Each deal, its own structure. No pooled exposure.
From asset sourcing through legal close, capital call, and exit — every NorthStar deal is housed in a legally separate SPV with governance terms agreed before a single naira is committed.
How a NorthStar SPV is executed
NorthStar identifies and underwrites each asset independently — location, title integrity, structural condition, rental yield benchmarks, and exit liquidity — before any investor engagement begins.
01 — Sourcing & Underwriting
A legally distinct special purpose vehicle is incorporated per deal. Decision rights, reporting obligations, distribution mechanics, and exit conditions are drafted by counsel and reviewed before any capital call.
02 — SPV Formation
Vetted co-investors commit capital against the finalized SPV documents. Funds are drawn once all investors are confirmed and title conditions are satisfied. No capital is deployed before legal close.
03 — Capital Call & Acquisition
NorthStar manages the asset on behalf of the SPV — tenancy, maintenance, quarterly reporting, and cash flow distribution — through to the agreed exit event, at which point the SPV is wound down and proceeds distributed.
04 — Asset Management & Exit
Your capital is tied to one asset, not the book
Each SPV is a legally distinct entity. If an asset underperforms, that exposure is contained within its own vehicle — it does not affect other deals or other investors in the NorthStar network.
Ownership, liabilities, and cash flows are documented at the SPV level. Investors receive auditable records of what they hold, what it earns, and on what terms they exit.
Terms agreed before capital is called
Every SPV document sets decision thresholds, quarterly reporting cadence, distribution triggers, and exit conditions in writing — reviewed by independent counsel — before any investor is approached.
NorthStar holds no discretionary authority to alter deal terms post-close. Material decisions require investor consent as defined in the SPV agreement. Governance is structural, not advisory.
Co-investors are assessed, not just admitted
Admission criteria
NorthStar applies the same analytical discipline to investor qualification as it does to asset underwriting. Liquidity thresholds, investment horizon, and risk comprehension are confirmed before network access is granted.
Minimum ₦100M liquid capital, confirmed by documentation. Lagos-based or diaspora Nigerian investor. Two-year minimum investment horizon per deal. Demonstrated comprehension of SPV mechanics and illiquidity.
Minimum liquid capital of ₦100M is a baseline, not a guarantee of admission. The quality of your co-investors is a deal variable — NorthStar treats it as one.