Two problems stand between institutional capital and middle-market real assets.
The aggregation problem. An institutional investor building real asset exposure needs to deploy tens of millions into the asset class over time — they can't do that through one deal, one operator, or one sector.
The size gap. Middle-market real asset transactions — $5M to $15M in equity — are structurally orphaned, falling below the minimums of institutional funds and above what retail investors can access.
Most allocators in this size range end up either oversized in a single operator or absent from the asset class entirely.
Investment Strategy
How Ibis Capital invests on behalf of insurers and family offices.
Diversified middle-market real assets, co-investing alongside experienced operators.
Income-led total return, low correlation to public markets, resilience across cycles.
Tangible assets with contracted or recurring cash flows, conservative leverage at the asset level.
Upside from operator execution, sector trends, and structural mispricing below institutional fund minimums.
$5–15M of equity per transaction at the lower end of the middle market.
from cash income
across investments
That structure matters for institutional investors who need dependable distributions — whether to support policy liabilities, fund ongoing commitments, or reduce reliance on exit-driven returns.
Asset Classes
Our Services
One Strategy, Three Engagement Models
Full delegation, deal-by-deal approval, or advisory — matched to how you allocate capital.
Primary Offering
Commingled Fund
Ibis manages a diversified portfolio of real asset investments within a defined mandate — investors delegate the sourcing, structuring, and management of individual transactions.
Built for institutional investors who want diversified real asset exposure through a single allocation with one reporting relationship and one K-1.
By Arrangement
Managed Account
A dedicated vehicle owned by the client, with Ibis sourcing and executing investments within an agreed mandate — each transaction requires client approval before capital is committed.
Built for investors who want Ibis's deal flow and diligence process while retaining direct control and balance sheet ownership of the underlying assets.
$25M minimum commitment
Allocation Advisory
Ibis provides deal sourcing, underwriting analysis, and investment recommendations on a non-discretionary basis — the client makes all investment decisions independently.
Built for institutions evaluating real asset alternatives, developing internal capabilities, or supplementing an existing investment team with dedicated deal flow.
Available Across Vehicles
Co-Investment
Fund LPs and managed account clients may be offered co-investment opportunities on transactions that exceed fund concentration limits or capacity. Allocated at Ibis's discretion in accordance with the firm's allocation policy, on a deal-by-deal basis, with no management fee or carried interest.
Origin
Prior to founding Ibis Capital, Kevin Van Hoesen built and managed a real asset alternatives platform at an institutional asset manager serving a national life insurer. That platform sourced, underwrote, and closed 14 transactions totaling $72M in deployed capital across multiple real asset sectors. Each investment followed the same five-stage diligence process now formalized at Ibis. The operator relationships cultivated through that work form the foundation of the firm's current pipeline and sourcing capabilities.
These figures reflect the prior professional experience of the firm's founder and are not the track record of Ibis Capital or any fund it manages.
The firm operates through independent fund administration, legal counsel, audit, and third-party compliance — no single point of operational dependence on any one person or provider.
Kevin Van Hoesen
Founder & Managing Partner
Kevin led business planning and directed corporate strategy at Micron Technology for nearly a decade, overseeing multi-billion dollar capital allocation decisions across global operations. He then built that alternatives platform from a single operator relationship into 14 transactions across eight sectors. Ibis Capital applies the same analytical discipline to sourcing and structuring real assets alongside proven operators.
MS in Accounting
Certificate in Strategic Management, Wharton
Series 65