Whistleblower Policy

Governance policy

Whistleblower Policy

The Whistleblower Policy establishes confidential, anonymous, and protected channels through which Personnel, limited partners, portfolio company personnel, vendors, and other persons may report suspected violations of law, regulation, or firm policy, with strict anti-retaliation protections.

← Governance

Policy OwnerAudit Committee Chair

Approving BodyAudit Committee

Effective DateJanuary 1, 2024

Last ReviewedJanuary 1, 2026

Next ReviewJanuary 1, 2027

Version2.0

1. Purpose

The Whistleblower Policy establishes the firm's commitment to providing confidential, anonymous, and protected channels through which Personnel, limited partners, portfolio company personnel, vendors, and other persons may report suspected violations of law, regulation, or firm policy. The Policy reflects the firm's recognition that a credible whistleblower process is a fundamental control over governance, financial reporting, ethics, and limited partner trust.

2. Scope

This Policy applies to any person who reports a suspected concern in good faith, including all Personnel, all officers and directors, all contractors and secondees, all limited partners and their representatives, all portfolio company personnel, all vendors and their personnel, and any other person with information relevant to a Protected Disclosure.

3. Protected Disclosures

Protected Disclosures include suspected: (a) violations of federal or state securities laws; (b) violations of other applicable laws and regulations, including anti-bribery, employment, tax, and environmental laws; (c) fraud or theft; (d) financial misstatement or accounting irregularity; (e) violations of the firm's Code of Ethics, Conflicts of Interest Policy, Valuation Policy, Risk Appetite Statement, Cybersecurity Policy, or any other written firm policy; (f) harassment, discrimination, retaliation, or other workplace misconduct; (g) any other material concern that, if substantiated, would be of significance to limited partners, regulators, or the firm's governance bodies.

4. Reporting Channels

Reporters may use any of the following channels:

Chief Compliance Officer. Direct contact at [email protected] or by phone. Suitable for most concerns, including policy violations, ethics concerns, and operational issues.
Audit Committee Chair. Direct contact for matters involving senior executives, financial reporting integrity, the integrity of internal controls, or matters in which the reporter believes the Chief Compliance Officer or General Counsel may have a conflict.
Anonymous Hotline. A third-party-operated hotline accessible by telephone or web that accepts anonymous reports and forwards them to the Audit Committee Chair and Chief Compliance Officer. Reporters using the hotline are not required to identify themselves and may communicate further with the firm through a hotline-issued report identifier.
General Counsel. Direct contact for matters involving legal interpretation, regulatory exposure, or external counsel engagement.
External regulators. Nothing in this Policy limits the right of any person to report suspected violations of law directly to the Securities and Exchange Commission, the U.S. Department of Justice, state regulators, or any other governmental authority. Personnel are encouraged but not required to use internal channels first.

5. Anti-Retaliation

The firm strictly prohibits retaliation against any person who makes a Protected Disclosure in good faith or who participates in an investigation, proceeding, or hearing relating to a Protected Disclosure. Retaliation includes termination, demotion, threats, harassment, denial of benefits, refusal to hire, and any other adverse action taken because of a Protected Disclosure. Persons who engage in retaliation are subject to disciplinary action up to and including termination of employment or engagement, and may be subject to civil liability under federal and state whistleblower protection statutes.

6. Investigation Procedures

Reports are reviewed promptly upon receipt. The Audit Committee Chair and Chief Compliance Officer determine the appropriate investigative path, including assignment to Internal Audit, engagement of external counsel, or escalation to the Board of Directors as warranted. Investigators have unrestricted access to firm records, systems, and personnel necessary to investigate the matter. The firm cooperates fully with regulatory and law enforcement investigations.

7. Confidentiality

The identity of a reporter is maintained in confidence to the extent permitted by law and consistent with the firm's ability to conduct a thorough investigation. The firm shares the identity of a reporter only with persons who have a legitimate need to know in connection with the investigation, with regulators or law enforcement as required by law, and with the Audit Committee. Anonymous reports submitted through the hotline are investigated to the extent possible without identifying the reporter.

8. Reporting in Good Faith

Protected Disclosures shall be made in good faith. Good faith does not require that the report be substantiated; it requires that the reporter have a reasonable belief that the conduct described constitutes a violation. Reports made with knowing falsity or in reckless disregard of the truth are not protected and may themselves be subject to disciplinary action.

9. Documentation and Recordkeeping

Reports, investigations, and findings are documented and retained in accordance with the firm's record retention schedule and applicable law. Records are accessible to the Audit Committee, the Chief Compliance Officer, the Head of Internal Audit, and external regulators and counsel as authorized.

10. Reporting to the Audit Committee

The Chief Compliance Officer and Audit Committee Chair receive each Protected Disclosure. The Audit Committee receives a summary of reports, investigations, findings, and remediations at each regular Audit Committee meeting. The Audit Committee may direct additional investigation, engage external counsel, or escalate to the Board of Directors as warranted.

11. External Whistleblower Rights

This Policy does not limit any person's right to report suspected violations to external regulators, including the Securities and Exchange Commission under Section 21F of the Securities Exchange Act of 1934, the Department of Labor, the Equal Employment Opportunity Commission, the Department of Justice, state attorneys general, and other governmental authorities. Personnel may be entitled to monetary awards under federal whistleblower programs and to remedies under federal and state anti-retaliation statutes.

12. Annual Review

The Whistleblower Policy is reviewed annually by the Audit Committee. Reporting channel effectiveness, anti-retaliation compliance, and the volume and nature of reports received are reviewed as part of the annual review.

