01 / Fund Terms
Structure & Mechanics
European waterfall. Aligned incentives. GP economics activate only after LPs receive full return of capital plus the preferred return.
VehicleJunto Opportunity Fund I LP
GP EntityJunto Management GP LLC
Initial Close Target$30M
Fund Term10 Years
Investment Period4 Years
Capital Allocation80% Core / 20% Opportunity
Preferred Return8% (Cumulative)
Carried Interest20%
WaterfallEuropean (Whole-Fund)
Clawback Escrow30%
GP Commitment≥ 2% of Commitments
Management Fee2% (Steps Down Post-IP)
Target Equity Multiple1.95X
Target Net IRR15 – 25%
ReportingQuarterly + Annual Audit
Opportunity Sleeve Override75% LP Approval
02 / Prototype Deal
The Workhorse
The fund’s primary vehicle is the Type 1 Classic 25-Footer — the deepest-inventory, most repeatable building in Manhattan. Six archetypes are detailed in the Market Study. This is the one that sets the template.
Physical Spec
| Class | C4 Old Law Walk-Up |
| Built | 1879 – 1901 |
| Stories | 5 – 6 |
| Lot | 25 × 100 ft |
| Units | 15 – 24 |
| Manhattan Inventory | ~10,000 Buildings |
| Condition at Acquisition | Vacant / Distressed |
| Renovation Scope | Full Gut |
Acquisition Criteria
| Entry Basis | $275 – $325 / SF |
| Gut Budget | $200 – $275 / SF |
| All-In Basis | $475 – $600 / SF |
| Resale Comp | $700 – $900+ / SF |
| Typical Acquisition | $4.0 – $6.2M |
| Equity Check | $5.9M |
| Regulatory | Free-Market Rents Only |
| Sourcing Channel | Adversarial / Off-Market |
03 / Deal Economics
The Math
Per-asset economics on the T1 prototype. The spread between entry basis and stabilized market value is where the return lives. Everything else is execution risk we control.
Acquire
$4.0–6.2M
Vacant distressed asset. Legal friction forces pricing below replacement cost. Entry at $275–325/SF.
Renovate
$200–275/SF
Full gut renovation. Concurrent unit buildout on vacant asset compresses timeline to 12–14 months.
Stabilize
$475–600/SF
All-in stabilized basis. Free-market leases with household guarantees. Floor plate reconfigured to true 2BR/3BR with in-unit W/D and HVAC.
Exit Comp
$700–900+/SF
Market comps for stabilized boutique product in Tier 1 neighborhoods. 4.5–5.0% cap rate.
8.7%
Return on Cost
1.95x
Equity Multiple
18.5%
Year 3 IRR
$5.9M
Equity Check
04 / LP Economics
Waterfall Distribution
European structure. No promote until every LP dollar is returned plus the 8% cumulative preferred return. Clawback escrow ensures alignment through the tail.
Tier 1
Return of contributed capital to all partners
100% → LPs
Tier 2
8% cumulative preferred return to LPs
100% → LPs
GP Catch-Up
GP receives distributions until carry equals 20% of total profits
100% → GP
Residual
Remaining profits split between LP and GP
80 / 20
05 / Sourcing Edge
Adversarial Acquisition
The discount is dispute-driven, not market-driven. We source assets where legal complexity creates a pricing dislocation that conventional sponsors cannot navigate. The trial lawyer leads the sourcing — not the broker.
- Ownership deadlock — partnership disputes, contested estates, fractured LLCs with no operating agreement
- Regulatory violations — DOB vacate orders, HPD lead paint liens, OATH judgments creating forced-sale pressure
- Lender fatigue — matured bridge loans with no refinance path; sponsors who can’t post reserves
- Title complexity — lis pendens, mechanic’s liens, tax lien certificates creating cloud that suppresses bid competition
- Stalled construction — permitted renovations abandoned mid-execution by prior sponsors
06 / Execution Timeline
18-Month Gate Structure
Milestone-gated execution from sourcing through stabilization. Every gate has a decision point, a document deliverable, and a kill switch.
Gate 01
Mo. 0–2
Sourcing & Legal Diligence
Title search, lien analysis, ownership mapping, regulatory audit. IC approval gate.
Gate 02
Mo. 2–3
Acquisition & Closing
Contract execution, title insurance, lien resolution, closing. Capital call to LPs.
Gate 03
Mo. 3–4
Permit & Pre-Construction
DOB filing, scope finalization, GC mobilization. Hughes construction budget locked.
