Secure Your Investments 
with Viking Capital and The HYRO Fund

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investment at a glance

Investor Classes & Returns

We offer multiple investment classes with enhanced economics for larger investments.


Investment Classes

Investment Options






Investment Timeline

Unlock The Power Of The Capital Stack

Maximize returns while strategically managing risk — elevate your investment strategy.

Why Invest in a 

Resilience Fund

Why Invest in a Resilience Fund 

Preferential Returns
Portfolio Diversification
Decreased Market Risk
Cash Flow
Quarterly Distributions
up to 17% 

The Story Behind 

Preferred Equity Investments

The Story Behind Preferred Equity Investments 

From Economic Volatility To Opportunity

$1.2 T of Outstanding CRE Debt Is Potentially Troubled, $626B Maturing In 2023-2025

Market dynamics have changed, which sometimes requires a change in strategy.

One alternative to common equity investing is to consider a different part of the capital stack, namely debt and preferred equity.

Return By


Return By Class



*preferred return

For investments of $50,000-$99,999



*preferred return

For investments of $100,000-$249,999



*preferred return

For investments of $250,000 or more

Plus a share of operator’s GP profit will yield:

17% IRR

up to

 1-5 YEAR

Holding Period


Minimum Investment

 $1-$4 Million

Initial Project

In this environment, many syndicators have found themselves contemplating how to utilize their time and resources. 

Many have simply given up and disengaged. 

But Viking Capital has found the opportunity to continue giving our investors strong returns, amidst this market environment.

vetting the asset and the operator

Asset Evaluation

  • Assess asset quality, condition, and market positioning
  • ​Review historical performance and projected returns
  • ​Conduct thorough due diligence on property or business metrics

Operator Assessment

  • Evaluate management expertise and track record
  • ​Examine operational efficiency and strategies
  • ​Check references, past performance, and industry reputation
    What criteria does Viking employ to assess the suitability of a deal for the fund, particularly in cases where it may not generate a 9% cash flow from the outset?
    If a deal cannot support a 9% cash flow from day one, it is not considered a candidate for the fund. The evaluation process involves examining the property's rent roll, financials, and loan covenants to assess cash flow after debt service.
    What factors does Viking consider when evaluating the financial viability of a potential deal?
    Viking Capital will analyze the property's rent roll, financials, and loan covenants, incorporating reasonable assumptions into their financial model to determine post-debt service cash flow. Our focus will prioritize the property's ability to meet debt service, and preferred payments, and maintain a strong Debt Service Coverage Ratio (DSCR), ensuring a resilient financial foundation.
    What potential drawbacks should be considered when investing in deals that present an 8% current return and a 12% preferred return?
    One potential downside is the possibility of finding deals elsewhere with higher returns. 
    However, we must consider the risk profile and with 8% current and 12% preferred return, along with additional returns on the back end, may position well against other projects.
    What are the potential risks that investors should take into account when evaluating Viking as an investment opportunity?
    Ensuring a thorough evaluation of Viking's underwriting capabilities, with a specific focus on deal modeling accuracy, syncing values, and transparent communication about property operations, is crucial when considering an investment. The primary risk involves potential discrepancies between promised and actual cash-on-cash returns. By aligning values and fostering transparency, investors can mitigate this risk and gain confidence in the competence of the team.
    How does the Hyro Fund handle properties that are not paying distributions, and how does it impact new deals?
    If a property is not paying distributions, it doesn't necessarily mean it's not doing well. Some properties may use cash flow to address issues like rate caps without needing support from the Hyro Fund. The fund assesses each property's situation to determine if additional support is required.
    Regarding tax consequences and bonus appreciation, what is Your suggestion, considering this fund is more of a cash flow and accrual play?
    The fund should not be the only investment in one's portfolio. It serves as a tool to reduce overall risk in the investment strategy, particularly when larger, higher-risk swings are involved. Bonus depreciation can be obtained elsewhere as part of the puzzle in building an investment strategy.
    How does Viking handle sponsor delinquency, and can they swiftly take over the sponsor's role?
    If a sponsor goes into default, Viking can take over based on covenants in the agreement. The specifics, such as the duration of non-payment, are outlined in the loan documents. Legal proceedings may be involved, but Viking would assume control of the operating entity and work with the lender to create a workout situation.
    Will investors receive insights into the type of deals and the health of investments as they progress?
    As placements and investments are made, Viking plans to send out profiles of the deals that the funds are going into. However, all deals will adhere strictly to the defined buy box criteria, ensuring they fit within specific vintage, DSCR, and other criteria.
    Will Viking use the HYRO Fund in its own deals, and how will it be evaluated?
    Viking will follow the strict buy box criteria, evaluating opportunities on a deal-by-deal basis. While the ESG opportunity looks promising, the decision to use the HYRO Fund will depend on the individual characteristics of each deal.
    How is the profit split between Viking and investors determined?
    Profits above the preferred return (pref) have a 50-50 split. Depending on the class, investors receive the first up to 13%, and profits beyond that are split equally between pref investors and Viking as the fund manager.
    If an operator did not hedge rate caps when searching for deals, what other qualities would make them a good operator?
    If an operator did not hedge rate caps and the rates are floating, it may not be a fit for the fund, as stability is crucial. Finding a good operator in such a case would be challenging, and the operator would need to have an exceptionally strong deal to compensate for the lack of rate caps.
    If $100K is invested, when can investors typically expect a cash-out?
    The cash-out timeframe typically falls within one to five years, with some properties possibly cashing out in the one to three-year range. As properties cash out, returns go back to the preferred return (pref) investors.
    Does the time to exit of the opportunity influence the decision to invest in the HYRO Fund?
    Yes, the time to exit is a crucial factor. The fund looks for deals that can be turned around swiftly, aiming for more immediate impact rather than long-term viability. The HYRO Fund is designed to solve immediate problems rather than serving as rescue capital for deals with extended timelines.
    Is there any concern about the vintage of assets, considering that 30 to 50-year-old properties may need updating?
    Vintage is considered, but the focus is on the condition of the property rather than its age. Properties with deferred maintenance issues, regardless of their vintage, may pose a higher risk. The fund evaluates each deal individually, taking all factors into consideration.



    In Assets 

    Units Acquired

    Average LP


    In Assets 


    Average LP

    This is a Regulation D 506c offering for SEC Accredited Investors only. All investors will need to go through a third party accreditation verification process. This is not a solicitation for non-accredited investors to participate in this offering.
    © 2023 | Viking Capital, LLC 
    © 2023 | Viking Capital, LLC