Notice

This document is a summary of the firm's internal whistleblower policy as adopted by the Audit Committee. The complete policy as adopted by the Audit Committee governs in any case of conflict between this summary and the underlying policy document. Limited partners and other authorized parties may request the full policy from the Audit Committee Chair. This document does not create contractual rights, employment rights, or third-party beneficiary rights, and may be amended at any time by action of the Audit Committee.

Questions about this policy should be directed to the Audit Committee Chair via [email protected]. Confidential or anonymous reports may also be made through the channels described in the Whistleblower Policy.

Questions about firm governance

Limited partners, regulators, and counterparties with questions about firm governance, policies, or compliance should contact [email protected].

Governance overview Email Compliance

Investment Strategy

The Firm

Investment Strategy.

A multi-strategy private equity platform built for permanence, precision, and partnership. Our strategy is the discipline that defines how capital is sourced, underwritten, deployed, operated, and returned.

Philosophy

Operator-led capital.

We are not generalists chasing fees, and we are not absentee allocators. We operate the businesses we own. Our edge comes from owning the operating cadence of each portfolio company, applying institutional governance across a multi-vertical platform, and underwriting through cycles rather than through narratives.

Pillar 01

Permanence

We underwrite to a base case that assumes no help from rates and no help from refinancing markets. We invest with the holding company mindset of a long-duration owner, not the shot-clock of a traditional fund cycle.

Pillar 02

Precision

We commit only where we have edge: a defensible sourcing channel, a proprietary operating relationship, a sector specialist on staff, and an underwriting case that survives stress without leverage assumptions.

Pillar 03

Partnership

Limited partners are partners in the literal sense. We align fees, carry, and reporting cadence to the standards published by the Institutional Limited Partners Association, and we treat every LP relationship as a multi-decade compact.

Investment Process

From sourcing to realization.

01

Sourcing

Proprietary origination through sector specialists, operating partners, and the broader Slate Blue Capital network. We avoid broad auction processes and prioritize bilateral conversations with operators, family ownership groups, and strategic sellers. Approximately 80 percent of our deal flow is sourced off-market through relationships cultivated over years.

02

Underwriting

Every investment goes through a four-stage review: sector specialist screen, Investment Committee preliminary review, full operating diligence including a draft 100-day plan, and Investment Committee final approval. Tier 3 and Tier 4 deals exceeding $100 million in commitment require a pre-IC Risk Memo from the independent Chief Risk Officer and may be subject to Risk veto on covenant, concentration, or counterparty grounds.

03

Structuring

We structure every commitment through the appropriate fund vehicle, with separate PropCo and OpCo entities where real assets are involved, and through onshore or offshore feeders depending on the limited partner base. Capital structure is designed to survive a refinancing shutdown of eighteen months without distress.

04

Value Creation

Each portfolio company is governed under a written 100-day plan and a three-year operating plan with quarterly KPI reviews. The detailed playbook is described on the Operating Model page.

05

Realization

We exit through the highest-return channel available at the time of decision: strategic sale, financial sponsor recapitalization, dividend recapitalization, public listing, or, for permanent-capital strategies, a continuation vehicle. The decision is governed by the Investment Committee and reviewed quarterly against an updated plan.

06

Distribution

Distributions follow a European whole-fund waterfall: return of contributed capital, preferred return, general partner catch-up, and final split. The waterfall, hurdle, catch-up, and fee offset framework is described conceptually in the Fees and Expenses Policy and disclosed in full in each fund's private placement memorandum.

Vehicle Architecture

Targets are vehicle-specific.

Slate Blue Capital operates a multi-strategy platform spanning real estate equity, real estate credit, infrastructure, specialty finance, and operating company investments. Check size, target hold, leverage profile, and return objectives are defined by each fund, not by a single firm-wide template. Vehicle-level terms are disclosed in the relevant private placement memorandum and supplemental DDQ materials.

Investment fundsClosed-end Delaware limited partnerships; ten-year term with two one-year GP extension options

Operations fundsDelaware limited liability companies; evergreen; no management fee, no carried interest

Reserve fundsDelaware limited liability companies; evergreen; money market and short-duration investment-grade instruments only

FeedersDelaware onshore feeder for U.S. taxable LPs; Cayman offshore feeder for non-U.S. and U.S. tax-exempt LPs; master fund consolidates capital

General partnerSlate Blue Capital GP LLC, a Delaware limited liability company

Investment adviserSlate Blue Capital LLC; anticipated SEC-registered investment adviser; Form ADV currently in filing

Key personAlexandra Y Pohl, Chief Executive Officer

For specific fund-level terms, see the Funds overview or request the relevant DDQ via the LP Portal.

Risk Posture

What we will not do.

Crowded auctions

We do not chase processes where we lack a proprietary angle, an operating relationship, or a sector specialist edge.

Refinancing dependency

We do not underwrite to refinancing windows we cannot control. Our base case assumes capital markets are closed when we need them.

Concentration without governance

We do not exceed the concentration limits set in the Risk Appetite Statement without explicit Investment Committee, Risk, and Audit Committee approval.

Counterparty stretch

We do not transact with counterparties that fail our independent counterparty review, regardless of the deal's headline economics.

Off-strategy bolt-ons

We do not bolt on assets that fall outside the published strategy of the relevant fund vehicle. Each fund stays in its lane.

Opaque fees

We do not charge fees we have not disclosed in writing. Fee categories, offsets, and expense allocations are governed by the Fees and Expenses Policy.

Request the strategy deck.

Qualified institutional investors may request the full investment strategy deck, DDQ, and supporting materials via the LP Portal.

LP Portal Investor Relations

Insights

Perspectives from Slate Blue Capital.

Views on real assets, credit, and the discipline of building durable capital.

