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Supply-constrained micro-markets
Targeting ultra-prime communities with limited new luxury villa supply and resilient end-buyer demand.
Private real estate fund · Dubai luxury residential
$30M value-add strategy for Dubai’s supply-constrained villa market.
Aegis Growth Fund LP targets short-duration acquisition, renovation and resale opportunities in Dubai’s ultra-prime residential micro-markets, with asset-level ring fencing and performance-based GP alignment.
Participation is limited to verified accredited investors. Target returns are illustrative and not guaranteed.
Structure
Reg D 506(c)
Leverage
None
Asset level
SPV Ring-Fenced
Hard close
Jun 30, 2026
Investment thesis
Focused execution in Dubai’s luxury residential resale gap.
The strategy combines disciplined acquisition criteria, design-led repositioning and defined monetization windows in communities where finished luxury villa supply is structurally constrained.
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Short-duration monetization
Defined acquisition, renovation and resale cycle targeting 10–15 months per asset.
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Value-add capture
Design-led repositioning aligned to UHNWI buyer preferences and turnkey lifestyle demand.
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Asset-level ring fencing
Separate SPV per asset with no cross-collateralization or upstream guarantees.
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Performance-based alignment
Promote economics are tied to realized IRR after LP capital is fully returned.
Illustrative underwriting
Palm Jumeirah frond villa case study.
A representative transaction model showing acquisition costs, renovation budget, target resale proceeds and sensitivity to exit price and duration.
Transaction overview
Purchase priceAED 16,300,000
DLD fee (4%)AED 652,000
Legal + transferAED 16,300
Buying agent (2%)AED 326,000
Renovation (base + exterior)AED 6,000,000
Return summary
Gross sale priceAED 39,000,000
Net sale proceedsAED 38,181,000
Hold period12 months
Gross IRR (XIRR)23.97%
Investor MOIC1.60x
Exit price scenarios
| Scenario | Exit Δ | Gross IRR | MOIC |
|---|---|---|---|
| Base underwriting | +25% | 23.97% | 1.60x |
| Downside | 0% | −2.83% | 0.98x |
| Severe downside | −5% | −8.12% | 0.94x |
| Stress downside | −10% | −13.39% | 0.91x |
Duration sensitivity
| Hold period | Gross IRR |
|---|---|
| 12 months | 23.97% |
| 15 months | 21.82% |
| 18 months | 20.01% |
Fund economics & alignment
GP commitment1% up to $500K, pari passu
Management feeNone
Promote — up to 25% IRR20%
Promote — above 25% IRR50%
Promote prerequisiteLP capital fully returned
Valuation governanceIFRS 13 / RICS independent
Current pipeline
Villas under underwriting6
Meet threshold criteria3
Average acquisition rangeAED 30–40M
Target locationsPalm / Emirates Hills
Deployment timeline
Staged capital deployment with IC-gated acquisitions.
Month 0–1
Anchor close
Target $10M first close; deployment begins immediately.
Month 1–3
Asset 1 acquisition
IC-gated; greater than 10% overrun requires IC approval.
Month 4–6
Asset 2 acquisition
Diversification across micro-markets.
Month 7–9
Asset 3 acquisition
Full $30M close; portfolio execution.
Month 10–15
Rolling monetization cycle
Proceeds recycled; 3–5 assets targeted annually.
Legal structure
Designed for separation, governance and asset-level containment.
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Delaware LP
Reg D 506(c) offering vehicle with GP removal rights in the LPA.
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BVI Capital Conduit
Non-operating conduit for legal and tax separation.
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DIFC Holding Co.
IFRS reporting, governance layer and DIFC Foundation ownership.
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Mainland UAE SPV
One per asset with no cross-guarantees and liability containment.
Team & governance
Experienced Dubai real estate operators with institutional controls.
Anthony Dalpiaz
Executive Chairman
Jake El Rasoul
Chief Strategy Officer
James Walsh
Chief Investment Officer
Jennifer Rodgers
Chief Financial Officer
Experience
- 40+ cumulative years Dubai real estate
- 75+ renovation transactions completed
- AED 1B+ cumulative transaction exposure
Governance controls
- IFRS 13 independent valuation
- RICS-regulated appraisers with three-year rotation
- Quarterly NAV — IC reviewed, Board approved
- External audit engagement in place
Risk controls
- Fixed-price renovation contracts
- 5% embedded contingency per asset
- No upstream guarantees
- Third-party cyber and GP liability insurance
Investor access
Request the private placement materials.
Submit an inquiry to receive investor materials, diligence documents and next-step instructions for accredited investor verification.
Email the team