Guide · Fundraising
How to Raise a Real-Asset Fund
The complete playbook, debt and equity, from strategy to close.
Raising a real-asset fund is not raising a venture fund with different assets. The capital is collateralised, cash-flow-yielding and long-duration, so the raise must speak to two audiences at once: equity allocators underwriting upside and lenders underwriting downside.
Start with a thesis, not a structure
LPs commit to a differentiated, repeatable strategy. Define the edge, the assets, the geography, the target return and why you, before any entity is drafted. The structure serves the strategy — not the other way around.
Choose the structure that fits your LP base
For EMEA institutional capital a Luxembourg RAIF is the workhorse: fast to launch, AIFM-managed, EU-passportable. Pair with a Cayman feeder for US/offshore LPs. Need a first-draft term sheet? Try the Fund Terms Generator.
Build the documents to institutional standard
PPM, LPA, subscription agreement, and a complete data room and DDQ. Allocators dismiss managers who show up with half-finished materials. GPX offers a Real-Asset DDQ Template built from the questions LPs actually ask.
Set economics LPs recognise
~1.5–2% management fee, ~20% carry above a ~8% preferred return with a catch-up. Deviations are possible, but only when the track record or strategy justifies them. First-time managers should stay close to market.
Sequence the raise around an anchor
An anchor commitment de-risks the vehicle for everyone after. Run a structured roadshow, reach first close, build to the hard cap. Manage it as a pipeline: Targets, Contacted, Discussion, Soft Commit, Closed. Track every touchpoint like a sales process — because it is one.
Find the LPs whose mandate actually fits
Match on mandate first. GPX matches across 37,383 investors semantically and surfaces warm paths from 42,000 mapped relationships. Debt and equity, from one document — so you never pitch a lender for equity or an LP for debt.
Ready to raise? Start with the right capital
GPX matches your fund thesis to the institutional investors and appetite-scored lenders whose mandates align — debt and equity, from one document.