A luxury-focused real estate fund structured for institutional investors, family offices, and ultra-high-net-worth individuals.
Novaro Capital's Inaugural Fund is a U.S.-based, multi-strategy private real estate investment vehicle targeting a $300 million capital raise, with a final close planned for December 2025. Structured as a GP/LP fund, it offers qualified investors exposure to a diversified portfolio that focuses on luxury real estate asset classes including landscape hospitality developments, high-end residential developments, value-add acquisitions, and select opportunistic investments. Backed by a seasoned team with over $10 billion in real estate development and acquisitions, 100+ real estate projects overseen, and $9 billion in financing transaction experience.
The Fund is designed to operate over a 7-year lifecycle, aiming to deliver strong risk-adjusted returns through a blend of income-generating and growth-oriented assets. Investors will receive quarterly income distributions and benefit from long-term capital appreciation driven by Novaro’s vertically integrated development and asset management platform. We target experiential, lifestyle-focused U.S. markets with natural surroundings, design-forward consumer demand, and outsized growth potential.
The Fund charges a 2% annual management fee on contributed capital and offers investors an 10% preferred return. After the preferred return is met, the Fund employs an 80/20 LP/GP split, ensuring full alignment of interests between Novaro and its investors.
Minimum commitments begin at $250,000 for accredited individuals and $1,000,000 for institutional investors, family offices and qualified purchasers. As a 506(b) / Reg S structured fund it is open exclusively to accredited investors (domestic & foreign), including high-net-worth individuals, family offices, and institutional LPs seeking access to differentiated U.S. real estate opportunities. What sets Novaro apart is our vertical integration, unmatched network of strategic Co-Development partners, and a customer-first development approach that elevates every asset we touch.
Why We Target Luxury Lifestyle Hospitality
Strategic Timing
A surge in demand for experiential travel (+15% YoY)—driven by Gen Z and Millennial preferences—creates a unique window to invest in luxury outdoor and lifestyle-oriented real estate.
Rising Demand from High-End Travelers
Luxury Travelers are prioritizing elevated, culturally rich, and comfort-driven experiences. The luxury travel segment continues to see robust year-over-year growth (11.2%)
Wellness-Driven Escapes
With increasing interest in ‘digital detox’ getaways, today’s travelers are seeking immersive, wellness-focused environments that offer meaningful personal resets.
Drive-to-Destination Travel
Remote work trends have amplified the popularity of short, drive-to getaways. Markets within convenient reach of major metro areas are benefiting from sustained weekend and flexible travel demand.
Our Investment Strategy
Co-GP / Strategic LP Investments
Allocation:
$225,000,000
Target Gross IRR:
20–30% IRR
Target Equity Multiple:
~2.5–3.0x (per project)
Expected Cash Yield:
Minimal (returns at exit)
Allocation:
$50,000,000
Target Gross IRR:
25-30% IRR
Target Equity Multiple:
~2.5-3.0x (per project)
Expected Cash Yield:
Low during development; lump-sum at completion
Value Add
Acquisitions
Allocation:
$25,000,000
Target Gross IRR:
25% IRR
Target Equity Multiple:
~2.0-2.5x (per project)
Expected Cash Yield:
Moderate (7-10% yield after stabilization)
Vertical Integration/
Roll-Ups
Allocation:
$25,000,000
Target Gross IRR:
15–20% IRR
Target Equity Multiple:
2.0x (with exit)
Expected Cash Yield:
Moderate (operating profit dividends)
PropTech &
AI Ventures
Allocation:
$20,000,000
Target Gross IRR:
High variance (target 25% IRR on successes)
Target Equity Multiple:
3.0x portfolio (few big winners)
Expected Cash Yield:
Low (no yield; all gain on exit)
Novaro Direct
Development
Our Investment Strategy
Allocation:
$225,000,000
Target Gross IRR:
20–30% IRR
Target Equity Multiple:
2.0–2.5x (project level)
Expected Cash Yield:
Minimal (returns at exit)
Allocation:
$75,000,000
Target Gross IRR:
25-30% IRR
Target Equity Multiple:
2.5x+ (per project)
Expected Cash Yield:
Low during development; lump-sum at completion
Value Add
Acquisitions
Allocation:
$30,000,000
Target Gross IRR:
25% IRR
Target Equity Multiple:
~1.5–2.0x over 5 years
Expected Cash Yield:
Moderate (rental income 5–8% yield after stabilize)
Vertical Integration/
Roll-Ups
Allocation:
$25,000,000
Target Gross IRR:
15–20% IRR
Target Equity Multiple:
2.0x (with exit)
Expected Cash Yield:
Moderate (operating profit dividends)
PropTech &
AI Ventures
Allocation:
$20,000,000
Target Gross IRR:
High variance (target 25% IRR on successes)
Target Equity Multiple:
3.0x portfolio (few big winners)
Expected Cash Yield:
Low (no yield; all gain on exit)
Novaro Direct
Development
Co-GP / Strategic LP Investments
Allocation:
$50,000,000
Target Gross IRR:
25–30% IRR
Target Equity Multiple:
2.5x+ (per project)
Expected Cash Yield:
Low during development; lump sum at completion
Novaro Direct Development
Allocation:
$25,000,000
Target Gross IRR:
25% IRR
Target Equity Multiple:
~1.5-2.0x over 5 years
Expected Cash Yield:
Moderate (rental income 5–8% yield after stabilize)
Value Add Acquisitions
The Co-GP and Strategic LP Investments pool of capital will be allocated into investments backed by highly vetted lead sponsors where Novaro will support as either a Co-Sponsor or Limited Partner with preferred rights. This strategy gives Novaro and its investors access to exclusive luxury investments that most can't access.
