Real Estate Fund & Portfolio Model

Real Estate Fund & Portfolio Financial Model

Aggregate property cash flows, fund-level overhead, investor waterfalls, and sponsor economics in one Excel model.

Get the Model Review the features

Tell us how your fund is structured. We'll confirm whether the model fits and explain the next step.

Walkthrough of the TILT real estate fund model

A walkthrough of the fund model. An updated video is coming soon.

500+

firms use TILT models

$1M–$1B+

deal sizes underwritten

15+ yrs

building financial models

5,000+ hrs

spent building this model

One model for the property and fund levels

Model each property independently, then roll its cash flows into the portfolio, fund economics, and investor distributions.

Property level

Ground-up development
Value-add acquisitions
Stabilized properties
Independent timing and assumptions

Fund level

Single-asset or multi-asset funds
Aggregate portfolio cash flows
Fund overhead and fees
LP and GP distributions

Need a property-level model? Development Models Acquisition Models Quick Model

Justin Acciavatti, founder of TILT Analytics

Who builds it

Justin Acciavatti builds and supports every TILT model.

Justin has spent 15+ years building financial models, primarily for real estate developers and investors, with additional experience in investment banking, M&A, and startup finance. More than 500 firms use TILT models, and you work directly with him.

Direct support

Book a complimentary 15 to 30 minute screen-share before you buy. Justin will review your fund structure with you. If you buy, that time counts toward the one hour of working time included with the model.

Talk to Justin

Custom work

Need a waterfall variation, fee structure, or fund report that is not in the standard model? Justin can add it for an hourly fee.

See RE Analyst services

What the real estate fund model handles

Build property-level cash flows, aggregate the portfolio, and calculate investor and sponsor returns without circular references.

Inputs & Workbook Tools 11 features

All inputs on one page
Categorized and hyperlinked for fast navigation and no hunting through tabs
Show only rows with data
One-click toggle for clean, focused output
Show/hide output sheets
Display only the reports needed for each presentation
Print report packets
Select and print multiple reports from the table of contents
Smart sources and uses
Tracks funding order, timing, and availability each month
Loan interest without circular references
Calculates loan interest without iterative calculations
Input error check
Flags common errors with labeled warnings
Flexible input methods
Enter values per square foot, per unit, per month, or as a total
Hyperlinked table of contents
Jump directly to the input and output sheet you need
Reorder sheets
Change the report order from the right-click menu
Rename sheets
Change a sheet name and update the table of contents automatically

Portfolio & Property Management 3 features

Any asset type or strategy
Combine ground-up developments, value-add acquisitions, and stabilized properties in one fund
Up to 50 properties
Model each property independently within the portfolio
Independent property assumptions
Separate timing, costs, loans, income, expenses, and exit sales for each property

Investor & Sponsor Economics 3 features

Multiple profit distribution methods
IRR waterfalls, preferred returns, GP catch-up, and other distribution structures
Up to 100 fund investors
Track individual LP commitments, contribution schedules, return allocations, and reporting
Up to 5 fund sponsors
Model individual GP economics, promote structures, and co-investment participation

Fees & Reporting 2 features

Acquisition, disposition & management fees
Model acquisition fees, disposition fees, and ongoing asset management fees separately
Investor summary & aggregate cash flows
Report investor-level results and aggregate portfolio cash flows

Optional Functionality 3 add-ons

Detailed development & renovation expenses
Add granular line-item expense tracking for projects within the fund
Fund overhead
Model staff costs, office overhead, and selling, general, and administrative expenses
Third-party LP investors with fund as GP
Model property-level deals where the fund acts as GP alongside third-party LPs

Need a different waterfall, fee structure, or report? Tell us what your fund needs.

Bring the portfolio and fund economics together.

Tell us how the properties, fees, investors, sponsors, and waterfall are structured.

Discuss Your Fund

Real Estate Fund & Portfolio Model

Frequently Asked Questions

What is a real estate fund model?

A real estate fund model is the financial model used to aggregate cash flows across multiple properties into fund-level returns. It tracks fund-level overhead, asset management fees, LP and GP capital, and waterfall distributions across the full portfolio. The TILT fund model aggregates up to 50 properties with 100 LPs and 5 GP sponsors.

Does the model aggregate cash flows across a portfolio?

Yes. The TILT fund model aggregates cash flows from up to 50 individual properties into fund-level returns. Returns are based on aggregate portfolio performance, not single-asset performance. Cash flows from asset dispositions can be recycled into portfolio capital needs to reduce total equity required.

Can the model handle a single-asset fund or only multi-asset?

Both. The fund model works for a single property or up to 50. Most clients start with a small number of properties and expand the portfolio inside the same model as the fund grows.

Does the model handle fund-level overhead and asset management fees?

Yes. Fund-level overhead (staff, office SG&A, asset management fees) is separated from asset-level NOI. Asset management fees can be percent of NAV, percent of equity contributed, or fixed. Acquisition fees, disposition fees, and incentive fees all configure separately.

How many LPs and GPs does the model track?

Up to 100 individual LPs and 5 fund sponsors. Each LP can have its own commitment, contribution schedule, and waterfall participation. Reporting is per-LP and per-GP at every distribution event.

Buying & support

What if I need a feature the model does not have?

TILT can customize the model. Specific waterfall variations, fee structures, or fund reporting the standard build does not cover get added by Justin for an hourly fee. Fund-specific customizations are common.

How long until I am productive?

Most clients have their first fund modeled within a few hours. Every TILT model purchase includes 1 hour of complimentary setup help with Justin to walk through the structure together. Free ongoing technical support is also included.

Tell us about your fund.

Send the portfolio size, investor structure, fees, and waterfall terms. We will confirm the fit, give you a price, and reply within one business day.

Up to 50 properties
Up to 100 LPs and 5 fund sponsors
Fund overhead, fees, and waterfall distributions
Setup help and ongoing technical support
Custom work when the standard model does not fit

Prefer email? [email protected]

Know a colleague who could use TILT? Refer them and you'll both get 10% off.