Founding Partner — Capital Formation

Penstock Capital; United States; Remote; USD 250,000 - 400,000; Full time

Job summary

Penstock Capital is a real estate credit and lending platform seeking an entrepreneurial partner to build and lead the firm's capital formation and investor relations platform on a remote basis. The role focuses on family offices, HNW/UHNW investors, RIAs, wealth managers, and other private capital sources.

The founding partner will shape fundraising strategy, establish investor relationships, and create scalable channels with meaningful ownership and long-term participation.

Qualifications

• Significant experience in capital raising, investor relations, business development, or distribution within private credit, real estate, or related financial services.
• Demonstrated ability to develop investor relationships and raise capital from family offices, HNW/UHNW investors, RIAs, wealth managers, or other private capital sources.
• Attributable fundraising track record, including ability to discuss capital raised, investor relationships, investment strategies, and personal contributions.
• Strong understanding of private investment funds, real estate debt, fund economics, investor diligence, and investment structures.
• Entrepreneurial mindset and genuine interest in building a business with ownership and long-term economic participation.
• Ability to work independently, communicate investment strategies clearly, and develop investor relationships from initial introduction through commitment and ongoing engagement.

Responsibilities

• Build the capital formation platform: develop and execute the firm's fundraising strategy, investor pipeline, and capital formation infrastructure.
• Develop private wealth relationships: cultivate relationships with family offices, HNW/UHNW investors, RIAs, wealth managers, and other private capital sources.
• Drive capital commitments: establish a repeatable process for identifying, engaging, and converting prospective investors into long-term capital partners.
• Raise capital for real estate development lending: communicate the investment opportunity for residential and multifamily development financing.
• Develop strategic partnerships: build relationships with private wealth platforms, investment networks, placement agents, and other distribution partners.
• Lead investor communications: develop investment presentations, offering materials, due diligence resources, data rooms, and investor reporting processes.

Skills

Capital raising

Investor relations

Business development

Distribution channels

Private credit knowledge

Job description

GP Equity Opportunity | Remote | Confidential

Investment Focus: Private real estate credit, initially focused on horizontal and vertical construction financing for residential and multifamily real estate investors, including land development, site infrastructure, and ground-up construction.

The Opportunity

Founding Partner — Capital Formation

GP Equity Opportunity | Remote | Confidential

Investment Focus: Private real estate credit, initially focused on horizontal and vertical construction financing for residential and multifamily real estate investors, including land development, site infrastructure, and ground-up construction.

The Opportunity

Penstock Capital is a real estate credit and lending platform focused on originating and managing debt investments secured by real estate. Our initial investment strategy centers on financing residential and multifamily development, including horizontal development, infrastructure and site improvements, and vertical ground-up construction.

We are seeking an entrepreneurial partner to build and lead the firm's capital formation and investor relations platform, with an initial focus on family offices, high-net-worth and ultra-high-net-worth investors, registered investment advisers, wealth managers, and other private capital sources.

This opportunity is designed for an experienced capital raiser who wants to move beyond a traditional fundraising role and build a business with meaningful ownership and long-term economic participation. Working alongside firm leadership, you will help shape the firm's fundraising strategy, develop investor relationships and distribution channels, and establish the foundation for a scalable real estate credit investment platform.

Our initial focus is on private wealth and family office capital, while remaining open to institutional investors, strategic capital partners, and other funding channels as the platform grows.

What This Seat Is — And Is Not

This is a founding partner opportunity, not a traditional fundraising job.

We are looking for someone who has considered building their own investment or capital formation business and wants to do so alongside an experienced real estate credit team with an established lending foundation.

The right candidate brings more than a network. They understand how to cultivate investor relationships, communicate an investment strategy, build credibility, manage diligence, and convert relationships into meaningful capital commitments.

This is an entrepreneurial opportunity with significant autonomy, meaningful ownership potential, and a direct role in shaping the business. Pre-close compensation will be limited, with the potential for an agreed expense allowance or deferred compensation arrangement. A market-based salary may become available following an agreed initial fund close or other defined milestone.

