Key Takeaways
- Programmatic JVs deploy capital across multiple deals with portfolio-level accountability.
- Portfolio-level clawback ensures promote is earned on overall performance.
- Buy box definition and deal approval process are the most critical programmatic provisions.
- Institutional investors favor programmatic JVs for deployment speed and pipeline certainty.
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Test Your Knowledge
1.What is a programmatic JV?
2.What is the primary advantage of a programmatic JV over deal-by-deal JVs?
3.What is a typical capital commitment structure in a programmatic JV?