Only accredited investors may invest in DLP Capital-sponsored funds. This definition is maintained by the U.S. Securities and Exchange Commission (SEC) and requires you to meet one of two financial criteria:
- The net worth test: Have a net worth of $1 million or more, either individually or in combination with your spouse.
- The income test: Have earned $200,000 in gross income or more ($300,000 or more in combination with your spouse) in each of the preceding two years, and reasonably expect to do the same in the current year.
You can also qualify as an accredited investor by meeting certain professional criteria. For the full definition, please refer to the SEC’s website.
A $200,000 minimum investment applies to all DLP Capital-sponsored funds.
All DLP Capital-sponsored funds are structured as private real estate funds. This allows investors to gain diversified exposure to a basket of deals across different sponsors and markets with a single investment.
DLP Capital does not offer investments in single real estate deals.
All DLP Capital-sponsored funds are evergreen, which means they have an indefinite investment term rather than a fixed termination date. This arrangement offers investors the flexibility to exit/redeem in whole, or in part, based on their individual timing according to the redemption period of the individual fund. The DLP Building Communities Fund and the DLP Housing Fund offer annual redemption periods while the DLP Preferred Credit and DLP Lending Fund have a 90-day notice period for redemptions.
Yes. The DLP Housing Fund and the DLP Building Communities Fund feature annual liquidity, while the DLP Lending Fund and the DLP Preferred Credit Fund feature quarterly liquidity.
Deployment timelines vary depending on the Fund you invest in. For more information, consult the DLP Capital Investor Success Team.
A non-concessionary impact investment aims to achieve a measurable social impact without sacrificing, or conceding, return potential.
The DLP Housing Fund and the DLP Building Communities Fund feature K-1 reporting, while the DLP Lending Fund and the DLP Preferred Credit Fund feature 1099-DIV reporting.
No. Regardless of a Fund’s holdings, investors need only file state tax returns, if applicable, in their state of residence.
DLP Capital is not providing and does not provide tax advice in connection with the Funds. Please consult your tax advisor.
Yes. The DLP Housing Fund, DLP Building Communities Fund, and DLP Lending Fund assess a 2.00% annual asset management fee*, while the DLP Preferred Credit Fund assesses a 1.25% annual asset management fee, effective January 1, 2025.
Investors in the DLP Housing Fund and the DLP Building Communities Fund can qualify for the following asset management fee rebates**:
- Investments of $1 million or more: 0.50% rebate
- Investments of $10 million or more: 1.00% rebate
- Investments of $25 million or more: 1.25% rebate
In addition to the annual asset management fee, all DLP Capital-sponsored funds assess a 20% performance fee on total distributions if the fund return exceeds the annual preferred return.
*Subject to a required fee payment only to the extent required to fund continued operations and management of the Fund as further described in the PPM.
**The asset management fee rebate is on invested capital, per account, per fund, based on a minimum annual investment balance-per calendar year. See Fund documents for details.
Yes. Investors can take monthly distributions or choose to let their distributions compound and grow. Investors can switch at any time and/or do a combination (e.g. take a $1,000 distribution each month and reinvest the remainder).
DLP Capital also offers a quarterly Auto-ACH option, where you can add to your investment automatically from the bank account of your choice (minimum $10,000 per quarter). Please contact the DLP Investor Success Team to learn more about this option.
Our returns are stated net of all fees and indicate what you could potentially earn as an investor.
DLP Capital-sponsored funds are well-positioned to navigate both rising and falling interest rates.
Specifically, for the DLP Lending Fund and the DLP Preferred Credit Fund, rising interest rates allow us to increase the rates on the loans we provide, which can offset the higher cost of leverage. At the same time, we have the flexibility to adjust rates on loan extensions, which can help us preserve yields if interest rates decline.
Meanwhile, in the DLP Building Communities Fund, rising interest rates allow us to capitalize on lower land prices and lower construction costs. As for the DLP Housing Fund, a significant majority of the properties in the portfolio have fixed long-term debt at a low average rate, which shields them from the impact of higher rates. Falling rates, on the other hand, would be beneficial for both the DLP Building Communities Fund and the DLP Housing Fund, since lower rates reduce the cost of leverage.
DLP Capital’s vertically-integrated nature, strict underwriting process, active asset management activities, and selective partnerships with mission-aligned sponsors helps us navigate counterparty risk, concentration risk (across sponsors and geographies), asset-level risk, development/construction risk, and leverage risk.
Additionally, all DLP Capital-sponsored funds invest in attainable workforce housing, which cater to working families who are “renters-by-necessity.” We believe existing demand for affordable housing is likely to remain steady, even during economic downturns, as rising interest rates or inflated prices can price out potential homebuyers.
Furthermore, unlike luxury housing, the properties we invest in—which target rents below 30% of the area median income—are less susceptible to downgrading from renters seeking cheaper housing options during a recessionary environment; in fact, those interested in more affordable housing may even seek out assets like ours.
This helps maintain higher occupancy rates in the communities we invest in, which means the potential for consistent cash flow and returns for investors.
Together, these mitigating factors help us reduce the risk of you losing part or all of your principal investment, should an event like the Global Financial Crisis occur again.
Since inception,* each of DLP Capital’s four sponsored funds have:
- Not missed fixed or preferred return targets.
- Not had principal losses in any period.
- Achieved or exceeded return targets every year.
*As of June 30, 2025. DLP Housing Fund inception date: January 2020; DLP Building Communities Fund inception date: October 2021. DLP Lending Fund inception date: October 2014; DLP Preferred Credit Fund inception date: October 2021. Past performance is not a guarantee of future performance.