1. Past performance is not a guarantee of future results. Source: NCREIF, Bloomberg, and Bureau of Labor Statistics as of 12/31/2022. Bubble sizes represent the Sharpe Ratio for each property type—a measure of excess return, above the risk-free rate, per unit of risk for a given property type.
2. Past performance is not a guarantee of future results. Source: NCREIF and Bureau of Labor Statistics as of 12/31/2022.
3. The open-end fund performance assumes an annual 10% total return. Any information provided on this website is based on our understanding of current tax law. You are strongly urged to consult your tax advisors prior to investing in an open-end fund as to, among other things, the advisability of investing in an open-end fund, the tax consequences of any such investment, and the tax treatment of an open-end fund’s investment strategy. Calvera disclaims all responsibility for any tax treatment or tax consequences. Calvera is not responsible for updating any information contained herein based on changes in law or interpretation after the date hereof.
4. The Calvera Income and Growth Fund will target additional markets on an opportunistic basis.
5. For the avoidance of doubt, the amount of Current Distributions may be lower than the 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.
6. Average returns include both sold and unsold deals as of 12/31/22. 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. 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. Past performance is not a guarantee of future results.
7. Includes investments that have been sold.

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.