Real Asset Investment Manager
Strategic capital, paired with unique opportunity.
Kearsarge Capital invests across four real asset strategies where development and redevelopment expertise — combined with patient, tax-advantaged capital — creates the conditions for outsized risk-adjusted returns.
4
Real Asset Strategies
$200M+
Capital Raised to Date
$2B+
Capital Deployed
Multi-Program
Tax-Advantaged Structuring
About Kearsarge
A founder-led real asset platform.
Built for the institutional, family-office, and wealth-transfer LP who wants real-asset exposure with hands-on development execution and structural tax efficiency.
Who We Are
Kearsarge Capital is a New England-rooted real asset investment manager founded by a team with experience across institutional capital raising, greenfield development, and mountain real estate. The founding team has raised $200M+ that has translated into over $2B of capital deployed into constructed projects — with durable relationships across infrastructure, energy, financial markets, and the communities where our assets sit.
We invest where physical work creates value: recreation-anchored real assets and four-season recreational assets, industrial condo and specialty storage developments, workforce and resort-adjacent housing, and adaptive reuse of historic New England buildings.
What We Believe
Real assets compound when three things line up: a supply-constrained market, an operator who can execute the development or redevelopment work, and a capital structure that captures every tax advantage available. We underwrite for all three.
The result is a platform where the LP can choose category exposure (recreational, commercial, housing, adaptive reuse) within a single GP relationship — anchored by a team that pairs institutional capital execution with hands-on real estate development experience.
PRINCIPLE 01
Supply-Constrained Assets
We only buy where new supply is impossible or impractical — entitlement friction, geography, or regulatory constraints protect incumbents.
PRINCIPLE 02
Hands-On Execution
Value comes from physical work — entitlement, design, build — not financial engineering. We actively lead and/or support the development, not just serve as the sponsor.
PRINCIPLE 03
Disciplined Tax Structuring
Investment Strategy
Four real asset strategies. One underwriting standard.
Each strategy has its own development thesis, geography, and capital profile — but all share Kearsarge’s architecture: supply-constrained markets, hands-on development, and tax-advantaged structuring.
STRATEGY I
Recreational Properties
Recreation and four-season resort assets in supply-constrained markets — acquired, recapitalized, or developed in partnership with the owners and operators who built them.
STRATEGY II
Workforce & Resort-Adjacent Housing
STRATEGY III
Commercial Properties
STRATEGY IV
Adaptive Reuse & Place-Based Redevelopment
Why Now
01
Tangible Returns in a Concentrated Equity Market
Public equity portfolios are increasingly concentrated in a narrow set of correlated, technology-leveraged names. Real assets — paired with unique development opportunities and aligned capital — offer institutional and family-office allocators differentiated, tangible exposure: physical properties, real cash flows, and value creation outside public-market beta.
02
Supply-Constrained Real Assets
Four-season resorts, working downtowns, industrial-condo land, and resort-adjacent housing share one trait: meaningful new supply is functionally impossible. Entitlement timelines, zoning friction, and physical scarcity favor established owners who can execute.
03
Tax-Advantaged Real Assets
Real assets uniquely stack tax advantages — Historic Tax Credits, accelerated depreciation, LIHTC, state incentives, and Opportunity Zones. Kearsarge underwrites each project to the programs it genuinely qualifies for, capturing 100–200+ bps of after-tax IRR uplift without ever letting the tax tail wag the investment.
Strategy I · Recreational Properties
Recreation and four-season resort assets, in partnership.
Our initial area of focus: recreation-anchored real assets in supply-constrained markets — grown hand-in-hand with the owners, operators, and communities who built them.
The Thesis
Our Approach
Recreational Target Profile
Geography
Northeast U.S.; Select opportunities beyond the region
Asset Type
Engagement Structure
Check Size (Phase I)
Tax Structure
Hold Period
Value Creation
Target Returns
For Owners & Operators
A capital partner that respects what you've built.
Continuity for your team and community — not a strip-and-flip.
Five Levers — Our Resort Playbook
01
Modern lift infrastructure is the single biggest driver of guest satisfaction, pass uptake, and ticket pricing power. We replace aging fixed-grip lifts with high-speed detachables — two-to-three times the uphill capacity, materially shorter wait times, and a step-change in guest experience that compounds into repeat visitation and premium pass conversion. AI-controlled snowmaking optimizes wet-bulb windows to add roughly three-to-four weeks of reliable operating days even in warm years — effectively climate insurance for the operating window. Lift and snowmaking capex is typically OEM-financed (~25% equity / 75% OEM debt), preserving LP equity for higher-return uses.
02
Most regional resorts have substantial under-utilized and vacant acreage near the base — surface lots, support yards, and idle parcels — that sit at the intersection of recreation, hospitality, and residential demand. We convert this acreage into value-creating, revenue-producing assets through a phased master plan: residences and small retail in early phases, anchor amenities and gathering venues as the village matures. Residential sellout typically funds a meaningful share of program costs; HOA, leasing, and retail income build a durable cash flow base that is largely independent of skier days. Community input on density, design, and phasing is built into the design process — not an afterthought.
