Aspen Funds

What Aspen Funds does

Aspen Funds is a private Overland Park, Kansas-based alternative investment firm founded in 2012 by Robert Fraser and James Maffuccio that manages 13+ funds across mortgage notes, private credit, oil & gas, industrial real estate, multifamily, retail, and promissory note strategies, serving accredited individual investors and family offices. Its core offerings include the Income Fund (residential mortgage notes paying an 8.5% preferred return monthly, 40 consecutive quarters on-time with no missed payment), the Private Credit Fund (commercial real estate credit with a 2024 net yield of 10.46% and tiered Class A/B/C structures at 100K/1M/5M minimums), the Industrial Growth Fund (18-23% IRR target, KC industrial land), and the Upstream Energy Fund VII (25-35% IRR target, PDP plus PUD strategy). New 2026 vintages include the Aspen Legacy Fund (open-ended evergreen real estate with tax-efficiency features) and a High Yield Fund of 9-11% promissory notes.

Underlying technology is modest: Aspen relies on a proprietary underwriting model for individual mortgage-note evaluation (highly selective, accepting only a small percentage of reviewed notes) and on Juniper Square for subscription processing, investor reporting, capital-account statements, and data rooms. No public-facing API, app, or AI/ML capability is disclosed; the analytical edge sits in the underwriting framework and the founders' domain networks.

The business model is asset-light fund management: management fees of 1.5-2% on AUM across share classes, carried interest on returns above preferred-return hurdles (70/30, 80/20, or 90/10 LP/GP depending on share class and a high-water mark), plus periodic closed-end capital raises with first-come/first-served subscriptions. Distribution is direct and content-driven: content marketing, webinars, the 'Invest Like a Billionaire' podcast, Investor Club applications, 1-on-1 calls with investment specialists, and local KC meetups, with co-investment by the firm alongside LPs in every deal serving as a credibility mechanism. As of the most recent disclosures the platform reports $300M+ AUM, $800M+ cumulative capital deployed, 850+ investors served, and 5.0/5.0 across 136 Google reviews.

Name

Aspen Funds

Legal name

Aspen Funds

Website

https://aspenfunds.us

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Aspen Funds is a private Overland Park, Kansas-based alternative investment firm managing 13+ funds across mortgage notes, private credit, oil & gas, and industrial real estate for 850+ accredited individual investors and family offices, earning AUM-based management fees and carried interest.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Estate Funds — Core-Plus (FSANAEAG)

akta.pro secondary industries

Private Credit — Infrastructure Debt & Project Finance (FSAHAJAJ), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB)

Keywords

• Alternative investment funds
• Private credit investing
• Mortgage note funds
• Real estate fund management
• Accredited investor funds

Headquarters

HQ city

Overland Park

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees (AUM-based): Aspen Funds charges management fees on assets under management across its multiple funds. For the Private Credit Fund, AUM fees vary by share class: 2% for Class A, 1.5% for Class B. Fees are deducted from investor capital and represent ongoing revenue tied to fund size.
2. Performance Fees / GP Promote: The firm earns carried interest (promote) when fund returns exceed preferred return thresholds. Private Credit Fund splits are structured as 70/30 LP/GP for Class A, 80/20 for Class B, and 90/10 for Class C. A high-water mark mechanism applies before manager profit-share is paid.
3. Capital Raisings / Fund Deployment: Aspen Funds raises capital during defined capital raise windows for closed-end funds (e.g., 1-year capital raise & deployment period for Energy Fund VII). New capital subscriptions are accepted on a first-come, first-served basis, with a waitlist structure during deployment periods.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Aspen Funds is a private alternative investment firm that raises and manages a diversified platform of closed-end and open-end private funds for accredited individual investors and family offices. Offerings span residential mortgage notes, commercial real estate private credit, oil & gas (PDP + PUD), industrial real estate acquisition and development, retail and multifamily real estate, and promissory-note high-yield products, with fund minimums of $50,000–$150,000 and target net returns ranging from 8.5% preferred return on the Income Fund to 25–35% IRR on Energy Fund VII.

Product overview

Aspen Funds is a private high-yield alternative investment firm offering a platform of distinct investment funds across multiple asset classes: mortgage notes (Income Fund), private credit (Private Credit Fund), oil and gas (Energy Fund VI, UEF VII), and industrial real estate (Industrial Growth Fund, Bel Aire, Aspen Industrial). The firm also offers specialty products including the Aspen Legacy Fund (evergreen real estate), High Yield Fund (promissory notes), Neighborhood Retail Portfolio II, Watercolors multifamily, and Aspen Opportunity Fund. The platform is designed for accredited investors seeking alternatives to public market investments, with fund minimums ranging from $50,000 to $150,000 and target returns from 8.5% to 35% IRR depending on the fund strategy.

Differentiator

Problem solved

Functional benefit

Brands

• Aspen Industrial: Industrial real estate development subsidiary focused on industrial properties in Kansas City area including land acquisition and warehouse/manufacturing space development.
• Aspen Industrial Land Fund

