Correspondence
Letters from the fund.
One letter per year since incorporation. No projections, no promotion: what we decided, what we learned, and where we are headed — written to last, not to persuade.
2026
Why we write
Seven acquisitions signed, three credit counterparties, and the habit of written accountability.
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2025
The rent arrived before the paper
Possession and rent arrived before the deeds — and why that was not a problem.
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2024
The first acquisitions
Three units in two repositioned developments, below comparables, with the calendar on our side.
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2023
Day zero
Incorporation: the rules were set before the first asset.
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The next letter will be published in 2027. There is no mailing list and no subscription: those who want to read it will know where to find it.