01
Platform Maturity
Sourcing relationships, operating capacity, and execution discipline have been tested and refined through Fund I.
Fund II
Expanded scale across the Western United States.
Fund II builds on the foundation of Fund I, expanding Chase Merritt's geographic reach across high-conviction Western U.S. markets.
Investment Brief
Disciplined capital at scale.
Fund II preserves the underwriting and execution rigor developed through Fund I while broadening the mandate to a wider Western U.S. footprint and a more flexible asset-type focus.
The platform stays close to each asset, but the opportunity set widens—both geographically and across asset categories. Larger commitments require more selectivity, not less.
Why Now
Three dynamics support a broader Western mandate.
Fund II isn't expansion for its own sake. It reflects platform readiness, market depth, and an investor base aligned with longer-term, opportunistic deployment.
02
Market Depth
High-conviction Western U.S. metros benefit from sustained tailwinds in lifestyle migration, population growth, and capital formation.
03
Capital Discipline
Larger commitments demand more selectivity. Fund II is structured for fewer, higher-conviction deployments at a more institutional scale.
Asset Focus
Capital deploys across four asset categories.
Hospitality & Resort
Premium lodging, operating businesses, and adjacent mixed-use in supply-constrained mountain markets.
Mixed-Use & Commercial
Office, retail, and mixed-use development in major Western U.S. metros with strong demand fundamentals.
Operationally Intensive
Assets where active management, repositioning, and operational control drive outcome and basis.
Strategic Acquisitions
Select opportunistic transactions where basis and asymmetric upside justify deployment.
Operating Model
Same discipline, greater scale.
Fund II uses the operating model built through Fund I: local sourcing, disciplined underwriting, development execution, operational continuity, and deliberate positioning. The mandate expands across geography, deal size, and asset category, but the standard does not change.
The platform is designed to stay close to each asset from acquisition or development through stabilization, recapitalization, or exit.
View Fund I