Letter from the CEO

Quarterly note from Alexandra Y Pohl

Q2 2026

Letter from the CEO

The Chief Executive Officer's quarterly letter accompanies each quarterly platform update. It reports on capital deployed, portfolio operating results, governance milestones, and the outlook for the coming quarter. The annual founder's letter remains available on the Founder's Letter page.

Read the annual letter

June 2026, Q2 quarterly update

To our limited partners and partners across the platform,

The second quarter closed with capital deployment of $1.84 billion across nine portfolio companies, weighted toward residential credit through Loanetics and AspireFunds and toward selective additions in senior living and energy infrastructure. Deployment pacing remains deliberate. We continue to underwrite to a base case that assumes no help from rates and no help from refinancing markets, and we have passed on a meaningful number of opportunities priced for a softer environment than the one we expect.

Portfolio operating results were in line with underwriting. Stabilized residential occupancy across the housing book held at 94.2 percent. Senior living tenants completed lease-up at the two Senioa properties brought online in Q1. Telvo added 41 net new tenant collocations across the tower portfolio. ChocoJava expanded into two additional markets without exceeding its capital plan. Loanetics and AspireFunds maintained zero delinquencies above thirty days. There are no positions on the watchlist at quarter end.

On governance, the Audit Committee approved the Q1 valuation cycle without dispute. The independent Risk function completed its first quarterly concentration review and recommended no exposure adjustments. We adopted the formal Risk Appetite Statement, Conflicts of Interest Policy, and Cybersecurity Policy this quarter, and all six firm policies are now published on the Governance page. Suebina Wong joined the firm as Chief of Staff to the Chief Executive Officer.

Looking to the third quarter, capital deployment will concentrate in two areas. First, the Fund V real estate credit vehicle is targeting a first close, which will support continued origination at Loanetics and AspireFunds without straining their existing capital lines. Second, Fund VII energy infrastructure expects two project commitments tied to long-duration contracted revenue. We will also publish the Q2 platform-level report alongside this letter and the annual founder's letter on the Insights page.

The discipline that built the platform is the discipline that will scale it. Thank you for your continued partnership.

Alexandra Y Pohl

Founder, Chief Executive Officer & Managing Partner

Market View

The case for real assets in 2026

Real assets earn their place in an institutional portfolio because they convert essential demand into recurring income.

Read Credit

Why sector-specialist credit beats generalist deployment

In asset-backed lending, the edge is entirely in the underwriting, and underwriting is a function of expertise.

Read Platform

Building a forty-fund architecture from first principles

When we consolidated the platform, we reduced the number of fund vehicles while preserving full strategy coverage.

Read Operations

Operating partner economics in the new rate regime

Higher rates changed the math for every real-asset strategy, and the adjustment fell hardest on businesses that depended on cheap leverage and multiple expansion.

Read Infrastructure

Concentration risk in the data center buildout

The data center buildout is real and durable, but it carries a concentration risk that disciplined investors must manage.

Read Real Assets

Why we hold timber and farmland alongside core income

Natural capital, timber and farmland, belongs in a real-asset platform for reasons that go beyond diversification.

Read

Market View

The case for real assets in 2026

Real assets earn their place in an institutional portfolio because they convert essential demand into recurring income. In 2026, with rates higher than the prior decade and public-market valuations stretched, the case for owning the physical economy is stronger than it has been in years. Energy and digital infrastructure, housing, and senior living all share a common trait: demand that does not depend on sentiment. People need power, connectivity, and a place to live regardless of the cycle. That durability is what allows patient capital to compound. The discipline is in the underwriting. We favor contracted, long-duration revenue from creditworthy counterparties, conservative leverage, and assets with high switching costs. We avoid commodity exposure where we can, preferring infrastructure economics to price speculation. And we size positions to the durability of their cash flows rather than the appetite of the moment. The result is a portfolio that should hold its value when public markets do not, and compound steadily when they recover. Real assets are not a hedge against every risk, but they are a durable foundation, and in the current environment that foundation is worth paying for.

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Credit

Why sector-specialist credit beats generalist deployment

In asset-backed lending, the edge is entirely in the underwriting, and underwriting is a function of expertise. A generalist credit fund spreads attention across too many asset types to develop the pattern recognition that protects principal. A specialist who has financed hundreds of bridge loans against transitional commercial real estate knows where the risk hides. That is why we build sector-specialist credit platforms rather than a single generalist vehicle. Loanetics and AspireFunds both originate short-term, first-lien loans secured by real estate, but they do so with deep familiarity in their niches. Conservative loan-to-value ratios and tangible collateral protect capital, while speed and certainty of execution earn pricing power from borrowers. Specialists also recover better when a loan goes sideways, because they understand the collateral and the workout. Over a full cycle, that combination of disciplined origination and informed recovery is what separates durable credit returns from impaired ones. Generalist deployment chases yield; specialist deployment protects principal first and earns yield as a consequence.

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Platform

Building a forty-fund architecture from first principles

When we consolidated the platform, we reduced the number of fund vehicles while preserving full strategy coverage. The goal was concentration: fewer, larger, institutional-quality funds that are easier to govern and more efficient to deploy. The architecture now spans eleven consolidated platform funds, twenty-three single-strategy funds, and operating and reserve vehicles, forty in total. Each fund is a Delaware limited partnership with a fund-specific general partner, an investment period equal to half its term, and economic terms calibrated to its strategy. Platform funds provide scaled exposure across a sector; single-strategy funds offer focused access to individual strategies; operating funds support platform infrastructure; reserve funds provide liquidity and co-investment capacity. Designing this from first principles meant starting with the cash-flow profile of each strategy and working backward to the right vehicle structure, rather than forcing strategies into a one-size container. The discipline pays off in governance and alignment. Limited partners get cleaner exposure, the firm gets a more concentrated and accountable platform, and capital is deployed where conviction and underwriting support it.

