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First off…WOW. Yesterday’s responses to my email was unprecedented!

I’m grateful for you, thank you for showing up and helping my friend by following his LinkedIn business page. I really appreciate you, that was one of my week’s highlights.

I'm flying to Manhattan next Wednesday for the Single Family Office Summit.

The 28th and 29th, hosted by Richard Wilson and the Family Office Club. I land the afternoon of the 27th and the schedule is open until the first session kicks off.

I'm going to be on the ground with a client I advise, F6 Partners. They allocate into student housing near Power 4 universities, so this is not just a listening trip. We are actively looking.

I write this letter every week, and most of the time it goes one direction. I share what I'm seeing, you read it, maybe you reply, maybe you don't.

This week, the letter goes the other way.

I have a few hundred allocators and operators reading this who are either going to be in that room with me, know someone who will be, or have a question they would actually want a family office to answer in person.

So I'm asking.

Are you going to be there?

If yes, reply and let's grab 15 minutes. I keep the 27th afternoon and the gaps between sessions open for exactly this.

Do you want to go but the ticket is the wall?

I have an in with Richard and his team at Family Office Club. Just reply and I'll get you in at a better rate than the public number and make sure you're routed the right way.

Are you not going, but there's a question you'd want asked?

Send it. I'll be talking to family office principals, capital allocators, and operators on the ground for two days. If there's a question you've been sitting on about how the 2026 family office is screening operators, where they're allocating, what they're avoiding, send it. I'll bring it into the conversations I'm having and write up what I hear when I get back.

New video on capital raising rules is available now. Click the image to view.

Are you a family office that will be there?

Reply. Let's coordinate a sit-down. I want to hear what you're seeing more than I want you to hear what I'm seeing.

Do you have purpose-built student housing near a Power 4 university that you're looking to sell, recapitalize, or bring a partner into?

Reply. We're in the market for exactly that. Scattered-site, purpose-built, near schools with strong enrollment trends. Everyone is talking about the demographic cliff. The data inside the Power 4 says enrollment is still at historic highs. That's where we're focused.

The reason I'm doing it this way:

Most operators show up to these things to pitch.

I show up to listen and to buy.

The deals I have closed, the partners I have raised with, the operators I have advised, almost all of it came from rooms where I shut up first and talked second. The Summit is one of the few rooms in the country where the right people are concentrated at that density for two days straight.

If you want me to carry your question into that room, I will. If you have a deal to show us, send it.

Reply to this email. That's the whole ask.

Hoping you have a great day and it's 1% better than yesterday.

Andrew LeBaron

P.S. If you want to skip the back-and-forth and just book time directly, the link is here: andrewlebaron.com/meetwithandrew.

Andrew LeBaron

Andrew LeBaron

P.S. If you're a Family Office or a manager wrestling with how to build consistent deal flow or raise new capital consistently, hit reply. I've been having more of these conversations every week and I'd love to compare notes and help out.

Why You Should Meet F6 Partners

  • $1.3B AUM

  • Led by Co-founder of Invitation Homes (NYSE: INVH)

  • Same leader partnered with Blackstone to allocate over $4.5B in the world’s largest SFR portfolio

F6 Partners’ Founder, Marcus Ridgway, Talks Institutional Co-Ventures


F6 Partners is an alternative real estate asset manager that I’m currently advising, specifically assisting in the buildout of their Investor Relations department to raise another $100M for Student Housing, and so far they are on a roll.

I build LP investor relations infrastructure (lead list building, pitch development, data room, family office strategy, nurture systems, and accountability structures) so your raise actually closes.

Three things I do that most placement firms don't:

If you're raising for a real estate deal or a fund in the next 90 days, reply to this email or visit this page and fill out the form and let’s see how my team and I can help you.

THIS WEEK’S📈HIGHLIGHTS

🏢💰🚀🟰1️⃣.7️⃣5️⃣B Blackstone's new data center REIT raised $1.75B and started trading on the NYSE BXDC is the largest pure-play data center REIT IPO ever — targeting hyperscaler-leased properties in NoVa, Phoenix, and Austin. Renaissance Capital

📊🏦📈🟰5️⃣YR CRE lending just hit its highest level in 5 years according to CBRE's Lending Momentum Index The index climbed to 1.5 in Q1, up 5x from a year ago, with average loan sizes up 14% YoY. CBRE

🏗️🏘️📈🟰2️⃣3️⃣% April multifamily housing starts hit a 3-year high — up 23.3% year-over-year to 529,000 units The pivot is on. Builders are leaning in as the apartment supply pipeline finally turns. Census Bureau / HUD

🏦🇪🇺🤝🟰1️⃣5️⃣B Citi and BlackRock's HPS signed a €15 billion private credit agreement A major signal that bank-to-private-credit pipelines are scaling up, not slowing down, despite redemption stress elsewhere. Bloomberg

THIS WEEK’S📉LOWLIGHTS

🔥🛢️📈🟰3️⃣.8️⃣% April CPI came in at 3.8% — the highest annual inflation print since May 2023 The Iran war energy shock is now broadening into food and core goods, killing rate-cut hopes for 2026. Morningstar

💸🏠📉🟰6️⃣.5️⃣1️⃣ The 30-year mortgage rate spiked to 6.51% on May 21 — the biggest weekly jump in months Up 15 bps in one week as the hot CPI print blew out Treasury yields. Spring buying season is officially over. Freddie Mac

⚖️🔍🚨🟰 The DOJ is now probing valuations at BlackRock's TCP Capital private credit fund Manhattan US Attorney's office is questioning executives. The fund's shares are down 24% YTD. Bloomberg

🇨🇦🔒🏠🟰Mortgage Company of Canada gated all redemptions and suspended monthly distributions on May 14 About C$30B (~40%) of Canada's private real estate fund pool is now frozen. The gating contagion is spreading. Bloomberg

📉💵📊🟰1️⃣ST Private credit BDC redemptions exceeded fundraising for the first time ever The semi-liquid wealth channel that flooded in for three years just hit the wall everyone in this newsletter has been warning about. Bloomberg

MULTI-SECTOR REAL ESTATE DASHBOARD

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