What Marble Capital does

Marble Capital, LP is a Houston-based, fully discretionary fund manager founded in 2016 that delivers preferred-equity capital solutions to commercial real estate sponsors across the United States. The firm invests primarily in multifamily, with secondary exposure to industrial and retail, across both ground-up development and high-quality asset acquisitions, with a concentration in Sunbelt markets and approximately 60 markets nationwide. Marble typically sits in the capital stack between the construction loan and the developer's common equity, providing $5 million to $20 million per investment, targeting a 13-15% preferred return and 12-14% net returns to fund LPs, and enabling developers to reduce their common equity requirement from approximately 40% to 15%.

The firm operates four closed-end funds (Fund I $100M, Fund II $250M, Fund III $650M+, Fund IV $816M) totaling approximately $2 billion in cumulative capital raised since inception, and in 2025 launched an open-end investment strategy led by ex-Hines portfolio manager Doug Goff. Assets under management surpassed $3.0 billion across 215+ assets and roughly 60,000 multifamily units, representing approximately $14 billion in total portfolio capitalization as of early 2026. Capital is sourced from individual investors, family offices, a $300 million university endowment commitment (2025), and other institutional LPs; a passive, non-voting minority stake is held by ASX-listed Navigator Global Investments since April 2022.

The business model generates revenue through management fees on committed and invested capital across the fund family, carried interest/performance fees on fund realizations, and the 13-15% preferred returns earned on its equity positions. Distribution is relationship-led and direct: a small capital-formation team sources capital from existing and prospective LPs while an originations team sources deals from developer and lender networks (including BMO and Kennedy Wilson). The 30+ person organization operates from Houston (headquarters), Austin, and Dallas, with fund administration handled by a SSAE 16 Type II certified third party and audits performed by a PCAOB-registered firm.

Name

Marble Capital

Legal name

Marble Capital, LP

Website

https://marblecapitallp.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Real Estate Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Real Estate Credit (522292), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Real Estate Agents & Managers (For Others) (6531), Investment Advice (6282), Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Commercial Real Estate Asset Management (BPAJAMAB), Mezzanine Debt & Preferred Equity (CRE Capital Stack) (FSALADAI)

Keywords

• Preferred equity investments
• Real estate fund management
• Multifamily development financing
• Commercial real estate capital
• Institutional real estate investing

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management Fees: Asset management fees charged on AUM across multiple funds (Fund I through Fund IV and open-end strategies). The firm has surpassed $3.0 billion in assets under management.
2. Carried Interest/Performance Fees: Performance-based carried interest on fund investments. The firm targets 12-14% returns and typically seeks preferred returns of 13-15% on investments.
3. Preferred Equity Returns: Returns on preferred equity investments in multifamily developments, typically providing $5 million to $20 million per investment in the portion of the capital stack between construction loans and developer equity.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Marble Capital is a fully discretionary fund manager that delivers preferred equity capital solutions to commercial real estate sponsors nationwide. The firm invests across multifamily, industrial, and retail asset classes, providing $5 million to $20 million per project in the portion of the capital stack between the construction loan and the developer's equity, targeting 12–14% net returns and 13–15% preferred returns. It manages four closed-end funds plus a newly launched open-end investment strategy.

Product overview

Marble Capital operates as a fully discretionary fund manager delivering preferred equity capital solutions to commercial real estate sponsors nationwide. The firm's core offering is its preferred equity investment strategy, through which it provides capital to multifamily developers in the portion of the capital stack between construction loans and developer equity. The company manages multiple closed-end investment funds (Fund I through Fund IV) and has recently launched an open-end investment strategy. The funds range from $100 million (Fund I) to $816 million (Fund IV), with total capital raised of approximately $2 billion since inception. The firm primarily focuses on multifamily developments across Sunbelt markets, with investments spanning industrial and retail asset classes.

