About This Fund
Humphreys Fund V is an opportunistic real estate investment vehicle launched by Humphreys Capital, an Oklahoma-based real estate investment manager. Structured as a closed-end fund, it is tailored to capitalize on dislocations and emerging opportunities in the U.S. real estate market cycle expected in 2025 and the following years. The fund targets institutional-quality real estate assets where demand significantly outpaces supply, with a strategic focus on sectors and geographies overlooked by larger asset aggregators. By concentrating on mid-sized deals, Humphreys Fund V seeks to capture outsized returns while maintaining a disciplined risk profile. Investments will be equity commitments ranging from $10 million to $20 million per project, directed toward high-growth, non-gateway markets across the United States. The fund is structured to align incentives between the general partner and its limited partners, offering a preferred return of 9% and targeting a net internal rate of return (IRR) exceeding 15%. The projected equity multiple is between 1.5x and 2.0x over a seven-year fund life, including extension options. As of its first close in April 2025, the fund secured $102 million in commitments from institutional investors including three state pensions and a state trust. The total fund size is capped at $300 million, with a minimum investor commitment of $5 million. Leverage of up to 50% of total commitments is allowed through a subscription credit facility.