A dual-mandate real estate platform investing across Real Estate Equity and Real Estate Credit in transactions the firm has underwritten itself.
Kaistone’s real estate platform operates across both sides of the capital structure, equity and credit, on transactions the firm sources, underwrites, and holds a principal position in. Where the firm participates alongside another sponsor, exposure is structured through collateralised arrangements that preserve the firm’s position and rights.
On the equity side, the firm invests across the core, value-add, and opportunistic spectrum, selecting the posture that fits the asset rather than committing the platform to a single style. Each transaction is underwritten on its own terms, with conservative assumptions and an explicit downside case. Leverage is sized to debt service coverage under stress. Hold periods are matched to the asset and the investment thesis. The vehicle follows the transaction; the transaction is not forced into a vehicle.
On the credit side, the firm originates senior secured and structured real estate credit to sponsors and operators where collateral, covenant design, and active engagement materially determine the outcome. Real estate credit is approached as an underwriting discipline, not a yield-chasing one.
The firm is selective and willing to wait. The compound is in the quality of the underwriting and the patience of the capital behind it, not in the trade. Position-level reporting and direct engagement with the team underwriting the work are standard for the firm’s investor partnership.
Real estate activities are conducted through the firm’s real estate operating company. Specific vehicles and management entities are disclosed in the relevant offering documents.
Co-investment opportunities in select real-estate transactions are reserved for the firm’s investor partnership. To learn more, please request a conversation.
