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Fund

Geneva Income Opportunity Fund I

Stabilized neighborhood retail in high-growth Sunbelt markets. Current income from the in-line center; value creation from under-monetized outparcels.

The strategy in one sentence.

Fund I acquires stabilized neighborhood retail centers in high-growth Sunbelt markets, generating current income from in-line tenancy while activating under-monetized outparcels through ground leases and build-to-suit with national QSR and credit tenants.

Fund highlights.

$25M
Target raise
Aggregate commitments
8%
Preferred return
All investor classes
13–15%
Target net return
Avg. annual, net of fees & carry
$200K
Minimum investment
Per accredited investor
Quarterly
Expected distributions
Within 30–45 days of quarter-end, at GP discretion
5–7 yrs
Target hold
Anticipated holding period
1.5%
Fee structure
Mgmt fee · tiered carry
$1M
GP co-investment
Sponsor capital alongside LPs

Targeted returns contained herein reflect, in part, the measure of risk that the Fund will be taking with respect to its investments. Prospective investors should bear in mind that these are target returns rather than actual returns. The Fund may experience substantial loss and there can be no assurance that target returns will be achieved.

The opportunity.

How the strategy works.

01

Acquire

Stabilized neighborhood retail centers with under-monetized pad sites in target Sunbelt markets.

02

Develop

Outparcels via ground lease or build-to-suit, executed by the in-house Florida-licensed General Contractor.

03

Lease

Long-term net leases to national QSR and credit retail tenants for investment-grade cash flow.

04

Realize

Refinance or sell at stabilized value reflecting higher NOI from new pad cash flow.

Forward-looking · Technology-enabledAlongside the pad-site playbook, Geneva is actively developing technology and infrastructure partnerships to future-proof its assets.

Why now.

The best located pad sites and outparcels on high traffic corridors in the Southeast are experiencing the most intense tenant competition in at least two decades, driven by near zero new retail development, generationally low vacancy, and franchise expansion targeting Florida and the Southeast above all other U.S. markets.

National retailer pad demand

QSR, coffee, convenience, medical, automotive service, and other credit retailers are aggressively pursuing pad-ready locations in Southeast growth markets, with strong demand for highly visible outparcels offering drive-thru capability and direct access to growing retail corridors.

Embedded value trapped in existing centers

Many legacy owners lack the capital, entitlement expertise, development capability, or risk tolerance to execute pad development. Others prioritize cash-flow preservation over value creation, leaving excess land underutilized despite strong retailer demand.

Replacement costs limit new supply

Rising land, construction, and financing costs make ground-up retail development increasingly difficult, enhancing the value of existing centers that already possess the traffic counts, utilities, access points, parking, and municipal approvals needed to create new outparcels.

Multiple avenues for value creation

Increase NOI through ground leases or pad sales, improve overall center visibility and traffic, reduce basis through parcel monetization, and create valuation arbitrage by transforming overlooked excess land into institutional-quality small-format pad sites.

Sources: CRE Daily, Feb 2026, citing CoStar data; CoStar; IFA 2026 Franchising Economic Outlook.

The sponsor.

33.37%
Net LP IRR (pooled XIRR)
24 realized exits
$500M+
Total transacted
Across 62 deals
17+ years
Operating history
FL · GA · NC · TN
$250M+
Current AUM
1.42M SF active

Figures per Geneva Performance Overview, September 2026.

Vertically integrated platform

In-house Florida Certified General Contractor (CGC #CGC1518521) and property management, so outparcel development is executed on Geneva’s schedule and budget rather than waiting on third-party GCs.

Proprietary deal flow

Operator, broker, and seller relationships built across 17+ years in core Southeast markets. Many acquisitions are sourced off-market or pre-marketing.

Disciplined sponsor

24 consecutive realized exits delivering positive net LP IRR: 33.5% on the realized industrial cut and 25.1% on the realized retail cut (pooled XIRR).

Investment terms.

Offering terms

Investment vehicleDelaware Limited Partnership
General PartnerGeneva Cap LLC
Target raise$25,000,000
GP co-investment$1M co-investment
Minimum investment$200,000
ClosingsInitial closing plus subsequent closings for 12 months; GP may extend up to 6 additional months
Hold period5–7 years (target)
Fund term7 years from final closing; up to three one-year extensions at GP discretion, then further with LP majority consent
Investment period4 years from initial closing (one-year extension with LP majority consent)
DistributionsExpected quarterly, within 30–45 days after quarter-end; timing and amount in the GP’s sole discretion
Eligible investorsAccredited investors that are U.S. persons

Fees & structure

Management fee1.5% of commitments during the investment period; thereafter 1.5% of contributed capital in unsold investments
Carried interest25% (Class 1) / 20% (Class 2) above pref
Above 15% net LP IRR35% (Class 1) / 30% (Class 2)
Acquisition feeUp to 1.0% of purchase price
Property managementUp to 4.0% of gross revenues ($1,000/month minimum per investment)
Construction managementUp to 5.0% of hard costs and certain soft costs
Guaranty fee1.0% of recourse loan principal (if a guaranty or indemnity is required)
Fund legal / adminAt cost, passed through
Placement agent feesIf any, a Fund expense or charged to the applicable investor

Fees are summarized for illustration; the Partnership Agreement and Private Placement Memorandum govern.

