Ground-Up Development
Selectively chosen development projects in supply-constrained GCC submarkets, with conservative cost assumptions, pre-agreed exit pathways, and no reliance on peak-cycle pricing.
What We Do
Higher upside. The same discipline.
The Growth Fund targets development and value-add opportunities across the GCC, projects with credible execution plans, explicit margin of safety, and returns that survive correction scenarios. We do not chase paper returns.
Our edge is not optimistic assumptions, it is execution. We underwrite cost overruns, timing slippage, and market corrections before we underwrite upside. Every project must demonstrate a credible, time-bound exit strategy.
“Execution integrity over paper returns.”
Target Opportunities
Where we find value.
Value-Add Acquisition
Assets acquired below intrinsic value with a clear operational or repositioning thesis, where our operator capability creates return that a passive buyer cannot access.
Distressed & Mispriced Assets
Opportunities created by market dislocation, motivated sellers, or capital structure complexity, acquired with a margin of safety and a time-bound recovery plan. Illustrative only: a stalled mid-construction asset acquired from a distressed seller, recapitalized debt-free, and brought to completion on a revised, conservative timeline.
Market Backdrop
Why this is the moment for disciplined upside.
The US commercial real estate market is moving through the largest refinancing reset in over a decade. Roughly USD 875 billion in commercial and multifamily mortgage debt, about 17% of the USD 5 trillion outstanding, comes due in 2026, per Mortgage Bankers Association data. Much of it was originated at 3-4% rates and now faces refinancing at 6-7.5%.
Distressed CRE volume reached USD 126.6 billion in Q3 2025 alone, up 18% year-over-year. Multifamily maturities specifically are surging toward USD 162 billion in 2026.
Traditional banks have pulled back. Since 2020, nonbank and private credit lenders have raised over USD 137 billion across 430+ closed-end debt funds to fill the gap, evidence that the market itself is turning to non-bank capital as the way through this cycle.
This is the environment our Growth strategy is built for: well-capitalized, debt-free acquisition of assets whose owners can no longer refinance on the terms they originally underwrote.
Sources: Mortgage Bankers Association, Real Capital Analytics, JLL. Data as of Q1 2026.
How We Underwrite
The upside takes care of itself if the downside can't kill the deal.
Execution Risk Is Modelled First
We underwrite construction timelines, contractor risk, regulatory approvals, and cost overruns before we model revenue. If execution breaks, the deal must still survive.
No Rosy ASP Assumptions
Average selling prices and exit cap rates are stress-tested down. We do not build business cases on peak-market assumptions.
Tolerance for Correction Is Explicit
Every deal models a meaningful market correction in timing, pricing, and absorption. We require survival, not just sensitivity.
Exit Must Be Credible and Time-Bound
We do not accept vague exit strategies. Every project enters with a defined path to liquidity, tested against realistic market conditions.
Scenario Analysis
Three scenarios. Every deal.
Cost Overrun
- Base Case
- On budget
- Downside Case
- +12%
- Severe Case
- +25%
Timeline Slip
- Base Case
- On schedule
- Downside Case
- +4 months
- Severe Case
- +9 months
Exit Pricing
- Base Case
- As underwritten
- Downside Case
- −10%
- Severe Case
- −20%
IRR Outcome
- Base Case
- 18–20%
- Downside Case
- 11–13%
- Severe Case
- Capital preservation objective
Illustrative only. Actual scenarios vary by project. Past performance is not indicative of future results.
Investment Calculator
Model the outcome, before you commit.
$
Scenario
All figures shown in this calculator are net returns to the investor, after all fees, carry, and hurdle calculations.
- Management fee: 1.5% years 1-2, 1.0% years 3-5, on called capital
- Preferred return: 8% hard hurdle
- Carry: 20% above hurdle, no GP catch-up
- Subscription fee: up to 2%, discretionary, entry charge only
- Hold period: 5 years, for illustration
YearDistributionCumulative cashExit value
Year 1$500$500
Year 2$500$1,000
Year 3$1,000$2,000
Year 4$1,000$3,000
Year 5$1,000$4,000$218,108
Year 1
- Distribution
- $500
- Cumulative cash
- $500
- Exit value
Year 2
- Distribution
- $500
- Cumulative cash
- $1,000
- Exit value
Year 3
- Distribution
- $1,000
- Cumulative cash
- $2,000
- Exit value
Year 4
- Distribution
- $1,000
- Cumulative cash
- $3,000
- Exit value
Year 5
- Distribution
- $1,000
- Cumulative cash
- $4,000
- Exit value
- $218,108
Total cash received
$222,108
Net IRR, 5 year
17.4%
Net MOIC
2.22x
This calculator is illustrative only and does not represent a guarantee of any outcome. Actual returns depend on the Fund's actual performance, are subject to the terms of the Fund's offering documents, and investors may lose some or all of their invested capital.
The calculator intentionally does not show a best-case or upside scenario. What is shown reflects Base, Downside, and Severe cases only. Outperformance versus the Base Case is what we underwrite toward on every investment, but it is not modelled or promised here.
Investor Profile
For investors who want upside , without abandoning discipline.
Family Offices Seeking Growth Allocation
Investors with a defined growth sleeve looking for development-stage real asset exposure with institutional underwriting and aligned operator execution.
Shariah-Observant Growth Investors
Investors who require both return potential and Shariah-observant structure, without compromising on either governance or upside.
Sophisticated & Accredited Investors
Qualified individuals with appetite for development-stage risk, seeking direct exposure alongside the operator rather than through an opaque fund-of-funds structure.
Retirement & Legacy Planners
Investors with a long horizon who can accept development-stage timelines in exchange for compounded growth, within a structure built to preserve capital first.
Post-Liquidity Business Owners
Founders and operators redeploying proceeds from a sale or exit who want real asset backing, no leverage risk, and terms they can read in full before committing.
Built to withstand volatility.Not to look good in a spreadsheet.
Takes about 2 minutes. We'll follow up if you qualify.
Target returns are objectives, not guarantees. All investments carry risk of loss. U.S.: Regulation D Rule 506(c).