SEC Filing Record

Offering Amount

$15.0M

Strategy

Other

Exemption

06b

Date Filed

Jun 08, 2026

0002138880-26-000001

View on SEC EDGAR →

37A Read

The two-GP structure with no parallel vehicles, feeder funds, or continuation-fund signals on EDGAR suggests this is a first-time raise from these managers operating as co-GPs rather than a series continuation or multi-vehicle strategy, which typically implies a smaller, tightly managed deployment rather than a platform build.

The absence of any prior EDGAR filings from Levine or Pappas indicates these GPs are either raising their first institutional fund or have previously operated below the $25M reporting threshold; the $15M target and 06b exemption (pre-existing relationships only) signal a concentrated LP base likely rooted in personal networks rather than broad institutional sourcing infrastructure.

A June 2026 filing into a mid-year market window, without obvious macro tailwinds or sector-specific timing catalysts visible in the filing itself, warrants verification of whether this raise was triggered by a specific deal opportunity, LP commitments already secured, or opportunistic positioning ahead of anticipated market changes.

Before allocating, confirm whether there is a key-person clause tied to either Levine or Pappas, what the GP commitment is, and whether any of the three named GPs have other fund affiliations or concurrent capital raises that would create operational or fiduciary conflicts during deployment.

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Principals

Registered Manager

JAL-JCP Real Estate Partners, LLC

General Partners & Executives

Justin Levine James Pappas

Shoppes San Felipe, LLC