Lem Capital, L.p.

LEM Capital, L.P. is an investment management firm co-founded in 2002 by Ira M. Lubert, Jay J. Eisner, and Herbert L. Miller, Jr., with over 85 years of combined real estate investment experience. The firm specializes in making equity investments in multifamily properties across the United States since 2011. LEM manages privately offered pooled investment vehicles, primarily investing in joint venture equity real estate transactions. The firm's regulatory assets under management were $656,860,771 as of December 31, 2024, managed on a discretionary basis. The minimum initial investment for individual investors is $1 million and $5 million for institutional investors, with the discretion to waive or reduce this requirement. LEM's compensation includes a management fee ranging from 1.00% to 1.50%, a carried interest allocation of profits, and payment of fund expenses. The firm has a Code of Ethics, monitors investments through asset management programs, and provides investor reporting including financial statements and operational summaries. LEM has custody of the Funds' assets and investment discretion as the general partner. The firm does not vote client securities and does not require prepayment of fees. For more detailed information, please refer to the firm's brochure dated March 20, 2025.