A letter from the founder.

June 2026 · From the desk of the founder

To the limited partners, building owners, municipal partners, and friends of Aukeo, when I set out to build this firm, I did not set out to build the largest platform in real estate. I set out to build a durable one — a platform that owns the buildings we already have, converts them into the housing, workspace, and community destinations modern markets actually demand, and underwrites those conversions with the discipline they deserve.

Three convictions have guided every decision since founding, and they will continue to guide us as we scale.

First, we invest in what is already standing. The most compelling opportunities of the next two decades will not be found in ground-up development. They will be found in the enormous stock of underutilized, functionally obsolete, and structurally impaired buildings whose original use categories no longer serve their markets, but whose locations, structural bones, and architectural character make them irreplaceable candidates for conversion. Every dollar we deploy is intended to bring one of those buildings back into productive use.

Second, we underwrite conservatively. We assume no help from cap-rate compression, no help from refinancing markets that may not exist when we need them, and no help from entitlement outcomes we have not yet secured. Returns must come from cash yield on operating assets, from structural conversion value we create through capable execution, and from disciplined disposition into markets that reward institutional-quality product.

Third, we hold the platform to institutional standards. Independent oversight on every material decision. Conservative leverage on every asset. Transparent reporting to every limited partner. A European-style distribution waterfall with clawback so incentive economics compound alongside LP returns rather than ahead of them.

By 2028, Aukeo reached a scale that would have been hard to imagine at founding — a 29-fund platform (21 investment funds targeting $40.858 billion of AUM, plus operations and reserve capital, for $58.369 billion all-in across the 2026 and 2028 vintages) across every major category of adaptive reuse, from office-to-residential and hospitality repositioning through historic civic conversion, industrial creative workspace, senior living, and transit-oriented development. The platform is anchored in Dallas, with acquisitions and asset-management capabilities scaling to serve conversions in the metropolitan markets where our thesis is most durable.

Scale, however, is not the measure. The measure is whether the discipline that got us here holds as we grow. We are committed to keeping it tight: independent oversight on every underwriting, conservative leverage on every asset, transparent reporting to every limited partner, and a culture that rewards stewardship over showmanship.

Thank you for your confidence in this work. The buildings are waiting. So is the work of making them useful again.

Alexandra Pohl

Founder & CEO