Thistle Creek Capital, LLC

Thistle Creek Capital, LLC provides discretionary investment management to a single pooled vehicle, Thistle Creek Partners, L.P., and targets institutional and accredited investors. The Fund focuses on lending-oriented real estate investments—primarily short-term, lien‑secured loans (first position and opportunistic second‑position interests) in Western U.S. markets—and is reported to manage approximately $161 million in regulatory assets.

The firm originates, underwrites and monitors loans through an investment team and a loan committee, making investment decisions on behalf of the Fund and conducting due diligence that may be expedited when necessary to secure opportunities. Fund-level operations include semiannual withdrawal windows after an initial holding period and the use of a subscription credit facility for cash management, with fees and expenses allocated at the fund rather than individual investor level.

What is distinctive for this manager relative to many peers is its fee mechanics and governance: TCC does not charge a traditional percentage‑of‑AUM management fee and instead ties its management fee to management operating expenses reviewed by an Advisory Committee. The firm also routinely contemplates side letters, co‑investments, related‑party guarantees and personnel co‑investments, and addresses the resulting conflicts through written policies and Advisory Committee oversight.