Rank
Fund
Sponsor
Asset class
Vintage
Alignment
Composite
1
Golden Garages, LLC
Nectar Garages Manager, LLC (Ben Lapidus & Gerrit Van Maanen)
Garage / Self-Storage (condo)
2018
62
69
2
AAA Storage Growth Fund II, LLC
AAA Storage Management Company, LLC
Self-Storage
2018
62
55
3
Auor Capital Fund V LLC
Auor Capital
Unknown
2018
45
51
4
Traction Capital Fund - Land Development LLC
Unique Ability Capital, LLC (Wesley Greene)
Land Development (residential + commercial)
2018
42
84
5
ILS Fixed Horizon LLC
ILS Capital Management
Unknown
2015
42
62
6
Red Oak Capital Fund VI, LLC
Red Oak Capital
Commercial RE
2015
40
83
7
RODIN GLOBAL PROPERTY TRUST, INC.
Cantor Fitzgerald
Unknown
2016
38
72
8
America360, LLC
Dahn America360 Manager, LLC
Self Storage
2014
38
64
9
Elevation Fund 8, LLC
Elevation Events, LLC (d/b/a Elevation Capital Group); Manager: Elevation Fund 8 Manager, LLC
Self-storage facilities and manufactured/mobile home parks
2020
38
61
10
DeMok Capital LLC
DeMok Capital MGR LLC
Real Estate Debt (Senior Debt Instruments / Third Party Notes secured by non-owner-occupied real property)
2025
38
61
11
MHPI VII, LLC
Elevation Events, LLC (d/b/a Elevation Capital Group)
Storage Facilities and Mobile Home Parks
2017
38
58
12
Energea Portfolio 3 Africa LLC
Energea Global LLC
Residential RE
2021
35
78
13
ACCELERA INNOVATIONS FUND I, LLC
Accelera Innovations, Inc.
Unknown
2018
35
63
14
Terra Fixed Income Trust, Inc.
Terra Capital Partners
Unknown
2011
35
63
15
PARADYME FUND A II, LLC
Paradyme Asset Management, LLC
Commercial RE
2018
32
76
16
Energea Portfolio 1 LLC
Energea Global LLC
Residential RE
2014
32
70
17
Auerbach Opportunity Fund IV, LP
Auerbach Funds / Auerbach GP IV, LLC
Diversified Real Estate
2016
32
69
18
Cornerstone Institutional Growth REIT, Inc.
Cornerstone Core Properties
Unknown
2009
32
65
19
REAL STREET BUILD-TO-RENT FUND I, LLC
Real Street Capital
Residential RE
2020
32
60
20
Proinvest Realty Fund LLC
Proinvest Realty Advisors
Unknown
2007
32
57
21
Keystone Investors-Urban Node Fund II, LP
Keystone Investors
Residential RE
2015
32
35
22
PIC Diversification Fund, LLC
Inland Real Estate Group
Commercial RE
2010
32
34
23
Mission First Capital LLC
Mission First Capital
Residential RE
2015
30
70
24
EvolveX Equity Fund LLC
EvolveX Capital
Residential RE
2018
30
69
25
NV REIT LLC
Neighborhood Ventures
Residential RE
2012
30
62
Other rankings
Top private funds by LP-favorability
Highest-scoring private funds across every asset class — ranked by Waterfalls composite LP-favorability score.
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.
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.
Top multifamily / apartment private funds
Highest-scoring multifamily private funds — institutional and middle-market apartment plays — by Waterfalls composite LP-favorability score.
Top real estate debt funds
Highest-scoring private real-estate debt and mortgage funds. Senior debt origination, mezzanine, and bridge lending strategies.
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.