03
Single-season recreational assets carry concentration risk in weather, demographics, and competitive pass affiliations. Lifts, snowmaking systems, lodges, and base infrastructure are largely fixed assets with seasonal utilization — additional programming extracts more revenue per dollar of invested capital without proportional new capex. Mountain bike park development, hiking and wellness programming, summer concert and wedding series, premium F&B, and expanded night operations together can move ski-day revenue from roughly 85% of total toward under 55%. The compounding effect extends beyond revenue: diversified streams reduce refinancing risk and improve debt service coverage in low-snow years.
04
Regional independent resorts have historically under-priced their experience relative to destination operators — best-in-class operators run $150–$200+ in revenue per visit, while regional resorts often run $90–$130. We close the gap with the same discipline destination operators use: dynamic ticket pricing tied to weekday/weekend and weather, multi-tier season passes (local, regional, unlimited), F&B premiumization with local sourcing, ski school monetization through experience tiers, and premium add-ons (rentals, lessons, lounge access). Revenue management is established as a discrete operational function from day one — not a marketing afterthought.
05
Regional resorts win or lose on local support — for entitlements, workforce, infrastructure cooperation, and word-of-mouth marketing. We invest deliberately in the community relationship: local-first F&B sourcing (New England farms, dairies, breweries), participation in workforce housing solutions, transparent community engagement on development plans, and heritage storytelling that anchors the asset in its regional identity. The strategic outcome is durable brand differentiation that megafund consolidators cannot replicate, a faster and lower-risk path through entitlement, and lower workforce turnover and recruitment cost. The community becomes the partner.
Strategy II · Workforce & Resort-Adjacent Housing
Solving the resort town's hardest structural problem.
Workforce and missing-middle housing in supply-constrained recreational markets — a vertical-integration play that strengthens our recreational thesis and helps solve the resort town's hardest structural problem.
The Thesis
Our Approach
Housing Target Profile
Asset Profile
Project Size
Geography
Project Equity
$2.5M – $20M
Tax Treatment
Target Returns
Hold Period
Strategy III · Commercial Properties
Industrial condos & specialty storage in supply-constrained submarkets.
A capital-efficient strategy: developer-style margins on a stabilized real-asset basis.
The Thesis
Industrial condominium and specialty storage units have emerged as one of the most supply-constrained subsegments of commercial real estate. End-user demand — small businesses, contractors, motorsports and RV owners, collectors, hobbyists, and creators — chronically exceeds new supply.
The dynamic is most pronounced in geographies with strong recreational or affluent secondary-home demographics, where land for industrial-condo use is scarce and end-user willingness to pay is high.
Our Approach
The strategy compounds capital efficiently: we earn developer-style margins on a stabilized, real-asset basis, with optionality between end-user sale and high-margin hold-for-income.
Commercial Target Profile
Asset Profile
Unit Count
Geography
Project Equity
$2.5M – $20M
Exit Strategy
Tax Treatment
Target Returns
Hold Period
Strategy IV · Adaptive Reuse & Place-Based Redevelopment
Restoring the buildings that built New England.
Historic mill conversions, downtown infill, and brownfield redevelopment in supply-constrained New England towns.
The Thesis
Our Approach
Kearsarge targets adaptive reuse and place-based redevelopment projects that knit together tax-advantaged structuring (OZ + Historic Tax Credit + state programs), construction expertise, and a stewardship narrative that resonates with both municipalities and family-office LPs.
The strategy is the deepest expression of our “strategic capital plus unique redevelopment” thesis — and the most durable expression of the Kearsarge brand: New England character, institutional execution, lasting community impact.
Adaptive Reuse Target Profile
Asset Profile
Project Size
Geography
Project Equity
$5M – $40M
Tax Stack
Use Mix
Target Returns
Hold Period
Investor Access · Confidential
A confidential portal for qualified investors.
Information on active investment opportunities - including capital structures and indicative returns - is available exclusively to qualified investors who have signed an NDA.
What's Behind the Gate
The Investor Access portal contains:
- Full Asset profile, transaction structure, and indicative returns.
- The Kearsarge recreational operating playbook and value-creation framework.
- Confidential Information Memorandum (CIM).
- Financial model summary and capital structure.
- Pipeline opportunities across each of the four strategies.
- Sponsor track record and team detail.
How Access Works
Access is granted at our discretion to qualified institutional, family-office, and high-net-worth investors. Signing an NDA is required prior to release of any deal-specific materials. We are selective about access to preserve seller relationships and competitive positioning around active transactions.
Existing Investors
Sign in to the portal
New to Kearsarge?
Request access
Tell us briefly about your firm and investor profile. We respond within five business days.
Contact
Begin a confidential conversation.
Kearsarge welcomes inquiries from qualified institutional, family-office, and high-net-worth investors. All communications are treated as confidential.
Diligence & Commitment
Direct Inquiry
01
Introduction & NDA
02
Platform Diligence
03
Strategy Allocation
LP selects strategy-level participation: recreational and/or workforce housing (active inaugural opportunities under confidential review), and/or pipeline exposure across the other strategies.