b'investors equity. I have seen this happen, where the asset manager didnt understand their obligations, and then failed to perform. The private equity fund ended up with the property, and the syndicate investors lost several millions of dollars. Dont let this happen to your syndicate or fund. Most of our clients who use private equity funds will try to cash them out as soon as possible (on refinance), to alleviate themselves of the burden they impose on the asset manager. They quickly learn that cultivating their own investors is much more lucrative for the syndicate manager and their investors, than meeting the needs of private equity funds or family offices.Multi-Property Specified Offering A multi-property offering is exactly like the specified offering structure, except that each property acquired by the syndicate or fund will be held in a separate single purpose venture (SPV). Each SPV will hold title to a single property, and will become the borrower on the bank loan for that specific property. The SPVs will each be wholly owned by the syndicate, although it is possible that the syndicate could form a joint venture at the SPV level with a private equity fund or family office to acquire a specific property.This structure works well for asset managers who are buying smaller properties that they dont want to syndicate individually, or where they have multiple properties of a similar asset class under contract at one time. For this to be a specified offering all properties need to be identified at the time the offering documents are created.170'