LP Deal Review: Origin Investments Select Asset Fund | Michael Episcope
About this episode
The episode features a detailed review of Origin Investments' Select Asset Fund with insights from Co-CEO Michael Episcope.
In this LP Deal Review, Chris Lopez and LP panelist Christy Burakovsky sit down with Michael Episcope, Co-CEO of Origin Investments, for a deep dive into Origin’s Select Asset Fund—an intentionally small, vintage-based multifamily development fund built to deploy in 2026. Michael walks through the macro thesis (supply peaking, concessions stabilizing, and starts slowing), the fund’s structure (targeting five shovel-ready ground-up deals, four-year duration, and an option to continue holding for long-term compounding), and the underwriting guardrails designed to protect downside in a still-volatile environment. The panel then presses into the details that matter most to LPs: entitlement risk, leverage and loan structure, how Origin avoids “rescue capital,” how the 2021 vintage fund is performing today, and how Origin’s co-invest program works—including potential pathways for group allocations and better terms. Key Takeaways Fund design: $100M, focused on 2026 ground-up multifamily development with a four-year duration and optional continuation for long-term hold Risk mitigation: shovel-ready entitlements, conservative leverage (~65% LTC), and a structure aimed at avoiding…
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