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Top private funds

Private funds with the highest preferred return

Private funds ranked by stated preferred return rate. Higher pref means LPs hit return-of-capital plus an annual yield before any GP promote kicks in.

Rank

Fund

Sponsor

Asset class

Vintage

Pref

Composite

UC Asset LP (UCASU)

CapRocq Core REIT, Inc.

TUSCAN GARDENS SENIOR LIVING COMMUNITIES, INC.

Neighborhood Ventures

EvolveX Equity Fund LLC

EvolveX Capital

FrontView REIT, Inc.

RealtyMogul Income REIT, LLC

MogulREIT II, Inc.

RealtyMogul Apartment Growth REIT, Inc.

MogulREIT I, LLC

Arrived Seattle Fund, LLC

Arrived Fund Manager, LLC

Birgo Reiturn Fund Manager LLC

Nico Echo Park, Benefit Corp

Nico Asset Management LLC

Reitless Impact Income Strategies LLC

North Capital, Inc.

Platform Ventures Diversified Housing REIT, LLC

PVDH Manager, LLC

FUNDRISE GROWTH EREIT VII, LLC

Fundrise Advisors, LLC

Fundrise Income eREIT VI, LLC

Fundrise Advisors, LLC

Fundrise Growth eREIT V, LLC

Fundrise Advisors, LLC

Fundrise Income eREIT V, LLC

Fundrise Advisors, LLC

Fundrise Growth eREIT 2019, LLC

Fundrise Advisors, LLC

Fundrise Income eREIT III, LLC

Fundrise Advisors, LLC

FUNDRISE BALANCED EREIT II, LLC

Fundrise Advisors, LLC

Fundrise Income eREIT 2019, LLC

Fundrise Advisors, LLC

Fundrise Growth eREIT III, LLC

Fundrise Advisors, LLC

Fundrise Growth eREIT VI, LLC

Fundrise Advisors, LLC

Other rankings

Top private funds by LP-favorability

Highest-scoring private funds across every asset class — ranked by Waterfalls composite LP-favorability score.

Most LP-favorable private funds (highest LP take)

Private funds where the LP captures the highest share of every gross-proceeds dollar in a standard 1.75x exit scenario.

Private funds with the lowest fee drag

Lightest fee load on LP returns. Lower fee drag = more of the fund's gross profit reaching the LP.

Private funds with the strongest GP-LP alignment

GPs with skin in the game — meaningful capital commitment, clawback provisions, promote-heavy compensation. Ranked by Waterfalls alignment dimension.

Top real estate debt funds

Highest-scoring private real-estate debt and mortgage funds. Senior debt origination, mezzanine, and bridge lending strategies.

Top multifamily / apartment private funds

Highest-scoring multifamily private funds — institutional and middle-market apartment plays — by Waterfalls composite LP-favorability score.

Ranked by manager

Largest private fund managers by fund count

Sponsors with the deepest bench — fund managers with the most distinct private funds tracked on Waterfalls. Volume signals platform scale and franchise depth.

Most LP-favorable private fund managers

Sponsors whose funds, on average, score highest on Waterfalls composite LP-favorability. Aggregated across every scored fund in the family.

Private fund managers with the lowest fee drag

Sponsors who run the lightest fee load across their fund families. Averaged across every scored fund — a structural signal of the manager's pricing philosophy.

Private fund managers with the strongest GP-LP alignment

Sponsors whose funds consistently put GP skin-in-the-game — meaningful co-invest commitments, clawback provisions, promote-heavy comp. Aggregated across the family.