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Operations

Operating partner economics in the new rate regime

Higher rates changed the math for every real-asset strategy, and the adjustment fell hardest on businesses that depended on cheap leverage and multiple expansion. In the new regime, returns have to come from operations: occupancy, rate, margin, and recurring revenue. That shifts the value of a great operating partner from helpful to essential. We structure our partnerships so that operators share in the upside they create, with meaningful alignment and transparent governance. The platform supports them with shared services, from property technology to management to grounds services, that lower operating cost and improve retention across the portfolio. Operating partner economics work when incentives are aligned to the metrics that actually drive durable returns. We underwrite to a base case that assumes no help from rates or multiples, and we reward operators for the income they generate, not the leverage they apply. In a world where financial engineering no longer carries the day, operating excellence is the differentiator, and paying for it correctly is one of the most important decisions a platform makes.

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Infrastructure

Concentration risk in the data center buildout

The data center buildout is real and durable, but it carries a concentration risk that disciplined investors must manage. Demand for compute and storage is growing faster than supply, which supports strong economics for well-located, energy-efficient facilities. The danger is in crowding: too much capital chasing the same markets, the same power, and the same hyperscale tenants. We manage that risk in three ways. First, site selection and secured power access come before construction, so we are not building speculative capacity into a saturated market. Second, we diversify tenancy across enterprise, cloud, and government rather than relying on a single anchor. Third, we stage capital deployment against leasing milestones, so commitments are drawn as demand is proven rather than ahead of it. The same logic applies to the connectivity layer, where Telvo's multi-tenant towers spread risk across many tenants. Concentration is not inherently bad; conviction should concentrate capital. But concentration without diversified tenancy and staged deployment is how a sound thesis becomes an impaired one. We intend to own the buildout without being owned by it.

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Real Assets

Why we hold timber and farmland alongside core income

Natural capital, timber and farmland, belongs in a real-asset platform for reasons that go beyond diversification. These assets produce biological growth that compounds independently of financial markets, and they hold value through inflationary periods because they are tied to the price of physical commodities and land. Held alongside core-income assets like senior living, self-storage, and infrastructure, natural capital lengthens the duration of the portfolio and lowers its correlation to the rest of private markets. The trade-off is patience: timber in particular rewards investors who can hold through growth cycles measured in years rather than quarters. That suits a platform built for permanence. We treat natural capital as a long-horizon store of value and a hedge against the erosion of purchasing power, not as a trading position. Combined with the recurring income of core real assets and the current yield of specialty credit, it rounds out a portfolio designed to compound durable capital across a full range of economic conditions. The discipline is the same everywhere: own essential assets, underwrite conservatively, and let time do the work.

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Talk to our investor relations team

For fund materials, capital account information, and partnership inquiries, reach Slate Blue Capital directly.

Contact Investor Relations

Slate Blue Capital

Institutional Private Markets

Slate Blue Capital invests durable capital across real assets, credit, and the private markets that compound over generations.

Enter the firm

Governance

Governance and controls.

Independent oversight of risk, audit, compliance, and valuations underpins every investment decision at Slate Blue Capital.

Framework

Four pillars of oversight

Risk

The Risk function maintains the firm's Risk Appetite Statement, monitors exposure across funds and portfolio companies, and stress-tests deployment against rate, liquidity, concentration, counterparty, and covenant scenarios. Risk review is structurally independent of deal teams, reports to the CEO with a dotted line to the Audit Committee, and is a required input to every Investment Committee decision. The function holds veto rights on covenant, concentration, and counterparty matters.

LeadChief Risk Officer

Reports toCEO · Audit Committee

Compliance

Compliance administers the Code of Ethics, Conflicts of Interest Policy, regulatory disclosures, personal trading pre-clearance, marketing review, and limited partner communications. The function maintains the firm's regulatory registrations, manages relationships with external counsel, and serves as the principal point of contact for the SEC and state regulators. Compliance is independent of investment, finance, and operations.

LeadChief Compliance Officer

Reports toCEO · Audit Committee

Internal Audit

Internal Audit independently assesses the design and operating effectiveness of the firm's controls across investment, valuation, finance, operations, compliance, and technology. The function prepares the annual Internal Audit Plan, the quarterly Control Attestation, the per-finding remediation tracker, and the LP DD readiness package. Internal Audit is structurally independent of CFO and Legal and reports primarily to the Audit Committee, with an administrative dotted line to the CEO. The function holds escalation rights but no investment veto.

LeadHead of Internal Audit

Reports toAudit Committee · CEO (admin)

Valuations

The Valuations function owns the recommended mark for every position across the platform on the quarterly cycle (T+30 to T+45). The Director of Valuations recommends; the CFO ratifies; the CIO is consulted but does not approve. Material valuation disputes escalate to the CEO and the Audit Committee. The function coordinates the annual third-party valuation specialist review and provides per-position waterfall inputs to fund finance. Valuations is structurally independent of deal teams and finance.

LeadDirector of Valuations

Reports toCEO · Audit Committee

Auditor

PricewaterhouseCoopers LLP

Independent audit of fund financial statements and platform reporting.

Counsel

LePore Law Group

Fund formation, governance, and transactional legal counsel to the firm.

Policies

Governance policies

Limited Partner Advisory Committee

The LPAC.

Each Slate Blue Capital fund maintains a Limited Partner Advisory Committee composed of representatives of significant limited partner investors and one independent member. The LPAC reviews conflicts of interest, valuation methodology disputes, key-person events, and other matters referred to it under the fund's governing documents.

