Anyone who knows me knows that I always prioritize what’s measurable and clear.

Since we can’t predict exact pricing at exit, we don’t hard-quote IRR numbers to anyone.

And since we don’t model speculative exit values, we refuse—on principle—to project anything other than historical market segment CAGR and what we estimate the bookings our assets would generate if they were available today.

(We even have an entire slide in our Investor Blueprint dedicated to what we ignore in our underwriting and why. You can request that here.)

Why?

Because:

1. IRR doesn’t account for risk.
It ignores market volatility, the probability of black swan events, and the inherent differences between asset classes and individual deals.

2. We operate as long-term holders.
Cash flow multiples and recap timing plays too big of a factor in total IRR, and we don’t pretend to predict future investor sentiment.

3. And anyone claiming to predict the future is full of it.
The most critical factor in determining an asset’s disposition value is market sentiment at the time of sale. And no one can predict can predict where investor sentiment will be at a specific point in time (unless it’s now).

What we do instead:

  • We focus obsessively on unlevered yield and generating strong current cash returns.

  • We source rare intrinsic value: only assets with built-in upside potential before any improvements are made.

  • We operate as if we’re holding forever, exiting only if the timing is favourable, but we entertain every unsolicited offer along the way.

  • We will return a significant portion of the invested capital once the asset is stabilized and when the borrowing terms are highly favourable.

  • We minimize risk throughout every stage of the investment lifecycle to generate strong asymmetric returns.

We know that for HNW investors, single family offices (SFO), and private investment groups, investing with a forced exit in mind often doesn’t make as much sense as buying a great asset in a strong market and holding it forever.

Because uninterrupted compounding outperforms post-tax returns and foregone gains between commoditized deals (the real returns).

Depending on how everything works out, the total yield on invested capital will be highly attractive, somewhere between 12% per year and infinite.

We work with investors who align with our conservative approach.

Discover how discerning investors pursue meaningful diversification and asymmetric, risk-managed returns with Jack Laurier.