YLG Talks Starting Your Own Fund

resource-thumb_Starting Your Own Fund

David Saxe

Managing Principal, Calvera Partners

At the YLG Peer to Peer: Real Estate Entrepreneurship 101 workshop on March 6, 2014,  a crowd of young leaders filled a conference room to capacity to hear two of the founders of Calvera Partners, David Saxe and Brian Milovich, discuss their experience as start-up real estate investors.  Saxe, with a family history in real estate development, and Brian, whose background is in banking, met as students at UC Berkeley’s Haas School of Business and they both gained experience in the urban investing model while working for CIM.  This is where they also met their third business partner, Brian Chuck, who is also a Haas grad, and began planning their new company over drinks after work.

In the early days of Calvera the partners each needed to spend time consulting on the side for interim income while dealing with the “chicken and the egg” problem of raising money without having a deal.  For their first deal they used their own funds and use connections they made while working at CIM.  Having one deal complete helped build momentum for them as they continued to network through friends and family, finding ways to meet board members of local cultural institutions, and getting in front of anyone who could invest.

As their business got underway each of them were able to contribute their unique skills they learned at CIM: Milovich focuses more on their investment deals and lending; Saxe spends more time fundraising, meeting with potential investors, high-net worth individuals, at their homes over dessert; and, Chuck handles more of the property management issues, in fact it was a last minute property management issue which kept him from attending the workshop.  The partners hope they will soon be able to hire staff to handle property specific issues like that while they focus on growing the business.  Although, being in the weeds and dealing with every little detail of their properties, from building maintenance to leasing, gives their investors added confidence because of that deeper understanding of what they own.

Moreover, impressing the investors makes them more likely to invest again in future projects and gets them talking to their friends and colleagues which grows the pool of potential investors.  Being very transparent about the business operations in newsletters to investors also helps with investor relations and can be used as marketing material, too.  Lastly, the partners said helps build investor confidence is funding 5 to 15% of each deal with their own money, so it is clear they have skin in the game too.

That investment in their own properties is what the partners hope will pay off for them in the long run.  Although, they might make less now annually than when they were at CIM in the future they expect their investments will add up to much more than what they could earn otherwise.


Click here for more information on the Calvera Income and Growth Fund.

Or to find out more directly from a member of our Investor Relations team, click here.

2 Embarcadero Center, 8th Floor
San Francisco, CA 94111

729 Washington Ave N, Suite 600
Minneapolis, MN 55401




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.