Composition

Five seats

Four seats are held by representatives of the largest limited partners in the fund by aggregate capital commitment. One seat is held by an independent member with no economic interest in the fund, appointed by the general partner and confirmed by majority vote of the LP seats.

Quorum and Voting

Three of five present

A quorum of three members is required for any LPAC meeting. Matters submitted to the LPAC are decided by majority vote of members present. The independent member breaks any tie. Each member has one vote.

Matters Reserved to the LPAC

Conflicts, valuation, key-person

The LPAC consents to material conflicts of interest, reviews material valuation disputes, considers key-person events under the relevant fund documents, and reviews any other matter the general partner refers to the LPAC. The LPAC does not direct investment decisions.

Key Person Provisions

Suspension and replacement

A Key Person Event is triggered if Alexandra Y Pohl ceases to devote substantially all of her business time to the firm. The investment period is automatically suspended upon a Key Person Event and resumes only upon LPAC approval of a successor key person or affirmative LP vote.

No-Fault Removal

Supermajority threshold

Limited partners may remove the general partner without cause by affirmative vote of holders of seventy-five percent of the limited partner interests, subject to the procedures and economic adjustments set out in the relevant fund documents.

For-Cause Removal

Majority threshold

The general partner may be removed for cause, including fraud, willful misconduct, gross negligence, or material breach of the partnership agreement, by majority vote of the limited partners, subject to the procedures set out in the relevant fund documents.

Specific LPAC composition, voting thresholds, quorum, key-person definitions, removal mechanics, and economic consequences are governed by the limited partnership agreement of each fund. The summary above describes the firm's standard framework. Variations may apply by vehicle and are disclosed in the relevant private placement memorandum and limited partnership agreement.

Industry Standards

ILPA alignment.

Slate Blue Capital aligns its limited partner relationships with the standards published by the Institutional Limited Partners Association. The firm does not yet hold membership status with ILPA or other industry bodies; affiliations will be added as memberships are completed.

Alignment

ILPA Principles 3.0

The firm operates in alignment with the alignment of interest, governance, and transparency principles published by ILPA, including standards for fund-level disclosure, fee and expense reporting, and limited partner communications.

Reporting

ILPA Reporting Templates

Quarterly fee, expense, and carried interest reporting is provided to limited partners using the templates published by ILPA. The reporting includes management fees, carried interest accrued and paid, fee offsets, and expense allocation by category.

Talk to our investor relations team

For fund materials, capital account information, and partnership inquiries, reach Slate Blue Capital directly.

Contact Investor Relations

Funds

Forty funds. One platform.

Slate Blue Capital deploys $55.72 billion across a consolidated platform of investment, operations, and reserve fund vehicles, structured to concentrate capital in scaled, institutional-quality strategies.

$55.72B

Total Assets Under Management

40

Total Fund Vehicles

34

Investment Funds

11

Consolidated Platform Funds

Structure

A consolidated, three-tier structure

The platform spans 34 investment fund vehicles organized in two tiers: eleven consolidated platform funds that anchor the firm's core strategies, and twenty-three single-strategy funds that provide targeted exposure to specialized real-asset niches. Three operations funds and three reserve funds round out the forty-fund architecture. Each fund is structured as a Delaware limited partnership managed by a fund-specific general partner.

Capital allocation

Three tiers, one platform

Investment Funds · 86% — $42.02B across 34 vehicles (11 consolidated platform funds plus 23 single-strategy funds)
Operations Funds · 6% — $3.00B across 3 consolidated vehicles supporting platform infrastructure, talent, and expansion
Reserve Funds · 7% — $3.60B across 3 consolidated vehicles providing strategic liquidity and capital preservation

Platform funds

Eleven consolidated platform funds

The platform funds integrate previously separate strategies under unified governance and management, concentrating capital where scale and depth of expertise compound.

Platform Fund I

Complete roster

All investment funds

Thirty-four investment fund vehicles spanning the firm's complete strategy coverage. Platform funds link to dedicated detail pages; single-strategy funds are summarized in the roster.