Gate 04
Mo. 4–14
Gut Renovation
Concurrent unit buildout on vacant asset. Monthly draw schedule tied to inspection milestones.
Gate 05
Mo. 12–16
Lease-Up
Pre-leasing begins at 60% completion. Brown Harris Stevens manages tenant qualification and household guarantees.
Gate 06
Mo. 16–18
Stabilization & Exit
90%+ occupancy. Refinance, hold, or opportunistic sale — exit is a choice, not a forced event.
07 / Operators
Execution Control
John H. Snyder
Co-Manager / Structuring & Adversarial AcquisitionJohn H. Snyder PLLC
Federal trial lawyer and fund co-founder. Controls adversarial acquisition strategy, contested resolution, and legal structuring. 7 years at Proskauer Rose LLP. Federal judicial clerkship (Hon. A. Richard Caputo, M.D. Pa.). Founded Agnes Intelligence, placing 4th of 1,000+ entries in the 2018 North America IBM Watson Build competition. Developed FRCP 2.0 scholarship over seven years of computational sensemaking research.
Harvard LawBrown (ΦΒΚ)Proskauer RoseFederal Clerkship
J.R. Chantengco
Co-Manager / Underwriting & OpportunitiesBlack Pearl Investments
Fund co-manager. Leads underwriting, deal origination, and opportunity identification. 30+ years in structured finance and institutional capital stacks. Oversees fund-level capital optimization, risk modeling, and the economics underlying the basis reset strategy. Responsible for LP relations, capital call mechanics, and distribution waterfall execution.
Structured FinanceInstitutional CapitalCo-GP
John (RJ) Estiva
Co-Manager / Operations & TechnologyJunto Opportunity Fund I LP
Fund co-manager. Owns operational infrastructure, technology systems, and data architecture across the fund lifecycle. Supports deal execution workflow, data architecture, and GP-side coordination between construction, leasing, and capital markets functions.
Fund OperationsTechnologyCo-Manager
Sydney Lanyon
Chief of StaffJunto Club USA LLC
Manages fund operations, investor communications, and execution coordination across legal, construction, and leasing workstreams. Co-author of Rocket Docket Practice. Oversees playbook execution, GP-side reporting, and cross-functional milestone tracking from sourcing through stabilization.
Fund OperationsChief of Staff
Brian Hughes
Construction & Cost EfficiencyJ.F. Hughes Builders
Construction principal responsible for schedule compression and cost integrity across all fund assets. Specialist in concurrent vacant-building gut renovations in high-density Manhattan sub-markets. Controls GC selection, draw scheduling, inspection milestones, and punch-list closeout. The construction budget is his model — if the numbers don’t work in Hughes v5, the deal doesn’t close.
Manhattan Gut RenoCost ControlSchedule Compression
Amy Herman
Leasing & Tenant StrategyBrown Harris Stevens
Manages lease-up execution and tenant qualification across all stabilization-phase assets. Secures high-quality tenancy with household guarantees to lock in durable rental income. Responsible for pre-leasing strategy, market-rate positioning, and the transition from construction completion to stabilized occupancy.
Brown Harris StevensManhattan Leasing
08 / Governance
Control Architecture
Institutional-grade governance embedded at the GP level. Dual-key investment committee, milestone-gated capital deployment, key person protection, and a 30% clawback escrow that keeps GP economics honest.
Dual-Key IC
Investment Committee
Every deal requires both the Legal Key (Snyder — non-delegable) and the Capital Key (Chantengco). Neither can unilaterally deploy fund capital.
Gate System
14-Milestone Gates
Capital is deployed against milestones — not schedules. Each gate has a document deliverable, a decision checkpoint, and an explicit kill switch if conditions deteriorate.
Key Person
Key Person Provision
A key person event pauses new investing if a designated principal is no longer able to serve. Protects LPs from material platform disruption.
LP Protection
Clawback & Escrow
30% of carried interest escrowed against clawback. European waterfall ensures no GP promote until full return of capital and 8% preferred return to all LPs.
Next Step
Request Access
Schedule a call with our team to discuss fund terms, current pipeline, and allocation availability.
Sydney Lanyon
sydney@juntoclubusa.com
Chief of Staff
John H. Snyder
john@jhs.nyc
Fund Manager
This document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer would be made only pursuant to the Fund’s Confidential Private Placement Memorandum and related subscription documents. Past performance is not indicative of future results.