Welcome back to the Real Estate Syndication Show! I’m Whitney Sewell, your host. Today, we had the pleasure of speaking with Aleksey Chernobelskiy, a seasoned advisor for Limited Partner (LP) investors in real estate syndication.
Leveraging his experience managing Store Capital’s $10 billion commercial real estate portfolio and an impressive quadruple major from the University of Arizona, Aleksey now shares insights with nearly 2000 investors through his Substack. Additionally, he assists General Partners (GPs) in various aspects of LP relations.
In our conversation, Aleksey emphasized the importance of LPs fully understanding deals. He advised caution and skepticism in evaluating potential investments and stressed the need for LPs to be considerate of GPs managing inquiries from diverse investors.
Diving into Aleksey’s article on the top 15 syndication mistakes, we discussed how LPs should approach deal splits, preferred returns (PREFs), and Internal Rate of Returns (IRRs). He warned against fixating on IRRs, noting their dependence on aggressive assumptions. Aleksey advised LPs to comprehend the risks impacting a deal’s success.
Touching on fees, Aleksey explained the rationale behind acquisition fees and stressed transparency from GPs. While acknowledging the necessity of fees for GPs to operate, he emphasized the importance of LPs understanding how these fees impact their investment from day one.
For those eager to learn more from Aleksey, find him on LinkedIn, and his Substack, where he regularly shares valuable insights into real estate investing.
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About Aleksey Chernobelskiy:
Aleksey Chernobelskiy advises limited partners (LPs) on investment strategies, with a dedicated 1.5k investor following on his Substack. He also assists general partners (GPs) in matters related to LPs, including capital calls and investment deck feedback. Previously, he managed STORE Capital’s $10B commercial real estate portfolio and led the underwriting team. Aleksey’s academic background includes a quadruple major in Finance, Mathematics, Economics, and Accounting from the University of Arizona.
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