Investments In Focus

ICM U.S. Co-Investment III LP

Product Overview

ICM U.S. Co-Investment III LP (USCI III) is a private, closed-end limited partnership focused on opportunistic U.S. real estate investments, primarily in high-growth Sun Belt markets. The strategy targets industrial and residential assets through a combination of off-market development and opportunistic acquisitions driven by capital market dislocation.

USCI III seeks to generate attractive risk-adjusted returns by leveraging ICM’s vertically integrated operating platform. Investments are sourced through long-standing relationships. The strategy emphasizes strong demographic tailwinds, targeting projects with clear exit visibility within a 3-5 year hold period.

ICM U.S. Co-Investment III LP (USCI III) Raintree Financial Solutions Investments in Focus

Investment Thesis

The core thesis behind USCI III is that periods of capital market dislocation create compelling entry points into high-quality real estate at below-intrinsic value pricing. Rising rates and constrained construction financing have reduced competition and widened spreads, particularly in Sun Belt markets where long-term population and job growth fundamentals remain strong.

For investors, USCI III offers exposure to U.S. growth markets, a short-to-medium duration strategy (3–5 years) with a straightforward value proposition: invest alongside an experienced operator during a period of market reset to capture outsized risk-adjusted returns.

Team

  • John Courtliff – Chief Executive Officer & Portfolio Manager
    • Over 20 years of real estate investment and development experience, overseeing firm-wide strategy and capital allocation
  • Spencer Patton – Managing Director, USA
    • Leads U.S. operations and sourcing, with deep experience in Sun Belt development and industrial execution
  • Steve Yeager – Executive Director, U.S. Asset Management
    • Leads U.S. asset management platform, with 37 years of institutional CRE experience and over $3B in acquisitions across multiple property sectors

Offering Terms

Structure:

  • Private limited partnership (closed-end)

Target Returns:

  • 16%+ net IRR
  • 1.6x–2.1x net MOIC
  • Target hold period: 3–5 years

Waterfall:

  • 100% return of capital to LPs
  • 8% preferred return (IRR) to LPs
  • 80/20 or 75/25 split (LP/GP) thereafter, depending on unit class

Fund Size:

  • Target raise of US$50 million

Minimum Investment:

  • Class B: US$250,000 minimum
  • Class G: US$2,000,000 minimum

Risk Factors:

  • Development and construction risk
  • Leasing and market absorption risk
  • Interest rate and capital market risk
  • Geographic concentration
  • Liquidity risk

Closing Timeline:

  • Final Close: April 2026

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