LogoLEDGER
Closed · Q3 2024
$47.5MM
Phoenix Multifamily
Series B Preferred
CONFIDENTIAL
"call back re:
Phoenix multifamily —
they're hiring"
— J.H., Feb '26
Term Sheet · Draft
Sponsor: ██████ Capital
LP Equity: ████
Pref Return: 8%
GP Co-invest: ███
Close: ██████████
Org Chart · Confidential
Managing Partner
VP Acq.
→ OPEN
Analyst ×3
Closing Statement
Total Capitalization:
$124,750,000
Senior Debt: $83.2MM
Mezzanine: $18.5MM
Equity: $23.05MM
WIRE CONFIRMED ✓
"Subscriber #412 —
retail brokerage to
$200M fund associate
14 weeks"
Source · GP Contact
Marcus T.
Managing Partner
Sunbelt Value Fund III
2 roles · not posted

The Roles Nobody Posts.
The Deals Nobody Shares.

A weekly dispatch surfacing off-market positions, syndication opportunities, and operator roles in real estate investing — before they hit LinkedIn.

4,200+subscribers
95%off-market sourced
47issues published

95% of RE Investing Roles Are Filled Before They're Posted.

The job board is a waiting room for the already-passed-over.

Every acquisitions role, every fund associate seat, every asset management opening — filled by a text message between two people who met at NMHC. The job board is the consolation prize. The actual market operates in group chats, GP dinners, and LP advisory calls. If you're not in the room, you don't know the seat is empty.

1 / 5
Job Board Activity · Q4 2025
Posted publicly
5%
Filled via network
68%
Promoted internally
18%
Recruiter placed
9%
Source: CBRE Talent Survey, NMHC Member Data · n=847

Democratize Access to the Deal-Flow Side of Real Estate Careers.

The network is a moat. Ledger is the drawbridge.

We built Ledger because the information asymmetry in real estate careers is obscene. A second-generation GP can text three friends and have four offers by Thursday. A talented analyst from a non-target market has to cold-email into silence. That asymmetry isn't merit — it's geography and genealogy. We're fixing it one briefing at a time.

2 / 5
Retail Brokerage Analyst
Fund Associate · $200M AUM
14
weeks
CCIM Graduate · No Experience
Acquisitions Analyst · REIT
22
weeks
LP Limited Partner
GP Operating Partner
31
weeks

Curated Weekly Briefings. Sourced Directly from the GP Side.

Not scraped. Not aggregated. Called in.

Every Thursday at 6 AM EST, Ledger lands in your inbox. Each issue is hand-assembled from direct conversations with GPs, fund managers, and operating partners — people who tell us about open seats before they tell their recruiters. We add context: why the role exists, what the culture is, what the real comp looks like. Then we send it to the 4,200 subscribers who've told us exactly what they're looking for.

3 / 5
Issue #47 · Feb 27, 2026
ROLE
VP Acquisitions · Sunbelt Value Fund
$185K + carry
NOT POSTED
DEAL
Co-GP Seat · Phoenix BTR Portfolio
$2.4M equity min
GP INTRO AVAIL
ROLE
Asset Mgmt · Opportunity Zone Fund
$140K base
NOT POSTED
+ 4 more roles · 2 syndication deals · 1 capital raise

Subscribers Move. The Numbers Speak for Themselves.

Anonymized. Verified. Repeatable.

We track outcomes with subscriber permission. Not to brag — to prove the thesis. When someone tells us they landed a $200M fund associate role 14 weeks after subscribing, we note it. When a career-changer with a fresh CCIM cert lands an acquisitions seat at a REIT, we note it. The median time from subscription to first interview at a role sourced through Ledger is 11 weeks.

4 / 5
#412
Retail brokerage
$200M fund associate
14w
#287
CCIM graduate
Acquisitions analyst · REIT
22w
#531
LP investor
GP operating partner
31w
#178
Property mgmt
Asset mgmt · family office
18w
#644
CRE broker
Capital raising · private fund
9w
Median: 11 weeks to first interview

One Briefing. Every Thursday. Free to Start.

