About This Fund
Mavik Real Estate Special Opportunities VS1 is a $335 million opportunistic real estate credit fund managed by Mavik Capital Management L.P., the investment firm founded by Vik Uppal. Launched with a 2021 vintage, VS1 represents the inaugural institutional fund in Mavik's Special Opportunities series and achieved top-quartile performance for its vintage peer group — a track record that directly underpinned the successor strategy, VS2, which closed above its target at $685 million in December 2025, less than three years after VS1's deployment.
Mavik Capital Management deploys capital across three principal investment strategies: special situations, targeting stressed and distressed real estate assets that require opportunistic capital stack repositioning; traditional lending, providing senior and subordinated debt alongside preferred equity on transitional assets; and insurance, focusing on first mortgage financing on stabilized, income-generating properties. The firm views every real estate investment through a credit lens, prioritizing capital preservation and structural protection. The fund's primary geographic focus is US middle-market real estate, where Mavik executes across the full capital stack including first mortgages, mezzanine loans and preferred equity positions. Mavik's entire employee base is co-invested in its funds, directly aligning manager and limited partner incentives.
Since its inception, Mavik Capital Management has deployed over $3.75 billion in capital and realized more than 125 investments across its real estate credit strategies. VS1's strong performance validated the firm's differentiated approach to middle-market special situations investing and attracted a significantly larger successor fund. Mavik's leadership team includes CEO and CIO Vik Uppal, COO Sarah Schwarzschild, CFO Greg Pinkus and Head of Investments Dan Cooperman, who collectively bring expertise across real estate investment banking, structured finance and credit risk management.