In the context of Novaro Capital, this structure is designed to complement its direct development platform by allocating capital to best-in-class U.S. real estate and private equity managers. The structure will also accelerate brand awareness and balance sheet track record enabling greater leverage for future funds. This enables investors to benefit from both Novaro’s in-house expertise and the specialized capabilities of external partners, offering a unique gateway to differentiated, high-performing opportunities that may otherwise be inaccessible to individual investors.
Allocation:
$225,000,000
Target Gross IRR:
20–30% IRR
Target Equity Multiple:
~2.5–3.0x (project level)
Investment Pipeline
- Co-GP / Strategic LP Investments -
A Fund of Funds (FoF) is an investment vehicle that pools capital to invest in a diversified portfolio of other investment funds rather than directly into individual assets like real estate properties or stocks. This layered approach provides investors with broad exposure, professional fund selection, and reduced risk through diversification across multiple fund managers, strategies, and asset types.
In the context of Novaro Capital, the Fund of Funds structure is designed to complement its direct investment platform by allocating capital to best-in-class U.S. real estate and private equity managers, alongside Novaro’s own proprietary deals. This model enables investors to benefit from both Novaro’s in-house expertise and the specialized capabilities of external partners, offering a unique gateway to differentiated, high-performing opportunities that may otherwise be inaccessible to individual investors. We will provide exposure into highly selective and relationship-driven prop-tech, AI, and real estate investment companies. By becoming early users and strategic partners, Novaro gains access to cutting-edge tools while contributing to product development and scaling.
Allocation:
$225,000,000
Target Gross IRR:
20–30% IRR
Target Equity Multiple:
~2.0–2.5x (project level)
Targeted Investments - Fund of Funds
- Co-GP / Strategic LP Investments -
Through the Novaro Direct Development strategy, the Fund invests directly in high-conviction development projects sourced, underwritten, and managed by the Novaro team. For direct developments we primarily target boutique lifestyle markets known for their unique culture, charm and experiential appeal. These verticals leverage our in-house expertise in design, entitlements, construction, and market positioning to deliver outsized returns in undersupplied and high-demand asset classes.
We focus on four core segments within this strategy:
-
Luxury & Unique Hospitality
Development of boutique cabin resorts, nature-based luxury stays, and design-forward short-term rental assets located in high-demand leisure destinations. These projects are positioned to capture premium nightly rates while benefiting from the long-term growth of experiential travel.
-
High-End Residential Living
Ground-up development of luxury homes, townhouses, and urban infill projects in supply-constrained neighborhoods. We focus on locations with strong buyer demand, favorable zoning changes, and a premium on architectural distinction.
Each development is structured with a disciplined approach to capital allocation, cost control, and exit planning. Our vertically integrated model allows the Fund to retain greater control over timelines and economics while capturing both development margin and long-term asset value creation.
- Direct Development -
Allocation:
$50,000,000
Target Gross IRR:
25-30% IRR
Target Equity Multiple:
~2.5-3.0x (per project)
Current Development Opportunities
Charlotte, NC
Nashville, TN
Catskill, NY
Sedona, AZ
Salt Lake City, UT
Santa Fe, NM
Washington D.C.