The first issue is personalized to your profile.

Subscribe once. Tell us who you are and what you're looking for. We'll send you a personalized first issue built around your target role, experience level, and geography. If it's not the most useful thing in your inbox that week, unsubscribe with one click. No lock-in. No upsell. Just the intelligence you've been locked out of.

5 / 5
What You Receive
3–5 off-market roles per issue
1–2 syndication / co-GP opportunities
GP contact context and intro availability
Comp benchmarks, not ranges
Career intelligence, not career advice
Every Thursday · 6:00 AM EST · Unsubscribe anytime
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Find Your Next Move.

Five questions. Thirty seconds. Your first issue arrives personalized to your profile — roles matched to your experience, target, and geography.

Where are you now?

Select the option that best describes your current position.

Subscribers Move.

11w
Median to first interview
89%
Role not publicly posted
4.2×
Faster than job boards
Subscriber#412
14w
From
Retail Brokerage Analyst
Marcus & Millichap back office, Atlanta, GA
To
Associate, Acquisitions
Sunbelt Value Fund III · $200M AUM

"I applied to 40 jobs on LinkedIn in 6 months. Zero callbacks. Ledger sent me one role — the right one."

Phoenix, AZ
Verified · 14 weeks
Subscriber#287
22w
From
CCIM Graduate
Freshly certified, commercial lending background
To
Acquisitions Analyst
Inland Empire Industrial REIT

"The role was never posted. The GP told Ledger before he told his own HR team."

Riverside, CA
Verified · 22 weeks
Subscriber#531
31w
From
LP Investor
12 years passive, family office capital
To
Operating Partner
Opportunity Zone Fund · co-GP seat

"I had capital and operational instincts. I just needed the introduction. Ledger made it."

Nashville, TN
Verified · 31 weeks
Subscriber#178
18w
From
Property Management Director
Third-party PM, 2,400 units under management
To
VP Asset Management
Multifamily Family Office · $450M portfolio

"They wanted operational experience, not a finance pedigree. Ledger knew the difference."

Denver, CO
Verified · 18 weeks

What's Inside Each Briefing.

EVERY THURSDAY · 6:00 AM EST
01
WEEKLY

The Roles

3–5 off-market positions sourced directly from GPs, fund managers, and operating partners. Each entry includes real comp (base + carry), why the role exists, and whether an intro is available.

3–5 roles
02
WEEKLY

The Deals

1–2 syndication opportunities or co-GP seats. Deal-level detail: market, asset class, equity structure, minimum commitment, and sponsor track record summary.

1–2 deals
03
WEEKLY

The Intelligence

Market context that makes the roles make sense. Which markets are seeing capital rotation. What asset classes are seeing GP consolidation. Where the talent gaps are forming.

1 brief
04
QUARTERLY

The Network

Quarterly: a curated list of GPs actively building teams, with contact context. Not a cold list — names with notes on how they like to be approached and what they're actually looking for.

12–20 contacts
Off-Market Roles·GP Introductions·Syndication Deals·Comp Benchmarks·Capital Raise Opportunities·Co-GP Seats·Asset Management Openings·Fund Operations Roles·Acquisitions Analyst Seats·Development Positions·Off-Market Roles·GP Introductions·Syndication Deals·Comp Benchmarks·Capital Raise Opportunities·Co-GP Seats·Asset Management Openings·Fund Operations Roles·Acquisitions Analyst Seats·Development Positions·
Issue #48 · Drops Thursday

The room has a door.
Ledger is the key.

4,200+ subscribers already inside. Every Thursday, the roles that don't get posted. The deals that don't get announced. The intelligence that doesn't get shared.

FREE TO START · NO CREDIT CARD · UNSUBSCRIBE ANYTIME