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 deals) 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
Ibis co-invests alongside proven operators in middle-market real assets, underwrites each transaction to a single institutional standard, and aggregates them into a diversified, income-producing portfolio.
Direct relationships with experienced operators across multiple real asset sectors, supported by institutional allocation experience.
Middle-market portfolio, concentrated enough to drive returns and diversified enough to manage risk across sectors and operators.
Income produced through the hold period, not only at exit.
Upside from sector trends, operator execution, structural mispricing, and tax-efficient structuring across the fund's life.
$3M to $7M of equity per transaction, a segment with institutional-quality opportunities that fall below the minimums of major institutions.
Real Assets
How We Choose Sectors
Ibis chooses sectors whose demand is structural, driven by demographics and constrained supply rather than by what happens to be in favor. That structural demand is what carries income through a downturn. The firm tracks those drivers continuously and commits capital only where the tailwind still holds.
Each Ibis fund commits to a subset of these sectors. Fund I is built on two core platforms: Healthcare Real Estate and Industrial & Storage.
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.
See Fund IBy 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 worked with an institutional asset manager serving a national life insurer, where he sourced and underwrote middle-market real asset investments across multiple 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.
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 corporate strategy and business planning at Micron Technology for nearly a decade, working alongside multi-billion dollar capital allocation activities. He later served as Vice President, Portfolio Management at an institutional asset manager, working with the team to develop and implement an alternative real asset platform for a national life insurer. Ibis Capital applies the same analytical discipline — and the operator relationships from that work — to sourcing real assets alongside proven operators.
MS in Accounting
Certificate in Strategic Management, Wharton
Investment Adviser Representative, State of Idaho