Colorado Springs, CO
Atlanta, GA
Ultra-Luxury
Fund of Funds
Luxury Cabin Development
Charlottesville, VA
Raise:
$7,000,000
Projected IRR:
+29%
Holding Period:
4-6 years
Luxury Resort & Residences
Hudson Valley, NY
Raise:
$35,000,000
Projected IRR:
+28%
Holding Period:
5-7 years
Land Subdivision
Charlotte, NC
Raise:
$13,000,000
Projected IRR:
+45%
Holding Period:
1-2 years
Through the Novaro Direct Development strategy, the Fund invests directly in high-conviction development projects sourced, underwritten, and managed by the Novaro team. For direct developments we primarily target boutique lifestyle markets known for their unique culture, charm and experiential appeal. These verticals leverage our in-house expertise in design, entitlements, construction, and market positioning to deliver outsized returns in undersupplied and high-demand asset classes.
We focus on four core segments within this strategy:
-
Luxury & Unique Hospitality
Development of boutique cabin resorts, nature-based luxury stays, and design-forward short-term rental assets located in high-demand leisure destinations. These projects are positioned to capture premium nightly rates while benefiting from the long-term growth of experiential travel.
-
High-End Residential Living
Ground-up development of luxury homes, townhouses, and urban infill projects in supply-constrained neighborhoods. We focus on locations with strong buyer demand, favorable zoning changes, and a premium on architectural distinction.
Each development is structured with a disciplined approach to capital allocation, cost control, and exit planning. Our vertically integrated model allows the Fund to retain greater control over timelines and economics while capturing both development margin and long-term asset value creation.
- Direct Development -
Allocation:
$75,000,000
Target Gross IRR:
25-30% IRR
Target Equity Multiple:
~2.5-3.0x (per project)
Current Development Opportunities
Charlotte, NC
Nashville, TN
Catskill, NY
Sedona, AZ
Salt Lake City, UT
Santa Fe, NM
Washington D.C.
Colorado Springs, CO
Atlanta, GA
Ultra-Luxury
Fund of Funds
Luxury Resort & Residences
Raise:
$35,000,000
Projected IRR:
+28%
Holding Period:
5-7 years
Hudson Valley, NY
Allocation:
$50,000,000
Target Gross IRR:
25–30% IRR
Target Equity Multiple:
~2.5–3.0x (per project)
Ultra-Luxury
Fund of Funds
Luxury Townhouse Project
Charlotte, NC
Raise:
$13,000,000
Projected IRR:
+25%
Holding Period:
2-3 years
Ultra-Luxury
Fund of Funds
Land Subdivision
Charlotte, NC
Raise:
$1,400,000
Projected IRR:
+45%
Holding Period:
1-2 years
Ultra-Luxury
Fund of Funds
Luxury Townhouse Project
Charlotte, NC
Raise:
$13,000,000
Projected IRR:
+25%
Holding Period:
2-3 years
Allocation:
$195,000,000
Target Gross IRR:
20–30% IRR
Target Equity Multiple:
~2.0–2.5x (project level)
Ultra-Luxury
Fund of Funds
Land Subdivision
Raise:
$13,000,000
Projected IRR:
+45%
Holding Period:
1-2 years
Charlotte, NC
Ultra-Luxury
Fund of Funds
Luxury Cabin Development
Raise:
$7,000,000
Projected IRR:
+29%
Holding Period:
4-6 years
Charlottesville, VA
The Value Add Acquisitions strategy focuses on identifying and repositioning underutilized real estate assets with significant upside potential. By targeting assets with clear inefficiencies, we unlock value through strategic renovations, experiential enhancements, and professionalized management. The strategy is designed to generate strong cash flow, force appreciation, and create flexible exit optionality through refinancing or disposition.
We focus on two core acquisition types:
-
Outdated Outdoor Hospitality Properties
Acquisition of outdated or neglected outdoor hospitality properties—such as cabin resorts, glamping sites, and boutique nature retreats—in high-demand, under supplied leisure markets. These assets are often family-run, mismanaged, or lacking modern guest experiences and pricing optimization. These redeveloped properties are rebranded and stabilized with stronger operating income and improved asset value. Once optimized, assets may be refinanced or sold to institutional or lifestyle buyers.