The Mandate

• Build the capital formation platform: Development and execution of the firm's fundraising strategy, investor pipeline, and capital formation infrastructure.
• Develop private wealth relationships: Cultivate relationships with family offices, HNW and UHNW investors, RIAs, wealth managers, independent investment advisers, and other private capital sources.
• Drive capital commitments: Establish a repeatable process for identifying, engaging, and converting prospective investors into long-term capital partners.
• Raise capital for real estate development lending: Communicate the investment opportunity associated with residential and multifamily development financing, including horizontal development, site infrastructure, and vertical ground-up construction.
• Develop strategic partnerships: Build relationships with private wealth platforms, investment networks, placement agents, and other distribution partners.
• Lead investor communications: Develop investment presentations, offering materials, due diligence resources, data rooms, and investor reporting processes in collaboration with firm leadership and professional advisers.
• Shape fundraising strategy: Determine target investor segments, capital-raising priorities, fund positioning, and the most effective channels for reaching prospective investors.
• Pursue institutional opportunities: Explore institutional allocators, strategic seed investors, and larger capital partnerships as the firm's track record and platform develop.
• Build for scale: Establish the relationships, systems, and processes needed to support a growing investor base and future investment offerings.
• Participate in firm leadership: Help shape the firm's long-term strategy, product development, distribution model, and growth.

Fundraising Objectives

The founding partner will be responsible for building a capital formation platform capable of generating meaningful, repeatable capital commitments.

Initial objectives include:

• First 90 days: Establish a qualified investor pipeline, prioritize prospective investors, and launch an active fundraising process.
• First 6 months: Build toward $3M–$5M in committed capital.
• First 12 months: Target $10M–$15M in cumulative capital commitments.
• First 24 months: Develop the relationships, distribution channels, and fundraising infrastructure to support $25M–$40M in cumulative capital raised.

These objectives are intended to establish clear expectations around execution, momentum, and long-term business development. Specific milestones will reflect the agreed investment strategy, available fundraising infrastructure, and the partner's responsibilities and contribution.

Who We Are Looking For

• Significant experience in capital raising, investor relations, business development, or distribution within private credit, real estate, alternative investments, or related financial services.
• A demonstrated ability to develop investor relationships and raise capital from family offices, HNW and UHNW investors, RIAs, wealth managers, or other private capital sources.
• An attributable fundraising track record, including the ability to discuss capital raised, investor relationships, investment strategies, and personal contributions.
• A strong understanding of private investment funds, real estate debt, fund economics, investor diligence, and investment structures.
• An entrepreneurial mindset and a genuine interest in building a business with ownership and long-term economic participation.
• The ability to work independently, communicate investment strategies clearly, and develop investor relationships from initial introduction through commitment and ongoing engagement.
• A willingness to build the infrastructure and processes necessary to scale a capital formation platform, rather than relying exclusively on an existing network.
• The financial capacity and temperament to accept a defined period of limited or deferred compensation in exchange for meaningful long-term participation.

Experience raising capital for private credit, real estate debt, construction lending, or other asset-backed investment strategies is particularly relevant. Candidates with established family office and private wealth relationships are especially encouraged to engage. Institutional fundraising experience is welcome but is not a prerequisite.

Experience building a capital formation business, investor distribution channel, or private investment platform is also highly valuable.

Economics & Structure

Our objective is to create a genuine partnership in which the successful candidate participates in the long‑term value they help build.

• GP equity: Meaningful ownership in the management company, structured around agreed vesting provisions, milestones, and ongoing contribution.
• Fund economics: Potential participation in fund-level incentive economics, subject to the agreed partnership structure and governing documents.
• Pre-close economics: No guaranteed base salary during the initial formation and fundraising period. An expense allowance or deferred compensation arrangement may be considered by mutual agreement.
• Post-close compensation: A market-based salary may activate upon an agreed initial close or other defined milestone, supported by management fee revenue and management company economics.
• Leadership: Founding Partner designation, with an active role in fundraising strategy, investor relationships, and the firm's overall development.
• Alignment: Ownership, vesting, compensation, governance, and economic participation will be structured around the candidate's experience, contribution, and long-term role.

Why This Opportunity

This is an opportunity to build a capital formation business alongside an experienced real estate credit team rather than join a mature investment manager in a conventional fundraising role.

For the right individual, it offers the autonomy to develop a strategy, build a network of capital partners, establish a repeatable fundraising platform, and participate in the enterprise value created along the way.

We welcome conversations with experienced capital raisers, investor relations professionals, and entrepreneurial business builders who want to become owners and help build a durable real estate credit investment platform.

If you are looking to build a business, not simply take a job, we welcome a confidential conversation.