Acquisition & Underwriting
IC memo, underwriting model, DCF, cash-on-cash, IRR. From sourcing to close.
FOR REAL ESTATE FUNDS
Your underwriting and asset management, structured.
AI implementation for real estate funds. Built around your fund mandate (core, value-add, opportunistic, or development). From sourcing to disposition, every IC memo and LP report audit-ready by default.
30-minute discovery call. No demo, no pitch deck.
Underwriting and asset management depend on who is on the deal that month.
The same fund. The same Claude subscription. Two analysts. Two completely different IC memos. We close that gap.
The work
Without Leopoldo
With Leopoldo
Underwriting
Underwriting
Each analyst structures the model differently
Every model follows the same RICS-aligned method
T-12 normalization
T-12 normalization
Ad-hoc adjustments to vendor T-12s
Standardized normalization with audit trail
NOI bridges
NOI bridges
NOI changes explained as the market moved
NOI changes attributed line by line
LP reporting
LP reporting
Quarter-end scramble, inconsistent across quarters
INREV-aligned, generated from portfolio data
Junior ramp-up
Junior ramp-up
Junior analysts learn by trial and error
Junior analysts learn from senior patterns
What we compose for a typical real estate fund.
A core set covers the operating backbone. The rest is added on the strength of your strategy, sourcing-side or development-side, decided in the design phase.
Core composition
Due Diligence
Legal, technical, environmental, fiscal, ESG DD. Vendor DD coordinated.
Asset Management
NOI tracking, capex, lease management, valuation refresh. Always current.
Investor Reporting
Quarterly LP letters, capital calls, distribution waterfall, INREV reporting.
Compliance & AML
KYC, sanctions, AIFMD Annex IV, AML, fund tax. Audit trail by default.
Added when the work calls for it
Market & Location Intelligence
Submarket analysis, rent and transaction comps, location scoring. For sourcing engines.
Development & Value-Add
Project monitoring, capex tracking, lease-up, repositioning. For ground-up and value-add mandates.
Composition follows your mandate (core, value-add, opportunistic, development) and is decided in the design phase. Custom work is quoted once we know what it is.
How a typical week looks.
Three concrete moments. The same week, the same team, before and after Leopoldo.
New deal sourced
BEFORE
Vendor pack landed Monday. T-12 read by analyst, ad-hoc adjustments. IC memo draft Friday afternoon, comps debated by partner.
WITH LEOPOLDO
Vendor pack feeds the workflow. T-12 normalized to stabilized NOI. Cap rate triangulated from 5 comps. After-tax IRR computed. IC memo first draft Thursday afternoon, structure follows fund template.
Quarterly LP letter due Monday
BEFORE
Two analysts pulled into INREV reconciliation. Three rounds of partner edits. Compliance flags on Sunday night.
WITH LEOPOLDO
Letter generated from portfolio data. INREV-aligned, brand-templated. Compliance gate runs upfront. No Sunday surprises.
Asset review with the IC
BEFORE
Friday scramble. NOI explained as market headwinds. Capex plan inconsistent across assets. Tenant watch list out of date.
WITH LEOPOLDO
NOI bridges per asset with line-by-line attribution. Capex plan prioritized with IRR per intervention. Tenant watch list current. Partners discuss decisions, not data hygiene.
POWERED BY
The Leopoldo framework.
What we have already built for this work, set up around the way your firm runs.
Read about the frameworkBuilt for how real estate funds actually work.
Data sovereignty
Deploys inside your Cowork workspace. Your data never leaves your control.
Audit trail
Every output carries a complete decision trail. Every reasoning step is traceable.
Quality checks
Every number comes with its source. Regulated work carries the disclaimers it needs.
EU data residency
Servers and backups in Frankfurt. No data leaves the EU. By design.
TALK TO US
Talk to us about your portfolio.
30-minute discovery call. No demo, no pitch deck. A conversation about your last three deals and your current asset reviews: what worked, what was chaos.