Academy · Track 2

Raising a Real-Asset Fund

From strategy and structure to first close.

What it actually takes to raise a real-asset fund — defining the thesis, choosing the right structure, building the documents allocators expect, setting market economics, and sequencing the raise around an anchor.

2.1
Strategy and thesis before structure
LPs commit to a differentiated, repeatable strategy — edge, assets, geography, return, and why you — before any legal structure. Get the the
2.2
Choosing a structure: RAIF vs Cayman
Luxembourg RAIF (fast, AIFM-managed, EU-passportable) or Cayman feeder (US/offshore LPs), with local SPVs beneath the fund. Structure follow
2.3
The core documents
PPM, LPA, subscription agreement and DDQ — what each one does, what allocators expect, and why half-finished materials get you cut from the
2.4
Fund economics
Roughly 1.5–2% management fee, ~20% carry over an ~8% preferred return with a catch-up. The market terms LPs expect — and where first-time m
2.5
The raise process and the close
Soft-circle anchors first, run a structured roadshow, manage the DDQ flow, reach first close, then build to the hard cap. The sequence that

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