Fund	Fund Size	Net IRR Target	Type
I Multifamily & Rental Residential Platform	$4.00B	13.0%–17.0%	Platform
II Specialty Credit & Asset-Backed Lending Platform	$4.00B	12.0%–18.0%	Platform
III Retail, Mixed-Use & Adaptive Reuse Platform	$4.00B	13.0%–17.0%	Platform
IV Logistics & Industrial Platform	$3.00B	13.0%–17.0%	Platform
V Digital Infrastructure & Data Centers Platform	$3.00B	13.0%–17.0%	Platform
VI Healthcare Real Estate Platform	$3.00B	13.0%–17.0%	Platform
VII Energy & Renewables Infrastructure Platform	$3.00B	12.0%–17.0%	Platform
VIII Government, Defense & Civic Real Estate Fund	$1.00B	12.0%–16.0%	Platform
IX Special Situations Real Estate Equity Fund	$1.00B	18.0%–22.0%	Platform
X Student & Workforce Housing Fund	$1.00B	13.0%–17.0%	Platform
XI Natural Capital & Timberland Fund	$1.00B	11.0%–15.0%	Platform
XII Core-Plus Real Estate Income	$834M	11.0%–15.0%	Single-Strategy
XIII Semiconductor & Advanced Manufacturing Campuses	$834M	13.0%–17.0%	Single-Strategy
XIV Large-Scale Integrated Infrastructure Platforms	$834M	14.0%–18.0%	Single-Strategy
XV Cold Storage & Temperature-Controlled Logistics	$784M	13.0%–17.0%	Single-Strategy
XVI Hospitality and Experiential Real Estate	$684M	11.0%–15.0%	Single-Strategy
XVII Waste Management & Circular Economy	$684M	13.0%–17.0%	Single-Strategy
XVIII Airport, Aerospace & Aviation Infrastructure	$684M	13.0%–17.0%	Single-Strategy
XIX Entertainment Production & Studio Infrastructure	$684M	17.0%–21.0%	Single-Strategy
XX Water & Environmental Infrastructure	$634M	13.0%–17.0%	Single-Strategy
XXI Affordable Housing Tax Credit Investments	$634M	11.0%–15.0%	Single-Strategy
XXII Rail, Intermodal & Freight Corridor Infrastructure	$634M	13.0%–17.0%	Single-Strategy
XXIII Cross-Border Emerging Markets Growth Infrastructure	$634M	14.0%–18.0%	Single-Strategy
XXIV Sports, Media & Live Entertainment Venues	$584M	17.0%–21.0%	Single-Strategy
XXV Climate Resilience & Adaptation Infrastructure	$584M	13.0%–17.0%	Single-Strategy
XXVI PropTech & Construction Technology Venture	$534M	18.0%–22.0%	Single-Strategy
XXVII Marine Terminal & Port Infrastructure	$534M	13.0%–17.0%	Single-Strategy
XXVIII Manufactured Housing Communities	$534M	11.0%–15.0%	Single-Strategy
XXIX Private Wealth Real Assets Access Vehicles	$534M	14.0%–18.0%	Single-Strategy
XXX Parking, Mobility & Urban Access Infrastructure	$484M	14.0%–18.0%	Single-Strategy
XXXI Net Lease & Sale-Leaseback Strategies	$484M	10.0%–14.0%	Single-Strategy
XXXII Education Technology Real Assets & Campus Modernization	$434M	17.0%–21.0%	Single-Strategy
XXXIII Cannabis-Linked Industrial & Specialty Real Estate	$384M	18.0%–22.0%	Single-Strategy
XXXIV Founder Solutions, GP Stakes & Strategic Secondaries	$370M	18.0%–22.0%	Single-Strategy
Total Investment Funds	$42.02B	—	34 vehicles

Operations

Three operations vehicles

Three consolidated operations funds, each capitalized at $1.0 billion, fund the firm-wide infrastructure that supports the investment platform across all geographies and business functions.

Fund	Fund Size
SBC Platform Operations Fund I Platform Operations & Enterprise Infrastructure	$1.00B
SBC Human Capital & Technology Fund I Talent, Technology & Digital Infrastructure	$1.00B
SBC Market Expansion & Investor Relations Fund I Geographic Expansion & LP Engagement	$1.00B
Total Operations Funds	$3.00B

Reserve

Three reserve vehicles

Three consolidated reserve funds, each capitalized at $1.2 billion, provide strategic liquidity, co-investment capacity, and capital preservation across the investment platform.

Fund	Fund Size
SBC Strategic Reserve Fund I Opportunistic Capital & Dry Powder	$1.20B
SBC Co-Investment & Credit Facility Reserve Fund I LP Co-Investment & Subscription Facility Backstop	$1.20B
SBC Capital Preservation & Contingency Reserve Fund I Principal Protection & Risk Mitigation	$1.20B
Total Reserve Funds	$3.60B

Talk to our investor relations team

For fund materials, capital account information, and partnership inquiries, reach Slate Blue Capital directly.

Contact Investor Relations

Founder’s Letter

Founder's Letter

A letter from the founder.

Alexandra Pohl on the discipline that built the platform, the standard required to scale it, and the work ahead.

June 2026, From the desk of the founder

To the limited partners, portfolio companies, and friends of Slate Blue Capital,

When we set out to build this firm, we did not set out to build the largest platform in private markets. We set out to build a durable one. A platform that owns the physical economy, the power, the housing, the senior living beds, the hangars, the timberland, the storage units, the senior loans on commercial real estate, and underwrites those assets with the discipline they deserve.

Three things have guided every decision since the firm's founding, and they will continue to guide us as we scale. First, we own essential assets. The demand for power, for shelter, for senior care, for connectivity does not depend on the cycle. When we underwrite, we underwrite to the durability of that demand, not to the appetite of the moment. Second, we underwrite conservatively. We assume no help from rates, no help from multiples, no help from refinancing markets that may not exist when we need them. Returns must come from operations, and operations must clear a high bar. Third, we let recurring income compound. The temptation in private markets is to optimize for exit, to engineer outcomes on a calendar. We are building a platform that compounds over decades, and that requires the patience to hold great assets through cycles rather than trade them.

In 2026, the platform reached scale that would have been hard to imagine at founding. Twenty-four portfolio companies. Eleven consolidated platform funds. A combined platform value above one trillion dollars. Regional offices in Dallas, Washington, Phoenix, Atlanta, and Miami. A governance framework with structurally independent Audit, Risk, and Valuations functions. And a planned conservation platform, WolfHaven, designed to operate sixteen animal sanctuaries across the country once dedicated funding is committed, and intended to stand as the firm's permanent commitment to stewardship beyond commercial return.

Scale, however, is not the measure. The measure is whether the discipline that got us here holds as we grow. We are committed to keeping the discipline tight: independent oversight on every material decision, conservative leverage on every asset, transparent reporting to every limited partner, and a culture that rewards stewardship over speed. The platform is built to outlast its founders, and the institutions we build inside it, the governance committees, the valuation cycle, the risk framework, are designed to be louder than any individual.

To the limited partners who have backed us: thank you. Your patience is the currency this platform runs on. To the operating teams across our portfolio: you build the durable cash flows that everything else depends on. To the colleagues across our offices: the standard we hold ourselves to is the moat. Hold it.