-
Luxury Single-Family Redevelopment
Focused on neglected or outdated homes in prime, high-income neighborhoods, this sub-strategy transforms these assets into fully renovated, design-driven residences tailored for the modern traveler. Many properties will be repositioned as high-end short-term rentals with a hospitality feel, offering curated interiors, premium amenities, and hotel-like quality. These projects generate strong returns through elevated nightly rates, increased asset value, and flexible exit options via refinance or resale.
This strategy aligns with our BRRRR framework (Buy, Renovate, Rent, Refinance, Repeat) allowing the Fund to recycle capital, scale across markets, and deliver long-term returns with enhanced liquidity optionality.
Allocation:
$25,000,000
Target Gross IRR:
25% IRR
Target Equity Multiple:
~2.0–2.5x per project
- Value Add Acquisitions -
Ultra-Luxury
Fund of Funds
Outdoor Retreat
Operational & Asset
Cost:
$3,500,000
Projected IRR:
+25%
Holding Period:
4-5 years
Ultra-Luxury
Fund of Funds
House Flip to STR
Operations
Cost:
$900,000
Projected IRR:
+27%
Holding Period:
4-5 years
Current Value Add Opportunities
Ultra-Luxury
Fund of Funds
Outdoor Retreat
Operational & Asset
Cost:
$7,000,000
Projected IRR:
+38%
Holding Period:
5 years
Ultra-Luxury
Fund of Funds
Boutique Hotel Portfolio
Asset
Cost:
$2,500,000
Projected IRR:
+33%
Holding Period:
3.5 years
The Value Add Acquisitions strategy focuses on identifying and repositioning underutilized real estate assets with significant upside potential. By targeting assets with clear inefficiencies, we unlock value through strategic renovations, experiential enhancements, and professionalized management. The strategy is designed to generate strong cash flow, force appreciation, and create flexible exit optionality through refinancing or disposition.
We focus on two core acquisition types:
-
Outdated Outdoor Hospitality Properties
Acquisition of outdated or neglected outdoor hospitality properties—such as cabin resorts, glamping sites, and boutique nature retreats—in high-demand, under supplied leisure markets. These assets are often family-run, mismanaged, or lacking modern guest experiences and pricing optimization. These redeveloped properties are rebranded and stabilized with stronger operating income and improved asset value. Once optimized, assets may be refinanced or sold to institutional or lifestyle buyers.
-
Luxury Single-Family Redevelopment
Focused on neglected or outdated homes in prime, high-income neighborhoods, this sub-strategy transforms these assets into fully renovated, design-driven residences tailored for the modern traveler. Many properties will be repositioned as high-end short-term rentals with a hospitality feel, offering curated interiors, premium amenities, and hotel-like quality. These projects generate strong returns through elevated nightly rates, increased asset value, and flexible exit options via refinance or resale.
This strategy aligns with our BRRRR framework (Buy, Renovate, Rent, Refinance, Repeat) allowing the Fund to recycle capital, scale across markets, and deliver long-term returns with enhanced liquidity optionality.
- Value Add Acquisitions -
Allocation:
$25,000,000
Target Gross IRR:
25% IRR
Target Equity Multiple:
~2.0–2.5x per project
Current Value Add Opportunities
Ultra-Luxury
Fund of Funds
Outdoor Retreat
Cost:
$7,000,000
Projected IRR:
+38%
Holding Period:
5 years
Operational & Asset
Ultra-Luxury
Fund of Funds
Boutique Hotel Portfolio
Cost:
$2,500,000
Projected IRR:
+33%
Holding Period:
3.5 years
Asset
Ultra-Luxury
Fund of Funds
Outdoor Retreat
Cost:
$3,500,000
Projected IRR:
+25%
Holding Period:
4-5 years
Operational & Asset
Ultra-Luxury
Fund of Funds
House Flip to STR
Cost:
$900,000
Projected IRR:
+27%
Holding Period:
4-5 years
Operations
The Vertical Integration & Roll-Ups strategy focuses on acquiring essential service businesses that support the real estate investment and development lifecycle. By targeting companies in sectors such as HVAC, roofing, plumbing, general contracting, and property maintenance, the Fund enhances operational efficiency across its portfolio while creating new revenue streams.
These businesses are typically founder-led, profitable, and operate in fragmented markets with limited scale. By consolidating and professionalizing them under Novaro’s ownership, we reduce third-party reliance, improve cost control, and gain more predictable construction and operational timelines.
In addition to supporting Novaro’s internal projects, these businesses become standalone profit centers with independent growth trajectories, making them attractive for future strategic exits or further roll-ups.
