Rank
Sponsor
Funds
Scored
Avg Fee Drag
Latest
1
Worthy Financial
7
6
100
2025
2
Ares Management
3
3
100
2013
3
KKR
3
2
100
2019
4
United Development Funding
3
3
100
2008
5
Griffin-American Healthcare REIT
2
2
100
2003
6
Megatel Capital Investment
2
2
100
2021
7
NexPoint
2
2
100
2021
8
PFG Capital
2
2
100
2015
9
USA Opportunity Income
2
2
100
2021
10
Spirit Realty Capital
2
2
99
2004
11
Paradyme Asset Management, LLC
2
2
86
2019
12
Groundfloor Finance
6
6
84
2015
13
Hines
3
3
79
2013
14
Connect Invest
2
2
75
2025
15
DLP Capital
2
2
75
2018
16
Energea Global LLC
3
3
74
2021
17
Hartley Funds
2
2
66
2015
18
Preferred Income Manager, LLC
2
2
64
2018
19
Phillips Edison & Company
3
2
63
2021
20
Ellington Management Group
2
2
63
2013
21
Wells Real Estate Investment Trust
5
4
61
2021
22
Steadfast
5
4
58
2023
23
Landa
4
4
55
2023
24
Cole Office & Industrial REIT
4
3
54
2012
25
Red Oak Capital
7
7
53
2018
Other sponsor rankings
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 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.
Top multifamily / apartment fund sponsors
Sponsors most active in multifamily / apartment private funds — institutional and middle-market apartment GPs ranked by how many tracked funds they run in this asset class.
Top real estate debt fund sponsors
Sponsors running the most private real-estate debt funds — senior origination, mezzanine, and bridge lending strategies.
Top manufactured housing & mobile home park fund sponsors
Sponsors running the most MHC / mobile home park private funds. Specialist managers in a defensive, recession-resilient niche.
Top self-storage fund sponsors
Sponsors running the most self-storage private funds tracked on Waterfalls. Volume signals platform depth in a niche allocation category.
Ranked by fund
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.
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.