We are early in what we believe will be a long and consequential build. The thesis is simple. The execution is the work.

Alexandra Y Pohl

Founder, Chief Executive Officer & Managing Partner
Slate Blue Capital, Dallas, Texas

Talk to our investor relations team

For fund materials, capital account information, and partnership inquiries, reach Slate Blue Capital directly.

Contact Investor Relations

Institutional Private Markets

Compounding durable capital across real assets, credit, and adjacent private markets.

A multi-strategy private equity platform built for permanence, precision, and partnership.

Firm AUM

$55.72B

Across 40 fund vehicles managed directly by Slate Blue Capital

Platform AUM

$1.14T

Aggregate capital across 24 portfolio companies and 369 vehicles

Investor Relations View Portfolio

$55.72B

Firm Capital

$1.14T

Platform Deployed

24

Portfolio Companies

369

Investment Vehicles

Mission

To compound durable capital by investing with precision, patience, and partnership across real assets, credit, and adjacent private markets.

24

Portfolio companies

11

Sectors

5

Offices

Capital

Forty fund vehicles across eleven platform funds

Platform Fund I

Multifamily & Rental Residential Platform

Target return 13-17%. Fund size $4.00B.

Explore fund Platform Fund II

Energy & Power Infrastructure

Target return 12-16%. Fund size $49.46B.

Explore fund Platform Fund III

Data Centers & Digital Infrastructure

Target return 12-16%. Fund size $32.00B.

Explore fund Platform Fund IV

Senior Living & Healthcare Real Estate

Target return 13-17%. Fund size $10.00B.

Explore fund Platform Fund V

Specialty Real Estate Credit

Target return 10-14%. Fund size $10.00B.

Explore fund Platform Fund VI

Hospitality & Lifestyle

Target return 14-18%. Fund size $8.00B.

Explore fund Platform Fund VII

Aviation & Transportation Infrastructure

Target return 14-18%. Fund size $6.00B.

Explore fund

Platform Fund VIII

Logistics & Industrial Platform

In formation. Strategy coverage confirmed; vehicle terms being finalized.

Platform Fund IX

Mixed-Use & Town Center Development

In formation. Strategy coverage confirmed; vehicle terms being finalized.

Platform Fund X

Natural Capital, Timber & Farmland

In formation. Strategy coverage confirmed; vehicle terms being finalized.

Platform Fund XI

Diversified Opportunistic Real Assets

In formation. Strategy coverage confirmed; vehicle terms being finalized.

Portfolio

Twenty-four portfolio companies

Energy Infrastructure

Alzaro

$164.46B

View company

Data Centers & Digital Infrastructure

BlueBrick

$141.81B

View company

PropTech & Real Estate Private Equity

Develobrite

$95.335B

View company

Senior Living & Healthcare Real Estate

Senioa

$68.42B

View company

Aviation & Transportation

7Nine77

$64.50B

View company

Self-Storage

MajorWave

$51.345B

View company

Specialty Real Estate Credit

Loanetics

$39.015B

View company

Specialty Real Estate Credit

AspireFunds

$39.015B

View company

View all companies

Sectors

Eleven sectors

Energy Infrastructure Data Centers Housing Commercial RE Senior Living Hospitality RE Credit PropTech Aviation Consumer Brands Impact

Platform

A representative slice of the platform

Twenty-four portfolio companies across eleven sectors. View the full directory.

Permanence is not the absence of change. It is the discipline to compound through it.

Slate Blue Capital Investment Committee

Talk to our investor relations team

For fund materials, capital account information, and partnership inquiries, reach Slate Blue Capital directly.

Contact Investor Relations

Responsible Investment

Stewardship of the physical economy.

Environmental integration, social outcomes, governance standards, and a permanent conservation commitment, embedded in how we underwrite and operate.

Approach

Stewardship as a discipline, not a checkbox.

Slate Blue Capital treats responsible investment as inseparable from durable returns. The assets we own, including power infrastructure, housing, senior living, timber, farmland, and water-side hospitality, are physical, long-lived, and consequential to the communities and ecosystems they sit in. Our investment process underwrites environmental, social, and governance factors as risks to be priced and opportunities to be sourced, not as a separate compliance exercise grafted onto a financial model.

The stewardship principle is also a brand promise. WolfHaven, our nonprofit conservation platform, embodies that promise in the most tangible way: a sixteen-sanctuary national network planned as a permanent commitment to wildlife conservation outside the return-seeking portfolio. A dedicated funding vehicle has not yet been committed.

Where we invest the principle

Sector applications

Energy infrastructure: contracted renewables, grid resilience, transition assets
Housing & residential: workforce, affordable, and missing-middle development
Senior living: quality of care, staffing models, and resident outcomes
Timber & farmland: sustainable yield, carbon stewardship, soil health
Hospitality: water and energy efficiency, community employment, heritage sites
Real-asset credit: borrower diligence, asset condition, and counterparty integrity

Framework

Six pillars

Our responsible investment framework rests on six operating pillars, embedded across the deal lifecycle from sourcing through realization.

Pillar 01

Environmental Integration

Climate risk, energy intensity, water dependence, and physical-asset resilience are diligenced on every real-asset transaction. We require energy and emissions baselines for operating assets and improvement plans for assets we develop.

Pillar 02

Social Outcomes

Housing affordability, senior-living quality of care, community employment, and tenant relations are tracked at the asset level. We invest where the social outcome and the financial outcome compound together.

Pillar 03

Governance Standards

Independent oversight, board composition, conflicts management, audit and risk committees, and clear delegation of authority. Our governance framework is documented at the firm level and replicated across portfolio companies.

