Rank
Fund
Sponsor
Asset class
Vintage
LP Take
Composite
1
Red Oak Capital Fund VI, LLC
Red Oak Capital
Commercial RE
2015
100%
83
2
CWS Investments Inc
CWS Capital Partners
Residential RE
2018
100%
80
3
preREO LLC
preREO
Commercial RE
—
100%
72
4
Luna Azul Development Fund, LLC
L.A. Management, LLC
Residential RE
2015
100%
71
5
CAPITAL CITIES FUND, LLC
Tradewinds Realty Partners, LLC
Residential RE
2018
100%
64
6
NexPoint Real Estate Finance, Inc. (NREF, NREF-PA)
NexPoint
Energy
2021
100%
58
7
NewLake Capital Partners, Inc. (NLCP)
NewLake Capital Partners
Unknown
2018
100%
56
8
ADPI Fund I, LLC
North Capital Private Securities Corp.
Residential RE
2015
100%
55
9
286 Lenox Partners LLC
Regal Capital Acquisitions
Unknown
2021
100%
—
10
AAMES INVESTMENT CORP
Aames Investment
Unknown
2004
100%
—
11
ACCELERA INNOVATIONS FUND I, LLC
Accelera Innovations, Inc.
Unknown
2018
100%
—
12
Adaptive Real Estate Income Trust, Inc.
Adaptive Real Estate
Unknown
2024
100%
—
13
AEI Core Property Income Trust, Inc
Argentum Capital Partners
Unknown
2023
100%
—
14
AFC Gamma, Inc. (AFCG)
AFC Gamma
Unknown
2021
100%
—
15
AFFORDABLE RESIDENTIAL COMMUNITIES INC (HTH)
Affordable Residential Communities
Unknown
2020
100%
—
16
AG Mortgage Investment Trust, Inc. (MITN, MITP, MITT, MITT-PA, MITT-PB, MITT-PC)
AG Mortgage Investment Trust
Unknown
2011
100%
—
17
AHP Title Holdings LLC
American Homeowner Preservation
Residential RE
2018
100%
—
18
Alpine Income Property Trust, Inc. (PINE)
Alpine Income Property
Unknown
2020
100%
—
19
American Assets Trust, Inc. (AAT)
American Assets Trust
Unknown
2011
100%
—
20
AMERICAN CAMPUS COMMUNITIES INC
American Campus Communities
Unknown
2003
100%
—
21
American Capital Agency Corp (AGNC, AGNCL, AGNCM, AGNCN, AGNCO, AGNCP)
Blackstone
Unknown
2008
100%
—
22
American Capital Mortgage Investment Corp.
American Capital Mortgage Investment
Unknown
2008
100%
—
23
American Energy Partners, Inc.
Denham Capital
Unknown
2010
100%
—
24
American Homes 4 Rent (AMH, AMH-PG, AMH-PH)
American Homes 4 Rent
Commercial RE
2012
100%
—
25
American Realty Capital - Retail Centers of America II, Inc.
American Realty Capital Properties
Unknown
2012
100%
—
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.
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.