This approach not only strengthens our real estate platform but also builds long-term enterprise value across complementary verticals.
Allocation:
$25,000,000
Target Gross IRR:
15–20% IRR
Target Equity Multiple:
~2.0x (with exit)
Vertical Integration / Roll-Ups
Through the PropTech & AI Ventures strategy, the Fund will make strategic investments in early-stage technology companies that align with Novaro’s operations and long-term vision. We focus on PropTech, AI, and real estate-adjacent platforms that can enhance efficiency, improve decision-making, or unlock new capabilities across our portfolio.
These investments will be highly selective and relationship-driven, often emerging from our operating needs, founder network, or direct exposure to emerging platforms. By becoming early users and strategic partners, Novaro gains access to cutting-edge tools while contributing to product development and scaling.
We prioritize technologies that can be directly integrated into our acquisition, development, and management processes—such as AI-driven underwriting, construction automation, tenant engagement platforms, or data-powered property sourcing.
In addition to financial upside, this strategy positions Novaro at the forefront of innovation in real estate and allows the Fund to benefit from both operating leverage and venture-style equity growth.
Allocation:
$20,000,000
Target Gross IRR:
High variance (target 25% on successes)
Target Equity Multiple:
~3.0x portfolio (few big winners)
PropTech & AI Ventures
Capital Protection & Investor Alignment
Secured by Hard Assets
Investments are backed by income producing collateral real estate in high demand, supply constrained luxury markets.
Conservative Leverage
For projects valued under $10M, target loan-to-value (LTV) is up to 85%; for projects above $10M, maximum leverage is capped at 70% LTV to minimize debt risk through market cycles.
Disciplined Underwriting & Diversification
Rigorous, conservative underwriting and a diversified portfolio across multiple retreats and luxury residential assets limit risk exposure.
Distribution Priority
Investors take priority in distributions (10% preferred), not until after the hurdle is reached will Novaro participate in 80/20 profit split. This provides investor downside protection, ensuring our fund capital is repaid before common equity in the event of underperformance or a market downturn.
Investor Capital & Return Plan
Years 2–4
-
Quarterly distributions begin as assets stabilize
Stabilization & Cash-Flow Distributions
-
Target cash yield paid alongside return of principal
Years 0–2
-
Capital calls tiered over the first 24 months as we acquire projects in our pipeline
Capital Deployment
-
Acquisition, renovation, and direct ground-up developments
Years 2–4
Stabilization & Cash-Flow Distributions
-
Target cash yield paid alongside return of invested capital
-
Quarterly distributions begin as assets stabilize
Years 3–6
-
Refinance strategy returns up to 70% of initial equity to LPs
Recapitalization & Partial Equity Returns
-
Returned equity is redeployed into new projects, creating compounding returns
Years 3–7
Recapitalization & Partial Equity Returns
-
Refinance strategy returns up to 70% of initial equity to LPs
-
Returned equity is redeployed into new projects, creating compounding returns
Years 5–10
Asset Sales & Final Exits
-
Staggered exits: first tranche in years 3–5, full exit by year 7, with optional 3–year extension
-
By end of year 7 investors should see 100% of capital returned (with high-return distributions seen for years prior)
-
Returns above capital are shared 80/20 after an 10% hurdle, with carry crystallized on each exit
Years 5–10
-
Staggered exits: first tranche in years 3–5, full exit by year 7, with optional 3–year extension
Asset Sales & Final Exits
-
By end of year 7 investors should see 100% of capital returned (with high-return distributions seen for years prior)
-
Returns above capital are shared 80/20 after an 8% hurdle, with carry crystallized on each exit
Strategic Pillars
Diversified Core + Tactical Edge
We combine stability (through fund positions and stabilized rentals) with upside (via direct developments and early-stage innovation).
Operator-Led Platform
Novaro leads developments and actively manages assets. This is not a passive vehicle — we drive value from sourcing to exit.
Exclusive Access
Through our network, we participate in closed or oversubscribed funds and direct off-market deals with luxury operators and top-tier sponsors.
Vertical Integration
By owning the stack — from land management to services — we capture margin, control execution, and compound long-term enterprise value.
