Twenty-nine funds across the complete adaptive-reuse spectrum.
Total investment-fund AUM of $40.858B is organized across the categories of building conversion and mixed-use repositioning that define the adaptive-reuse opportunity — supported by $5.837B in operations capital and $11.674B in reserve capital, for $58.369B in all-in committed capital across the 29-fund platform, spanning the 2026 vintage ($34.335B) and the 2028 vintage ($24.034B).
Each fund. Discrete mandate. Common governance.
Each fund is structured as a Delaware limited partnership with its own general partner and investment mandate calibrated to a specific category of adaptive reuse. All 21 investment funds share Aukeo's proprietary conversion methodology, institutional governance stack, and ethics-first LP mandate — part of a 29-fund platform (21 investment + 4 operations + 4 reserve) spanning the 2026 vintage ($34.335B) and the 2028 vintage ($24.034B), for $58.369B in all-in committed capital.
2026 Vintage · 14 Funds · $34.335B
Ten investment funds, two operations funds, and two reserve funds — the platform's founding vintage, totaling $34.335B in all-in committed capital.
Ten investment funds, $24.034B.
Hotel & Office to Residential
Acquires underperforming hotel real estate and vacant or structurally impaired office buildings in supply-constrained urban markets, converting them to market-rate and luxury residential condominiums, multifamily apartments, and mixed-use products — deploying Aukeo's proprietary conversion design methodology optimized for hotel-room and office floorplate transformation.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Retail to Mixed-Use Adaptive Reuse
Acquires enclosed regional malls, power centers, and struggling lifestyle retail centers structurally impaired by e-commerce disruption, repositioning them as vibrant mixed-use communities incorporating residential, entertainment, healthcare, fitness, food-hall, and experiential retail uses at significant discounts to replacement cost.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Industrial & Warehouse Creative Workspace
Converts obsolete industrial facilities and large-format warehouse buildings into mixed-use creative environments including loft apartments, maker spaces, creative office, media studios, innovation workspace, artisan retail, and community amenity space in gentrifying urban neighborhoods.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Civic, Institutional & Historic Preservation
Acquires and adaptively reuses churches, courthouses, libraries, civic halls, closed school campuses, university surplus facilities, and government properties — leveraging Federal Historic Tax Credits, state historic tax credit programs, and LIHTC equity to reduce effective project cost bases.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Hospital to Senior Living Conversion
Converts decommissioned hospital facilities and institutional healthcare campuses into senior living communities, assisted living and memory care facilities, and continuing-care retirement communities in partnership with experienced senior living operators, capturing significant acquisition cost-basis advantages.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Theater & Entertainment Venue Adaptive Reuse
Acquires and repositions historic theater, cinema, performing arts, and entertainment venue buildings, converting them into mixed-use entertainment, event, hospitality, and creative experience destinations in urban arts and entertainment districts.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Urban Infill Mixed-Use Development
Develops ground-up mixed-use projects on underutilized urban infill sites in established corridors, creating new construction that respects and reinforces the neighborhood character of surrounding adaptive-reuse and historic districts.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Parking Structure Adaptive Reuse
Converts above-grade parking structures — surface lots and multi-story garages facing structural obsolescence — into residential, hotel, creative office, and mixed-use buildings, capturing the extremely low per-unit cost basis achievable when converting existing concrete frameworks.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Transit-Oriented Mixed-Use Development
Develops mixed-use communities at rail stations, bus rapid transit stops, and intermodal hubs in partnership with transit authorities and master developers, structuring public-private partnerships with affordable-housing commitments and revenue-sharing arrangements.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
University District Mixed-Use
Assembles and repositions university-adjacent student housing, mixed-use commercial, creative office, and innovation campus buildings in districts surrounding major research universities, capturing strong demand from student, faculty, researcher, and innovation-economy tenants.
| Vehicle | Delaware LP |
|---|---|
| Net IRR Target | 13–18% |
| Carried Interest | 20% above 8% preferred return |
| Preferred Return | 8% compounded annually |
| GP Commitment | 2% of total fund commitments |
| Min LP Commitment | $2,000,000 |
Four supporting fund vehicles — 2026 vintage.
Operations Fund I
Conversion Operations and Construction Management — funds conversion operations and construction management, ensuring operating functions are never commingled with investment-fund capital.
Operations Fund II
Technology, Design Systems and Permitting — funds technology, design systems, and permitting infrastructure across the platform.
Reserve Fund I
Construction Contingency and Opportunistic Acquisition Reserve — provides construction contingency and opportunistic acquisition capital, held structurally separate from LP fund vehicles.
Reserve Fund II
LP Liquidity and Co-Investment Reserve — provides defensive liquidity and co-investment capacity across the platform, held structurally separate from LP fund vehicles.
Together, the two 2026-vintage operations funds total $3.433B and the two 2026-vintage reserve funds total $6.867B — combining with the $24.034B of 2026-vintage investment-fund capital for $34.335B in all-in committed capital in the founding vintage.
2028 Vintage · 15 Funds · $24.034B
Eleven investment funds, two operations funds, and two reserve funds — the platform's second vintage, expanding the strategy set to core, core-plus, value-add, growth, opportunistic, and special situations mandates, totaling $24.034B in all-in committed capital.
Eleven investment funds, $16.824B.
Aukeo Core I Fund
Stabilized, income-producing assets with low leverage.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Core II Fund
Stabilized, income-producing assets with low leverage.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Core III Fund
Stabilized, income-producing assets with low leverage.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Core-Plus Fund
Stabilized assets with light value-add and modest leverage.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Value-Add I Fund
Repositioning, operational improvement, moderate risk.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Value-Add II Fund
Repositioning, operational improvement, moderate risk.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Growth I Fund
Growth equity into scaling operators and platforms.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Growth II Fund
Growth equity into scaling operators and platforms.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Opportunistic I Fund
Higher-risk development, distressed, and high-return situations.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Opportunistic II Fund
Higher-risk development, distressed, and high-return situations.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Aukeo Special Situations Fund
Complex, dislocated, and event-driven investments.
| Net IRR Target | 13–18% |
|---|---|
| Min LP Commitment | $2,000,000 |
Four supporting fund vehicles — 2028 vintage.
Operations Fund III
Conversion Operations and Construction Management — funds conversion operations and construction management, ensuring operating functions are never commingled with investment-fund capital.
Operations Fund IV
Technology, Design Systems and Permitting — funds technology, design systems, and permitting infrastructure across the platform.
Reserve Fund III
Construction Contingency and Opportunistic Acquisition Reserve — provides construction contingency and opportunistic acquisition capital, held structurally separate from LP fund vehicles.
Reserve Fund IV
LP Liquidity and Co-Investment Reserve — provides defensive liquidity and co-investment capacity across the platform, held structurally separate from LP fund vehicles.
Together, the two 2028-vintage operations funds total $2.403B and the two 2028-vintage reserve funds total $4.807B — combining with the $16.824B of 2028-vintage investment-fund capital for $24.034B in all-in committed capital in the second vintage.
Across both vintages, the platform totals 29 funds and $58.369B in all-in committed capital: 21 investment funds ($40.858B), 4 operations funds ($5.837B), and 4 reserve funds ($11.674B) — a 70/20/10 capital mix across Investment, Reserve, and Operations tiers.