Differentiator

Problem solved

Functional benefit

Products and services

• Marble Capital Fund I Marble Capital's debut value-added fund, which raised $100 million of equity targeting 13–14% returns by providing preferred equity to multifamily developers. Final close reached $100 million with leverage providing approximately $500 million of investment capacity.
• Marble Capital Fund II Marble Capital's second value-added fund, closed at $250 million and exceeding its $150 million target. Targets 12–14% returns through preferred equity investments in multifamily developments in U.S. growth markets, with preferred coupons of 13–15%.
• Marble Capital Fund III Marble Capital's third fund, which closed with over $650 million in commitments, significantly oversubscribed from its $350 million target. Focused on preferred equity investments in multifamily developments across Sunbelt markets.
• Marble Capital Fund IV Marble Capital's largest fund to date, closed with $816 million in capital commitments (including a Co-Investment Vehicle). Focused on making preferred equity investments in tandem with select common equity investments in multifamily developments across the country.
• Open-End Investment Strategy Marble Capital's open-end investment strategy led by Managing Director and Portfolio Manager Doug Goff, a former senior managing director at Hines. The strategy provides continuous capital deployment and investor liquidity in multifamily real estate, complementing the firm's closed-end funds.

Quantifiable outcome

• Target 12-14% net returns on fund investments
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• MilhauscoreStrategic or Co-development PartnerMilhaus is Marble Capital's equity partner on the Tallevast development project in Sarasota, Florida. This marks Marble Capital's first project with Milhaus as an equity partner, representing a new strategic developer relationship.
• Endeavor Real Estate GroupcoreStrategic or Co-development PartnerAustin-based Endeavor Real Estate Group is the developer for the Juniper student housing project near the University of Arkansas. This marks the company's first project in Arkansas, with Marble Capital serving as investor partner.
• FaverGrayminorOthersGeneral contractor for the Tallevast multifamily development project in Sarasota, Florida, built on behalf of Milhaus and equity partner Marble Capital.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Kayne Anderson Real Estate: Diversified real estate investment manager offering debt and equity strategies including senior, mezzanine, and preferred equity for multifamily and commercial sponsors. Comparable in product breadth and CRE lending focus.
• TPG Real Estate Finance Trust: Publicly traded mortgage REIT managed by TPG that originates and acquires CRE loans across the capital stack. Overlaps with Marble in providing structured financing to commercial real estate sponsors.
• Ares Management (Real Estate Group): Large global alternative manager with a substantial U.S. real estate debt and equity platform. Competes with Marble in the broader CRE capital-stack space and represents the scaled incumbent that Marble aspires to compete with in preferred equity.
• Lennar (LMC Capital / LENX): National homebuilder with a land- and development-financing arm providing capital to residential and multifamily developers. Comparable to Marble in deploying structured capital against multifamily and build-to-rent development pipelines.

Direct peers

• BridgeInvest: Miami-based CRE debt and preferred equity manager focused on transitional and development capital across U.S. markets. Closest comparable to Marble in providing structured preferred-equity solutions to multifamily developers with similar return targets.
• ACORE Capital: CRE debt manager providing senior and bridge loans to sponsors across U.S. markets. Operates in the same sponsor-lending ecosystem as Marble, often partnering on or competing for the same developer relationships.
• Basis Investment Group: New York-based CRE debt and equity platform originating senior, mezzanine, and preferred equity capital for multifamily and commercial developers nationwide. Directly comparable to Marble's preferred-equity-focused mandate and target sponsor base.
• Pretium Partners: New York-based alternative asset manager focused on residential real estate credit and equity strategies. Comparable to Marble's multifamily-anchored, sponsor-lending model with structured capital solutions.

Regional players

• Walker & Dunlop: Large U.S. CRE capital markets intermediary and loan originator that frequently sits alongside or competes with Marble in sourcing and structuring financing for multifamily developers, though primarily as a debt broker rather than principal capital provider.

Emerging players

• Crowd Capital (CrowdStreet): CRE investment marketplace enabling individual and institutional investors to access private real estate equity and debt offerings. Overlaps with Marble in distributing CRE sponsor-led investment products, though Marble's preferred equity is institutionally distributed.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/marblecapitallp

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marble Capital