are anticipated at least annually, but the fund also reinvests sale proceeds, so a distribution in any given year is not assured.

Fees

A 2% annual management fee, charged on the greater of total capital commitments or total capital contributions and payable quarterly in advance. 20% carried interest up to the 21% hurdle, as described above. In addition, the management company may charge and retain transaction fees (acquisition, monitoring, financing, break-up, deal sourcing and exit) and property service fees (construction management, development, renovation, leasing, sales, marketing and related services). Those fees are retained in full and do not offset the management fee or the carried interest.

Conflicts of interest

Entities within the group may act at the same time as general partner, investment manager, general contractor and service provider on the same asset, and may be paid in more than one of those capacities. That creates conflicts in the allocation of opportunities between vehicles, in the pricing of affiliated services, and in the timing of dispositions and valuations. The offering documents describe these conflicts and the procedures applied to them, and prospective investors should read that section in full.

How the offering is made

Interests are not registered under the Securities Act of 1933 or with any state securities authority. They are offered in reliance on exemptions under Regulation D and, outside the United States, Regulation S. Because the offering relies on Rule 506(c), accredited investor status must be verified before any subscription is accepted — through a written confirmation from your own accountant, attorney, investment adviser or broker-dealer, an independent verification provider, or review of the documentation the rule contemplates. Self-certification is not sufficient and is not accepted. No federal or state authority has approved or passed upon the merits of these securities; any representation to the contrary is unlawful.

General Partner

ARCSA Capital GP LLC, a Delaware limited liability company registered in the Cayman Islands as a foreign company. It controls and manages the fund and makes all investment decisions.

Management Company

ARCSA Capital Management LLC, a Florida limited liability company at 1200 Brickell Avenue, Suite 1950, Miami. It provides advisory and management services and monitors the portfolio. Neither it nor the general partner is registered as an investment adviser under the Advisers Act.

Service providers

Fund administration and net asset value calculation are performed by third-party administrators, and an external auditor is appointed for the offshore vehicle. They are identified in the offering documents. Naming a provider describes an operational relationship; it is not an endorsement or guarantee of any investment.