A single partner.
A full operating platform.
Theia is seeking a $30 million programmatic capital commitment from one family office — a strategic partnership where one capital provider backs an operating platform and participates in the economics of every deal deployed.
Fund structure
& terms.
The Co-GP model only works at velocity. A single committed capital partner allows Theia to deploy into deals with the speed and certainty that local sponsors require, without deal-by-deal syndication friction or competing mandates.
| Capital Partner | $30M programmatic family office commitment |
| Structure | Co-GP platform fund (not blind pool LP) |
| Target LTV | 75% construction debt leverage |
| Equity per Cycle | $30M supports ~$120M in total development volume |
| Capital Recycling | 2.0x over 5-year fund life (~$240M total volume) |
| Management Fee | 1.0–1.25% annually on committed capital |
| Preferred Return | 8% compounded annually |
| Promote Split | 65 / 35 (FO / GP) above preferred return |
| GP Co-Invest | Deferred from early distributions + personal capital |
| Target MOIC (FO) | ~2.5x including OpCo distributions |
| Target IRR (FO) | 25–30% net |
Projected returns.
Over a five-year life.
Figures derived from the Theia $30M Fund Model (April 2026 build). Full waterfall, sensitivity tables, and recycling assumptions available on request.
$30M in. ~$75.6M out.
| Capital Committed | $30.0M |
| Development Profit (net of promote) | ~$26.7M |
| Capital Returned | ~$30.0M |
| OpCo Distributions (60% of BuildCo + FabCo) | ~$7.0M |
| Total Cash to Family Office | ~$75.6M |
| MOIC · Net IRR | 2.5x · 25–30% |
Economics of execution.
| GP Promote | ~$12.9M |
| BuildCo Profit (GP 40% share) | ~$2.7M |
| FabCo Profit (GP 40% share) | ~$2.0M |
| Fund Fee Revenue | ~$9.6M |
| Total GP Economics | ~$27.2M |
Ready to walk through the model?
Materials available on request include the full $30M financial model with adjustable assumptions and sensitivity tables, GP-vs-LP return attribution, construction technology specifications, and the active pipeline detail.