Episode #95: Fund Management with Jennifer Joyce

Fund management and asset management are two completely different beasts. Joining us today to help educate us on the former is Jennifer Joyce, Owner of JJ Capital Investments. Jennifer has over 20 years of real estate experience, is the fund manager for a 100-million-dollar fund through the Global Housing Assistance Fund, and is a GP on over 1,300 units. In this episode, Jennifer talks us through the intricacies of fund management based on her experience. We find out why her fund is exclusive to multifamily, how long it took to launch, and the criteria her fund allocation is based on before she explains how your resume is cleared the moment you start a fund and why you need to rebuild your fund-specific track record to land family office investments. We also discover why this particular fund is open-ended and what her long-term goals for it are, as well as the reason behind its close resemblance to the direct asset syndication model. Tune in for another insightful episode and some succinct advice for those looking to start a fund of their own!Key Points From This Episode:Jennifer Joyce’s background and how she got to where she is today.Why the 100-million-dollar fund Jennifer manages is exclusive to multifamily.The unique tax-related service the fund offers at the end of each year.Jennifer’s fund allocation criteria.How long it took to launch the fund. How fund management differs from asset management.What family offices want to see before writing a check.How your track record resets when you start a fund.Why Jennifer’s fund model closely resembles the direct asset syndication model.The long-term goal for the fund.Advice for starting a fund: don’t do it alone!Under which two sole conditions you should start a fund.Jennifer’s asset management superpowers: her history and KPIs.Tweetables:“We want to have more than one strategy for opportunities on the property if we’re going to look at buying it, because that’s where the cash flow comes from and the upside when you sell or cash out or refi.” — Jennifer Joyce [5:12]“Your resume really starts over when you start a fund. It doesn’t matter that you’ve owned 13 properties. It matters how many the fund owns. [Family offices] actually reset the clock on you if you start a fund.” — Jennifer Joyce [7:15]“Only choose to do a fund if you want to build a corporation or go institutional yourself.” — Jennifer Joyce [10:14]Links Mentioned in Today’s Episode:Jennifer Joyce on LinkedInJJ Capital InvestmentsCBREAsset Management Mastery Facebook GroupBreak of Day Capital Break of Day Capital InstagramBreak of Day Capital YoutubeGary Lipsky on LinkedInBest in ClassGarzella Group