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Criteria and Decline

Who We Work With

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Who Qualifies

$15M – $25M total equity need · $50M – $75M+ realized · Fund I closed or approaching · Private credit or commercial real estate · Sponsor principals available for sustained investor engagement.

What we decline

Every firm claims selectivity. This is the only version of the claim that can be checked.

  1. Strategies outside private credit and commercial real estate

  2. Sponsors without realized, verifiable transactions

  3. Raises materially below or above the stated band

  4. Structures where sponsor economics are misaligned with capital partners

  5. Mandates competing with a live engagement

  6. Assets Paper City is itself pursuing

What goes wrong without it

  1. Undifferentiated positioning. A track record that is real, but not yet legible to outside capital.

  2. Wrong capital targeted. Months spent pursuing allocators who will never write a check this size.

  3. Principal time misallocated. The person who should be underwriting is doing outreach.

  4. Premature distribution. Going out before the materials clear the bar, and burning the small number of relationships that matter.