The Tobins' TCG fund sold $112.8 million, more than eight other new raises combined
Nine real estate sponsors filed new Form Ds from Oct. 20 to Nov. 2 seeking $1.09 billion, and one San Francisco family firm holds 95% of the money sold so far.
By Raymond de Clairmont · · 3 min read
Joseph O. Tobin II and Joseph Oliver Tobin III, the two managing members behind TCG Opportunity Fund II in San Francisco, reported $112.75 million sold to 93 investors on an Oct. 21 Form D [2]. The fund made its first sale Oct. 6, sets a $5 million minimum and is targeting $300 million of capital commitments [2].
TCG was one of nine real estate sponsors that filed new Form Ds between Oct. 20 and Nov. 2, asking for a combined $1.09 billion, by our math [10]. Together they reported $118.9 million sold, and we calculate that about 95% of it sits with TCG [2][10].
| Issuer | Named executive | Base | Target | Minimum | Sold at filing |
|---|---|---|---|---|---|
| TCG Opportunity Fund II | Joseph O. Tobin II, Joseph O. Tobin III | San Francisco | $300M | $5,000,000 | $112.75M (93 investors) |
| KCB Real Estate IX | Harvey Knell, Peter Knell | Pasadena, Calif. | $175M | $1,000,000 | $0 |
| Orion Pro Fund 2026 | Kevin Sanz | Miami | $166M | $500,000 | $0 |
| Carmina Income Fund | Casey Reichel, Joseph Cianciolo | Raleigh, N.C. | $100M | $200,000 | $510,000 (1) |
| Alalza Investment | Daniel Berconsky, Oscar Doval | Miami | $100M | $100,000 | $0 |
| ZT Live Oak Realty II | Taseer A. Badar | Houston | $100M | $200,000 | $1.0M (5) |
| PRC Equity Fund I | Charles Williams | Arlington, Texas | $68M | $5,000 | $100,000 (1) |
| Ark Covenant Properties | Christopher John Greene | Scottsdale, Ariz. | $50M | $200,000 | $2.53M (11) |
| Northshore Enterprises | Jason George | South Ogden, Utah | $30M | $1 (as reported) | $2.0M (1) |
TCG has sold more than the other eight combined
TCG's sales total leaves out a blocker fund that files its own Form D, and it lists one paid solicitor, Sean Samuel Plummer, working in Louisiana, Texas and Washington [2]. Investors can look up his CRD number on FINRA BrokerCheck.
Three of the nine had sold nothing at filing. KCB Real Estate IX, whose filing names Harvey Knell, Peter Knell and Megan Pautler-Gutnikov as promoters, set a $1 million minimum on a $175 million raise [1]. Kevin Sanz's Orion Pro Fund 2026 can lift its $166 million target to $200 million [3]. Among those with sales, Christopher John Greene's Ark Covenant Properties led with $2.53 million from 11 investors [9].
Most of the nine picked the exemption that allows advertising
Six of the nine claimed Rule 506(c) [2][3][4][5][6][9], which permits general solicitation as long as every buyer is accredited and the issuer takes “reasonable steps to verify” that status [11]. Across all 574 real estate offerings from Oct. 4 to Nov. 2, 184 claimed 506(c) and 386 claimed 506(b) [10].
Among new filings, 54 of 107 offerings under 506(c) had reported no sales, compared with 86 of 285 under 506(b) [10].
Texas sponsors filed more new real estate offerings than any other state
Texas had 69 of the 395 new real estate offerings in the period, and two of the nine are based there: Taseer Badar's ZT Live Oak Realty II in Houston and Charles Williams's PRC Equity Fund I in Arlington [5][7][10]. See more on the Texas market page.
How to use this
For investors reviewing private offerings
- Read the use-of-proceeds note on the Form D before the pitch deck, because some sponsors list their fees there. PRC Equity Fund I discloses a 3% acquisition fee on each property it buys [5], so we calculate that a $10 million purchase would pay the sponsor $300,000.
- Expect a 506(c) sponsor to ask for proof that you are accredited, such as tax forms, recent bank or brokerage statements, or a letter from your CPA, attorney or registered adviser [11]. Six of these nine offerings fall under that rule [10].
- Compare the amount sold with the target and ask who the first investors were. Carmina, run by Casey Reichel and Joseph Cianciolo, reported one investor and $510,000 toward $100 million [4], which we calculate as about 0.5% of its target.
For sponsors planning a raise
- Set your minimum against the market. The median across 574 real estate offerings was $50,000 [10], and three of these nine chose $200,000 [4][7][9].
- Fill in the use-of-proceeds clarification line by line, as Ark Covenant did with its 3% acquisition fee, 2.5% management fee and 70/30 promote [9]. Jason George's Northshore filing says the fees payable to its manager are not finalized [8].
This is market commentary, not investment or legal advice. Private offerings named here are generally limited to accredited investors, and the SEC does not review or approve Form D filings.
Sources
- [1]SEC EDGAR, KCB Real Estate IX LP, Form D notice of exempt offering, Oct 30, 2026.
- [2]SEC EDGAR, TCG Opportunity Fund II, LLC, Form D notice of exempt offering, Oct 21, 2026.
- [3]SEC EDGAR, Orion Pro Fund 2026, LP, Form D notice of exempt offering, Oct 20, 2026.
- [4]SEC EDGAR, Carmina Income Fund LP, Form D notice of exempt offering, Oct 20, 2026.
- [5]SEC EDGAR, PRC Equity Fund I, LLC, Form D notice of exempt offering, Oct 29, 2026.
- [6]SEC EDGAR, Alalza Investment LLC, Form D notice of exempt offering, Oct 26, 2026.
- [7]SEC EDGAR, ZT Live Oak Realty II, LP, Form D notice of exempt offering, Oct 20, 2026.
- [8]SEC EDGAR, Northshore Enterprises, LLC, Form D notice of exempt offering, Oct 23, 2026.
- [9]SEC EDGAR, Ark Covenant Properties, LLC, Form D notice of exempt offering, Nov 2, 2026.
- [10]SEC EDGAR, Form D filings, Oct. 4 to Nov. 2, 2026, as compiled by The Portal, Nov 2, 2026.
- [11]U.S. Securities and Exchange Commission, Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings: A Small Entity Compliance Guide, Jul 14, 2017.
