Direct ownership of rental housing, with a sponsor you can reach.
We work with a small number of ultra-high-net-worth families, family offices and institutions that want identified, institutional-grade rental housing investments rather than a blind pool. This page sets out who we work with, how an investment is structured, how a relationship starts and how we report.
Private capital, institutional standards.
Our investors are families and family offices with direct real estate experience, and institutions that allocate to private real estate through smaller, specialist managers. We do not raise from the retail market. Minimum commitments are set for each offering and are stated in its documents.
- Families and family offices seeking direct interests in named rental projects, with the ability to meet the developer and walk the site.
- Institutions seeking programmatic access to purpose-built rental in Ontario and the US Midwest alongside a sponsor that underwrites independently.
- Co-investors introduced by developers, lenders and advisors in the partners' networks.
One project, one vehicle, one set of terms.
Each opportunity is held in its own vehicle so that investors can see exactly what they own. The terms below are the standard we work to; the documents for each offering govern.
- Vehicle
- Single-asset or single-project limited partnership. Co-investment alongside the developer partner. Club arrangements and separately managed mandates for institutions.
- Strategy
- Develop-to-core purpose-built rental, value-add rental, and special situations where a rental project needs completion capital or a new structure.
- Geography
- Ontario and the US Midwest, with developer partners the partners have worked with before.
- Hold
- Long-term. Projects are planned around a refinancing at stabilisation, through CMHC in Canada or agency debt in the United States, that returns a substantial part of the equity while the asset continues to be held.
- Alignment
- The partners invest personally in every offering. Fees and any carried interest are set out in full in the offering documents and are earned on delivery and performance, not on commitment.
- Governance
- Investment decisions are taken by the partners with written sign-off from the head of underwriting. The administrator, auditor and legal counsel engaged for each vehicle are named in its documents.
- Reporting
- Quarterly written reports on construction, leasing, financing and distributions. Annual financial statements for each vehicle. Direct access to the partners between reports.
- Currency
- Canadian or US dollar vehicles, matched to the asset.
- Eligibility
- Accredited investors and permitted clients in Canada. Accredited investors in the United States. Investors in other jurisdictions where an offering may lawfully be made. Contact us for qualification criteria.
- Distribution
- Securities are distributed through a registered exempt market dealer, which carries out know-your-client and suitability review for every subscription.
Five steps, at the investor's pace.
- Introduction. A conversation with Derek or Joshua about what you are looking for and what we are working on. No documents are required at this stage.
- Qualification. The dealer confirms eligibility and completes know-your-client and suitability review. This is done once and refreshed periodically, not repeated for each offering.
- Information. Under a confidentiality agreement you receive the investment memorandum, the underwriting model and the data room for a specific project, and you meet the developer partner. Site visits are arranged on request.
- Review. Our underwriting team walks you through the assumptions, the downside cases and the financing plan, and answers written questions before you commit.
- Subscription and reporting. Subscription through the dealer, then quarterly reporting for the life of the hold, with the partners available directly.
The questions a new manager should answer first.
The firm is new. What is the track record?
Lobo Capital & Partners was formed in 2026 and has no track record of its own yet. The track record that matters is the partners'. Derek Lobo has worked exclusively in the apartment business since 1986, has brokered and advised on some of Canada's largest apartment transactions, and has arranged private capital for apartment developers in Canada and the United States. Joshua Hoo raised and managed more than $300 million of private capital across more than 60 development projects over eleven years at one of Canada's largest real estate private equity firms. Between them the partners have raised more than $400 million. We state clearly, on each project page and in each offering document, which parts of that record were built at other firms.
How do the partners get paid, and how much of their own money is in each deal?
The partners invest personally in every offering. The firm earns a structuring fee at closing, an asset management fee during the hold and a share of profits above a preferred return to investors. The amounts, the hurdle and the waterfall are set out in full in each offering's documents, and the partners' own commitment is stated alongside them.
Where do deals come from?
From the relationships Derek has built over four decades with apartment developers, owners, lenders and advisors, and from the developer partners the firm already works with in Ontario and the US Midwest. We do not buy deal flow from intermediaries.
Who underwrites, and is it independent of the people raising the capital?
Underwriting is led by Fran Hohol, a Certified Management Consultant with more than 35 years in valuation and advisory at CBRE and PKF Consulting, supported by Kanen MacLellan. The underwriting team signs off in writing before an opportunity is presented to investors, and its model and assumptions are made available to investors in the data room.
What happens if a partner is no longer able to act?
Each vehicle's documents include key-person provisions that suspend new commitments and give investors defined rights if either founding partner ceases to be actively involved. The developer partner, the administrator and the dealer continue to operate under their own agreements.
How are conflicts of interest handled?
The partners hold interests in related firms, including Rock Advisors Inc., Brokerage, Goodland Equity Partners, Hoo Capital Realty Inc. and the registered dealer through which securities are distributed, some of which may earn fees in connection with an investment. Every such arrangement is disclosed in the offering documents and reviewed under the dealer's compliance programme. See our Disclosures.
What is the minimum commitment?
Minimums are set for each offering and stated in its documents. They are sized for family offices and institutions rather than the retail market. Contact us and we will tell you the minimum for anything currently open.
How liquid is an investment?
These are private, long-term real estate investments and should be treated as illiquid. Each vehicle's documents set out any transfer rights, any liquidity window after stabilisation and the circumstances in which the partners would consider a sale or a recapitalisation.
How do I get information between reports?
Call or email the partners. Investors have Derek's and Joshua's direct contact details from the first meeting, and Vincent Li, Managing Director, Capital Markets, is the day-to-day contact for investor relations.
Start a conversation.
Tell us who you are and what you are looking for. One of the partners or Vincent Li will reply personally within two business days. Nothing you send here is a subscription or a commitment.