Pillar 04

Conservation Commitment

WolfHaven anchors the firm's permanent conservation commitment with a sixteen-sanctuary national network dedicated to rescue, rehabilitation, and lifelong care. A dedicated funding vehicle has not yet been committed; the program is planned to operate outside the return-seeking portfolio.

Pillar 05

Diversity & Inclusion

We measure and disclose workforce composition at the firm and portfolio level, build relationships with diverse third-party managers, and invest in talent pipelines that broaden the next generation of investment professionals.

Pillar 06

Reporting Transparency

Limited partners receive an annual responsible-investment report covering policy implementation, portfolio metrics, engagement highlights, and progress against firm commitments. Methodologies are disclosed alongside the data.

Commitments at a glance

Where the principle shows up.

16

WolfHaven sanctuaries planned

100%

Real-asset deals diligenced against ESG factors

Annual

LP responsible investment report

Independent

Audit & Risk Committee oversight

Frameworks & references

Standards we draw from.

Slate Blue Capital's responsible investment framework is informed by, and reports against where applicable, recognized industry standards including the United Nations Principles for Responsible Investment (UN PRI), the Sustainability Accounting Standards Board (SASB) sector standards, the Task Force on Climate-related Financial Disclosures (TCFD), and the Institutional Limited Partners Association (ILPA) ESG Data Convergence Initiative. Our policy is reviewed annually by the Investment Committee and the Audit & Risk Committee.

Request the full policy

Contact

Get in touch.

Reach Slate Blue Capital's investor relations team for fund materials, capital account information, and partnership inquiries.

Offices

Where we operate

HQ

Dallas

Headquarters

1910 Pacific Avenue
Suite 2000
Dallas, TX 75201

972.807.3975 · [email protected]

Washington, D.C.

Federal & policy presence

818 18th St NW
Suite 810
Washington, D.C. 20006

703.962.4343 · [email protected]

Phoenix

Western U.S. coverage

101 North First Avenue
Suite 2325
Phoenix, AZ 85003

602.640.0195 · [email protected]

Atlanta

Southeast coverage

3343 Peachtree Rd N
Suite 145
Atlanta, GA 30326

470.840.1905 · [email protected]

Miami

Florida & LatAm coverage

100 SE 2nd St
Suite 2000
Miami, FL 33131

305.990.1325 · [email protected]

Houston

Energy capital & Gulf Coast coverage

1000 Main Street
Suite 2300
Houston, TX 77002

281.985.1625 · [email protected]

Planned expansion

Future offices

Planned regional offices supporting portfolio activity, sourcing, and limited partner coverage across the United States.

Q4 2026

Pittsburgh

Industrial & energy corridor

606 Liberty Avenue
Suite 300
Pittsburgh, PA 15222

412.775.1205 · [email protected]

Q1 2027

New York

Capital markets & institutional LPs

48 Wall Street
Suite 1100
New York, NY 10005

929.635.4725 · [email protected]

Q4 2026

Salt Lake City

Mountain West real assets

30 E Broadway
Suite 203
Salt Lake City, UT 84111

801.876.0125 · [email protected]

Q1 2027

San Francisco

Technology & venture coverage

1 Sansome Street
Suite 1400
San Francisco, CA 94104

415.549.1555 · [email protected]

Q4 2026

Cincinnati

Midwest coverage

250 East 5th Street
15th Floor
Cincinnati, OH 45202

513.930.1205 · [email protected]

Q4 2026

Las Vegas

Hospitality & gaming

9550 S. Eastern Avenue
Suite 253
Las Vegas, NV 89123

725.404.1025 · [email protected]

Q4 2026

Nashville

Southeast & music capital

159 4th Ave N
Suite 100
Nashville, TN 37219

629.318.1325 · [email protected]

Q1 2027

Baltimore

Mid-Atlantic coverage

6801 Kenilworth Avenue
Suite 300
Riverdale, MD 20737

410.846.2905 · [email protected]

Q4 2026

Raleigh

Research Triangle & Southeast tech

5540 Centerview Dr
Suite 200
Raleigh, NC 27606

984.383.1025 · [email protected]

Q2 2027

Honolulu

Pacific & Asia-Pacific gateway

1003 Bishop Street
Suite 2700
Honolulu, HI 96813

808.509.3925 · [email protected]

Department contacts

Reach the right team

Direct your inquiry to the appropriate Slate Blue Capital team. All addresses are monitored during business hours.

General

Default / Catch-all

Routes to the firm intake desk for triage.

[email protected]

LPs

LP Relations / IR

Capital account inquiries, quarterly reporting, fund materials, and partnership coverage.

[email protected]

Sourcing

Deal Flow / Acquisitions

Investment opportunities, broker submissions, and counterparty introductions.

[email protected]

Platform

Operations

Vendor onboarding, portco operations, and shared services.

[email protected]

Stewardship

ESG / Stewardship

Responsible investment, conservation, and stakeholder engagement.

[email protected]

Regulatory

Compliance

RIA matters, regulatory filings, and policy inquiries.

[email protected]

External

Press / Media

Media requests, interview scheduling, and podcast/video collaborations.

[email protected]

Talent

Hiring / Recruiting

Open roles, internships, and inbound candidate inquiries.

[email protected]

Diligence

Data Room Access / DD

Limited partner due diligence requests and data room access.

[email protected]

Investor relations

Talk to us directly

For fund materials, quarterly reporting, capital account statements, and partnership inquiries, contact our investor relations team.

Email[email protected]

Headquarters1910 Pacific Avenue, Suite 2000, Dallas, TX 75201
972.807.3975

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