Distribution waterfall

Whole-fund basis: the preferred return and carried interest are calculated on cumulative distributions across all Portfolio Investments. First, 100% to LPs until unreturned capital contributions are repaid; second, 100% to LPs until the 8% preferred return (simple, per annum) is paid; third, the base LP / GP split for the investor’s class until the LP reaches a 15% net IRR; thereafter, the upside split.

LP protections: after the Fund’s final distribution, a clawback requires the GP to return carried interest to the extent LPs have not received their capital contributions plus the 8% preferred return, capped at carried interest received net of taxes. There is no GP catch-up.

Construction and property-management services are provided by Geneva-affiliated entities; related fees are paid to affiliates as related-party transactions. Represents fees paid to our sponsor or its affiliates. The agreements and compensation arrangements between us and our sponsor and its affiliates were not determined by arm’s-length negotiations.

Investor classes.

Larger commitments supply certainty to the early close and earn a larger share of profits; the upside tier above a 15% net LP IRR ties sponsor compensation to outperformance.

Class 1

$200,000–$999,999
Preferred return8%
LP / GP split75 / 25
Above 15% net LP IRR65 / 35

Class 2

$1,000,000+
Preferred return8%
LP / GP split80 / 20
Above 15% net LP IRR70 / 30

Class terms are summarized for illustration; the Partnership Agreement and Private Placement Memorandum govern.

Financing approach

Moderate asset-level leverage targeting approximately 65% loan-to-value at the portfolio level, arranged on a non-recourse basis wherever available, using fixed-rate, variable-rate, or interest-only debt as appropriate to each asset’s credit and lease profile, with maturities staggered across the portfolio. Debt is underwritten to service from in-place net-lease income, not projected rent growth. Leverage and financing terms are policy targets, not commitments; individual assets may carry higher or lower leverage than the target.

Tax considerations

Fund I is structured as a Delaware limited partnership, a pass-through vehicle that pays no entity-level federal income tax. Investors receive an annual Schedule K-1. Real estate depreciation — potentially accelerated through cost-segregation studies where available — can offset a portion of taxable income, so part of the cash distributed may be received on a tax-deferred basis as return of capital. Assets held longer than one year are generally eligible for long-term capital-gains treatment at exit; the portion of gain attributable to prior depreciation is subject to recapture at applicable rates. Not tax advice; treatment depends on each investor and current law. Consult your own advisors.

Anchor commitments

Materially larger commitments may be eligible for additional anchor terms, documented by side letter. Terms are discussed directly with the sponsor.

Investor flow.

01

Commit capital

LP investors commit a minimum of $200K. Capital is called as needed over the investment period, on at least 7 days’ notice.

02

Due diligence

Geneva sources off-market opportunities, conducts institutional-grade underwriting, and selects 4–6 target acquisitions.

03

Acquire & manage

The Fund acquires assets. Net lease structure minimizes operational complexity; Geneva’s vertically integrated team actively manages the portfolio and tenant relationships.

04

Distribute & exit

Expected quarterly distributions from operating income, with timing and amount in the General Partner’s discretion. At exit, assets are expected to be sold individually or as a package to institutional buyers.

Institutional infrastructure.

Fund administrator

Verivest, LLC. Independent third-party fund administration and investor reporting.

Legal counsel

Nelson Mullins Riley & Scarborough LLP. Fund formation, securities compliance, and ongoing legal support.

Fund accountant

Heinz Jolles & Berry, LLP. Initial accountant to the Fund; reviews the Fund’s annual financial statements, which are not expected to be audited.

Investor portal

Juniper Square. Secure document delivery, subscription, and investor reporting platform.

Banking & depository

Centennial Bank. Fund depository and banking relationship.

Access fund materials

Fund I has a $200,000 minimum investment. Accredited investor status is verified before acceptance, as required by Rule 506(c). Consistent with SEC guidance, the Fund’s $200,000 minimum investment, together with written investor representations — including that the investment is not financed by a third party — constitutes reasonable verification; the Fund may also use the verification methods in Rule 506(c)(2)(ii) and may request supporting documentation.

Request access

Any offering is made only through the Fund’s offering documents to verified accredited investors.

Past performance is not indicative of future results. This is neither an offer to sell nor a solicitation of any offer to buy any securities. Unless otherwise indicated herein, all information is current as of the date specified. Investing in the Fund contains risks, including the risk of loss of your entire investment. The Fund may not be suitable for all investors, and an investor should contact pertinent tax, legal, and financial advisors prior to investing in the Fund. Geneva Income Opportunity Fund I, L.P. does not own the properties presented on this website.