1. $100M+ is the target amount of capital commitments. There is no guarantee that the Calvera Income and Growth Fund will raise its target commitments. The GP reserves the right to accept aggregate Capital Commitments of a greater or lesser amount in its sole discretion.

2. Investment return targets are presented only for comparative purposes and as a guide to assist prospective investors in evaluating the investment strategy of the Calvera Income and Growth Fund and its implicit risk/reward ratio. For the avoidance of doubt, such investment return targets are not intended to reflect a target return at the Calvera Income and Growth Fund level (i.e., a projected IRR for an LP), but instead are intended to indicate the investment returns that the Manager expects to target when underwriting a potential Investment assuming a 10-year investment duration. Investment return targets are subjective determinations by the Manager based on a variety of factors that the Manager considers relevant, such as the historical performance of other similar investments, investment vehicles and strategies, leverage and market conditions. Investment return targets do not reflect either actual past performance or a guarantee of future performance.

3. The GP will target quarterly distributions to each Limited Partner of approximately 4% to 6% per annum of the NAV of such Limited Partner’s Interests. For the avoidance of doubt, the amount of Current Distributions may be lower than such target, especially during any ramp up period. The risk of loss always exists and there can be no assurance that any targeted returns (e.g., targeted yields) will be obtained.

Average returns include both sold and unsold deals as of 6/30/23. Average IRR and MOIC are averages of each individual property returns. The average net IRR refers to the aggregate, annual, compound internal rate of return on investments, calculated after payment of management fees by applicable investors on a blended basis, carried interest, general fund expenses, and other expenses borne by investors. The average Net MOIC is measured as net asset value, divided by total capital contributions, calculated after payment of applicable management fees, carried interest, general fund expenses, and other expenses borne by investors. Additional information necessary to better understand past performance may be obtained from Calvera upon request.

Performance data listed in this website or is otherwise provided by Calvera Partners, LLC, or its affiliates (“Calvera”) with respect to a particular property or project represents past performance calculated for the relevant project and does not purport to reflect the overall performance of any private funds managed by Calvera, which may include other projects, as well as charge additional fees or carried interest, or have additional expenses, which would reduce the overall performance of the project from the perspective of a fund investor. Past performance does not guarantee future results; Current performance may be lower or higher than performance data presented. Calvera is not required by law to follow any standard methodology when calculating and representing performance data; the performance of any of Calvera’s projects may not be directly comparable to the performance of other investment vehicles or funds; and qualified potential investors can contact Calvera Partners for more current performance data of any private funds managed by Calvera.

This website is provided for informational purposes only. Nothing contained in this material is an offer or solicitation to buy or sell any security. In addition, (i) any securities offered to investors that respond to any general solicitation or general advertisement made by Calvera, may be sold only to accredited investors; (ii) such securities will be offered in reliance on an exemption from the registration requirements of the Securities Act and such securities offered are not subject to the protections of the Investment Company Act or required to comply with specific disclosure requirements that apply to registration under the Securities Act; (iii) Neither the SEC, nor any state securities regulator, has passed upon the merits of or given its approval to any securities offered by Calvera, the terms of the offering, or the accuracy or completeness of any offering materials or the accuracy or completeness of any of the information or material provided by or through this website; (iv) the securities will be subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their securities; and (v) investing in securities involves significant risks, and investors should be able to bear the loss of their investment. Please click here for additional important disclosures.