Products and services

• Aspen Income Fund Open-ended/evergreen residential mortgage note fund that purchases income-producing mortgages at a discount, pays an 8.5% annualized preferred return monthly, and is designed for accredited investors seeking current income with no landlord or management responsibilities. The fund has paid preferred returns on time for 40 consecutive quarters and owns notes in more than 40 U.S. states with Midwest emphasis.
• Aspen Private Credit Fund Open-ended fund providing credit to commercial real estate properties through preferred equity, mezzanine debt, and bridge loans, targeting a 10–12% net total return via current cash yield plus profit-share upside. Structured across Class A ($100K min, 6% pref, 70/30 split, 2% AUM fee), Class B ($1M min, 7% pref, 80/20, 1.5% AUM fee), and Class C ($5M min, 8% pref, 90/10), with a 2-year lock-up.
• Upstream Energy Fund VII (UEF VII) Closed-end diversified oil & gas fund combining PDP (existing producing wells) for current cash flow and PUD (acreage for new drilling) for upside value, targeting a 25–35% IRR with a $150,000 minimum investment and a ~10-year fund life. 100% of year-1 cash flow is reinvested.
• Energy Fund VI Prior-vintage diversified oil & gas fund with $41M invested capital that delivered a 15% distribution yield in 2024 and a 36% estimated IRR on current value, providing model performance context for UEF VII.
• Industrial Growth Fund Open industrial real estate fund that acquires land in Southwest Kansas City, secures entitlements, and either develops industrial properties or sells entitled land to other developers, targeting an 18–23% IRR with a $100,000 minimum investment.
• Bel Aire Industrial Development Class-A industrial development offering in a prime Wichita, KS submarket, with initial plans for 2 industrial warehouse/manufacturing spaces totaling 430,000 sf and the ability to develop up to 3 additional buildings, targeting an 18–23% IRR with a $100,000 minimum investment.
• Aspen Legacy Fund Open-ended, evergreen real estate fund built for long-term compounding growth and tax efficiency, with quarterly NAV pricing, a two-year lock-up with annual liquidity windows, emergency liquidity loans, a single K1, and tax strategy targeting near-zero annual tax liability via cost segregation and internal 1031 exchanges.
• Aspen High Yield Fund Fund of promissory notes offering interest income between 9–11%, giving accredited investors a fixed-income alternative at materially above investment-grade bond yields.
• Neighborhood Retail Portfolio II Value-add opportunity investing in two neighborhood retail strip centers in the Kansas City submarket under a core-plus strategy, projecting a 14–17% IRR for accredited investors.
• Watercolors Multifamily 376-unit luxury multifamily community investment in Northwest Arkansas offering upscale amenities and targeting value-add rent growth for accredited investors.
• Aspen Opportunity Fund Diversified real estate fund focused on best risk-adjusted opportunities across Aspen's underwriting pipeline, targeting a 15–20% net annualized return for accredited investors.
• Aspen Industrial Sub-Brand Aspen Industrial is the firm's industrial real estate segment focused on acquiring prime industrial land in Kansas City's fastest-growing logistics corridors and developing properties for manufacturing, storage, and distribution, including warehouses and plants (operates as a sub-brand supporting the Industrial Growth Fund and Bel Aire offerings).

Quantifiable outcome

• 8.5% preferred return paid monthly on Income Fund with 40 consecutive quarters of on-time payment
• +5 more outcomes

Named customers7 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

One partnership is on record.

• Juniper SquarecoreTechnology or IntegrationJuniper Square is used as the investor portal and fund administration platform. Investors access their accounts through app.junipersquare.com. The platform handles subscription processing, investor reporting, capital account statements, and fund data rooms. Aspen prominently displays Juniper Square's Top Fundraiser badge on its website.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• RealtyMogul: RealtyMogul is a real estate crowdfunding and investment platform serving accredited investors with both REITs and individual commercial property offerings. It is comparable to Aspen's multifamily, retail, and industrial funds from a product structure and target investor perspective.
• Origin Investments: Origin Investments is a private real estate investment manager offering diversified funds to accredited investors, with comparable AUM scale and a similar focus on income and growth strategies. Both firms emphasize co-investment, institutional-grade underwriting, and diversified portfolios across multifamily, industrial, and credit.
• Fundrise: Fundrise is a leading real estate-focused alternative investment platform for individual investors, offering diversified eREITs and interval funds. Both Aspen and Fundrise target passive income-seeking accredited investors with diversified real estate and private credit products, though Fundrise operates at significantly larger scale.
• CrowdStreet: CrowdStreet is an online commercial real estate investment marketplace that enables accredited investors to access individual deals and funds. Both Aspen and CrowdStreet operate in the CRE alternative investment space with accredited-investor focus, though CrowdStreet emphasizes deal-by-deal selection while Aspen offers managed funds.
• EquityMultiple: EquityMultiple provides accredited investors access to commercial real estate debt and equity investments through an online platform. It overlaps directly with Aspen's Private Credit Fund and CRE-focused offerings, serving similar investor profiles with similar minimums and lock-up structures.
• Yieldstreet: Yieldstreet is a multi-asset alternative investment platform offering accredited investors access to private credit, real estate, and structured products with similar minimums. Like Aspen, it serves high-net-worth individuals seeking yield outside public markets via diversified fund structures.

Emerging players

• Masterworks: Masterworks is an alternative investment platform that securitizes blue-chip artwork for accredited investors, sharing Aspen's accredited-investor focus, application-based onboarding, and emphasis on diversifying away from public market volatility.
• AcreTrader: AcreTrader is an alternative investment platform focused on farmland investing for accredited investors. While asset class differs, AcreTrader shares Aspen's model of providing institutional-grade alternative investments to individual accredited investors via an online application funnel.
• Cadence (formerly ELOC): Cadence provides alternative investment products including private credit and structured income strategies for individual investors and RIAs. It is comparable to Aspen's Private Credit Fund in offering yield-oriented private credit access to the mass-affluent market.
• Crestline Investors: Crestline Investors is an alternative investment manager offering private credit, hedge funds, and opportunistic strategies to institutional and high-net-worth investors. It overlaps with Aspen's Private Credit Fund and structured note strategies at a more institutional scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@aspenfunds
• Facebookfacebook.com/aspenfunds
• LinkedInlinkedin.com/company/aspen-funds
• Instagraminstagram.com/aspenfunds

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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 Aspen Funds