100%
Land acquisition financing provided by the fund
Portfolio & Fund Strategy
Preliminary — Describes a Proposed Fund That Has Not Yet Been Formed — Indicative Terms Subject to Material Change
Fund I at a Glance
Proposed Stokes Capital A&D Fund I — a $50 million blind pool fund providing 100% land financing for horizontal development across the Southeast United States.
| Fund size | $50 million |
| Target LP net IRR | 12–15% |
| Sponsor experience | 60+ years, 100+ development projects |
| Historical track record | 19 deals, 2011–2025 |
| Deployed / returned | $33.3M / $61.4M |
| Win rate | 94.7% (18 of 19 profitable) |
| Capital-weighted gross IRR | 39.2% |
| Median hold period | 1.88 years |
| Average hold period | 2.71 years |
| GP commitment | $500K confirmed |
| Geography | Southeast US, concentrated in Northeast Florida |
Historical track record figures reflect the principal's personal deal activity prior to the formation of Fund I and have not been independently audited. Capital-weighted gross IRR excludes Mill Creek II outlier.
Anticipated Deal Structure
8–12%
Accruing interest on loans and/or preferred return on capital contributions to developer partners
50 / 50
JV equity split with developer partners on project profits
First Lien
Secured position on underlying land assets
Anticipated Fee Structure
Years 1–4
1.75%
On committed capital
Years 5–7
1.75%
On net invested capital (wind-down)
Promote
80/20 → 70/30
LP/GP tiers at 20% IRR breakpoint
Catchup
None
GP does not receive accelerated distributions
Step-down from committed to net invested capital occurs upon the earlier of (a) 75% of committed capital being deployed or (b) the fourth anniversary of the first close.
Sponsor's Historical Deal Experience
19 private A&D transactions (2011-2025) — not fund performance.
Deals Closed
19
Profitable Exits
18 / 19
Gross IRR (Historical)
39.2%
Total Invested
$33.3M
Total Returned
$61.4M
Median Hold
1.88yr
Modeled Net LP IRR
17–18%
Target Net LP IRR (Forward)
12–15%
Capital-weighted gross IRR reflects unaudited cash flows from historical A&D transactions completed by the Sponsor outside of any pooled fund (excluding Mill Creek II outlier). Modeled Net LP IRR is a hypothetical back-test that retroactively applies anticipated fund-level economics to historical deal data. Not actual fund returns; not indicative of future results.
Tokenized LP Ownership
LP interests are anticipated to be tokenized on Ethereum through Tokeny's regulated platform, enabling compliant digital ownership, automated KYC/AML, and transparent cap table management under Reg D 506(c).
Automated Compliance
KYC/AML verified before any transfer. Identity checks enforced at the smart contract level via ERC-3643. No token moves to an unverified wallet.
Immutable Cap Table
On-chain ownership record on Ethereum. No reconciliation needed. Every issuance, transfer, and redemption permanently recorded.
No Crypto Knowledge Required
Investors wire capital and receive distributions to their bank account. Wallet is platform-managed. No seed phrases, no self-custody.
How It Works for LPs
1
Onboard
Digital KYC/AML and accredited investor verification. Wallet auto-created.
2
Contribute
Wire capital to fund bank account. Traditional banking, no crypto needed.
3
Token Minted
LP interest tokenized on Ethereum. Ownership recorded on-chain in managed wallet.
4
Distributions
Cash distributed to bank account. Tokens burned upon redemption. K-1 issued annually.
ERC-3643 Adoption & Regulatory Momentum
$32B+
Issued via ERC-3643
115+
Association Members
11+
Jurisdictions
Institutional adopters include DTCC Digital Assets, ABN AMRO, Deloitte, Fireblocks, OpenZeppelin, tZERO, and Apex Group. SEC, CFTC, and federal banking regulators have issued guidance confirming technology-neutral treatment of tokenized securities.
Tokenization does not create liquidity or tradability. No secondary market exists for the fund's tokens. Transfer restrictions enforced both contractually and on-chain.
Important Disclosures
PRELIMINARY AND INDICATIVE — SUBJECT TO MATERIAL CHANGE. This page describes a proposed private investment fund that has not yet been formed. No offer to sell or solicitation of an offer to buy any securities is being made. Any such offering, if and when it occurs, will be made solely pursuant to definitive offering documents (PPM, Operating Agreement, and Subscription Agreement) and only to verified accredited investors as defined under Rule 501(a) of Regulation D, in reliance on Rule 506(c). Fund terms, structure, and economics described herein are preliminary, indicative, and subject to material change.
Historical performance figures reflect the Sponsor's individual deal experience outside of any pooled fund and are unaudited. Modeled net LP returns are hypothetical back-tested calculations based on assumptions that may not prove accurate. Target net LP IRR is a forward-looking estimate and is not a guarantee. Past performance, modeled performance, and forward-looking targets are not indicative of future results. The tokenization features described are anticipated and subject to final implementation. Tokenization does not alter the legal character of fund interests. The projects listed represent historical developments and are not indicative of the performance of any current or future fund offering.