How We Plan to Scale
-
We will target iconic, design-forward sites with experiential potential
Ground-Up Development
-
Stabilize by leasing or operating to validate NOI and asset performance
-
Vertically integrate across the value chain — including in-house design, construction management, and select operating partners
-
Execute refinance or strategic sale within 2–3 years to return investor capital and capture early upside
-
Acquire mispriced or underperforming assets with operational inefficiencies and renovation + rebrand upside
Acquisition/Value Add
-
Reposition through thoughtful design transformations and rebranding
-
Stabilize operations through detailed prop-tech integration and operator partnerships
-
Unlock value through early refinances or targeted exits, returning equity efficiently
-
Establish a unique hospitality and lifestyle brand known for providing exceptional customer experiences
Growing Brand Value
-
Partner with existing retreats, hospitality concepts, and experiential assets to extend consumer awareness
-
Integrate OpCo model with existing Co-GP partners to increase occupancy and drive social media awareness targeting multiple generations
Navigating High-Potential Opportunities with Confidence
At Novaro Capital, a New York-based real estate firm, we focus on finding high-potential opportunities across the U.S. for investors looking for strong returns and meaningful impact. We strive to give individuals full control and transparency over where their capital is invested.
Our success is driven by a talented and diverse team, bringing extensive knowledge and experience to each investment opportunity.
Navigating High-Potential Opportunities with Confidence
At Novaro Capital, a New York-based real estate firm, we focus on finding high-potential opportunities across the U.S. for investors looking for strong returns and meaningful impact. We strive to give individuals full control and transparency over where their capital is invested.
Our success is driven by a talented and diverse team, bringing extensive knowledge and experience to each investment opportunity.
Patrick Collins
Chief Executive Officer
Pedro Alves de Lima
Chief Operating Officer
Gustavo Pincelli
Partner
Joe Barty-King
Chief Product Officer
Renato Burton
Chief Technology Officer
Alain Gamas
Product & Operations
Patrick Collins
Chief Executive Officer
Pedro Alves de Lima
Chief Operating Officer
Gustavo Pincelli
Partner
Joe Barty-King
Chief Product Officer
Renato Burton
Chief Technology Officer
Alain Gamas
Chief Growth Officer
$300,000,000
Target Capital Raise
7 Year
Lifecycle
2.5x–3.0x
Target Equity Multiple
10% Pref
80/20 Split
Quarterly
Distributions
$250K/$1M
Accredited Investor/
Investment Entity
Final Note
The Novaro Luxury Fund I is built to be foundational — both for LP wealth creation and for building the Novaro Capital ecosystem. With a long-term outlook, deep domain expertise, and a thesis-driven approach to capital deployment, we seek to become one of the most innovative and agile platforms in the U.S. real estate investment space.
$300,000,000
Target Capital Raise
7 Year
Lifecycle
Final Note
The Novaro Inaugural Fund is built to be foundational — both for LP wealth creation and for building the Novaro Capital ecosystem. With a long-term outlook, deep domain expertise, and a thesis-driven approach to capital deployment, we seek to become one of the most innovative and agile platforms in the U.S. real estate investment space.
2.5x–3.0x
Target Equity Multiple
10% Pref
80/20 Split
Quarterly
Distributions
$250K/$1M
Accredited/Entity
The testimonials, statements, and opinions presented are specific to the individuals identified and reflect their personal experiences with Novaro Capital. Individual results may vary and may not be representative of the experience of others. These testimonials were voluntarily provided without compensation, free services, or any other form of benefit in exchange for their statements. While they reflect genuine client experiences, each investor’s outcomes and experience will be unique.
All offers and sales of any securities by Novaro Capital will be made solely to Accredited Investors. For natural persons, this includes individuals who meet specific income or net worth thresholds, or who hold certain SEC-recognized certifications.
Any securities offered by Novaro Capital are made in reliance on exemptions from the registration requirements of the Securities Act of 1933—primarily Rule 506(c) of Regulation D and/or Section 4(a)(2)—and are not required to comply with disclosure requirements applicable to registered offerings. The Securities and Exchange Commission (SEC) has not passed upon the merits of, or approved, any securities offered by Novaro Capital, nor the accuracy or completeness of any related offering materials.
Securities offered by Novaro Capital are subject to legal restrictions on transfer and resale, and investors should not assume they will be able to liquidate their investments. Investing in securities involves significant risk, including the potential loss of principal, and investors should be prepared to bear such risks.
Novaro Capital and its investment vehicles are not subject to the protections of the Investment Company Act of 1940. Any performance data shared represents past performance, which does not guarantee future results. Additionally, Novaro Capital is not required to follow any standard methodology when calculating and presenting performance data, which may not be directly comparable to the performance of other private or registered funds.