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February 12, 2026The hardest raise is rarely the largest.
Proven execution. No raising apparatus.Below about ten million, a sponsor raises from people they already know. Above three hundred million, the placement agents arrive. In between sits the sponsor with fifty to seventy-five million in realized transactions, a first institutional vehicle, and no one in the building who has ever run a raise.
That is the whole of our practice.
❋ Positioning & Narrative Surfacing the genuine edge and translating it into the language outside capital uses.
❋ Materials & Data Room Deck, model, track record, and diligence responses built to an institutional standard.
❋ Capital Universe Construction A qualified target set built from mandate fit, timing, and relationship depth — not a contact list.
❋ Process Management Sequencing, diligence coordination, and momentum management through to close.
Why Us
Paper City is a principal as well as an advisor. We have underwritten, capitalized, and closed commercial real estate on our own account. We know what a capital partner asks in the third meeting, because we have been asked.
Where we advise, we do not compete. Paper City does not pursue assets a client sponsor is pursuing, for the term of the engagement and a stated period after.
Who qualifiesWe publish our criteria, because selectivity you cannot check is not selectivity.
total equity need$15M – $25M
in realized transactions$50M – $75M+
closed or near 1st closeFund I
SectorsPrivate credit and commercial real estate. Fund vehicles and single-asset equity both in scope. New Jersey and the greater New York metro, with select national mandates.
One principal.
No coverage tier beneath him.
There is no junior tier to delegate to. The person in the first conversation is the person in the last one.