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In this webinar, Aspen Funds co-founders Bob Fraser and Ben Fraser introduce the Aspen Legacy Fund, an open-ended, evergreen real estate fund built for long-term compounding growth and tax efficiency. After nearly a year of design and structuring, this webinar walks through the fund’s core philosophy, why now is the right time to enter multifamily real estate, and how the evergreen structure delivers meaningfully better outcomes than traditional syndications over time.
What You’ll Learn
- Why the billionaires’ playbook centers on compounding, and how the Legacy Fund is designed to replicate it for accredited investors
- What went wrong in the 2021–2022 multifamily cycle, and how this fund is structured differently
- The math behind evergreen funds vs. sequential syndications, and why the difference matters over a 20-year horizon
- Why Aspen believes multifamily has hit its cycle bottom and what the data shows heading into 2026 and beyond
- How the fund’s tax deferral strategy, including internal 1031 exchanges — aims to minimize investor tax liability
- Fund structure details: share classes, lockup periods, liquidity options, and the Founders’ Share Class bonus
About This Webinar
Bob Fraser opens with the insight behind the fund’s genesis: that as an LP across multiple syndications, the compounding math simply doesn’t work as well as it should. Between tax hits at each exit, redeployment lag, and the sponsor controlling when you get paid, the structure works against investors, not for them. The Legacy Fund was designed to fix that.
Ben Fraser walks through five macro indicators showing why the multifamily market has hit its cycle bottom: record absorption demand, a rapidly declining supply pipeline, stabilizing vacancies, improving capital markets, and a $1.2 trillion wave of maturing bridge loans creating motivated sellers at discounted prices.
The webinar covers the fund’s core structure, open-ended and evergreen, quarterly NAV pricing, two-year lockup with annual liquidity windows, emergency liquidity loans, a single K1, and a tax strategy targeting near-zero annual tax liability through cost segregation and internal 1031 exchanges.
Q&A covers IRA/retirement account investing (including the fund’s C-Corp UBIT blocker), redemption mechanics, how Aspen vets JV operators, and the Founders’ Share Class step-up promotion.
Key Takeaways
- Evergreen structure outperforms: Research from Neuberger Berman shows evergreen funds deliver a 3.2x equity multiple vs. 2.7x for traditional syndications over 10 years — driven by consistent capital deployment, not higher return rates
- Tax efficiency is the edge: By keeping capital working inside the fund and utilizing 1031 exchanges at the fund level, the Legacy Fund targets near-zero annual tax liability — putting investors in control of when they take a tax hit
- Conservative leverage is the foundation: Targeting 65–70% LTV, fixed rates or rate caps, and agency financing — built to avoid the mistakes of the 2021–2022 cycle
- Multifamily cycle bottom: Absorption of 630,000 units in the last 12 months (7th highest on record), supply pipeline falling sharply, and $1.2 trillion in maturing bridge loans creating a significant distressed buying opportunity
- Investor control: Add capital when you have it, redeem after two years on your timeline, take loans against your position for emergencies — the fund is designed around investor flexibility, not sponsor convenience
About the Speakers
Bob Fraser is Co-Founder and CFO of Aspen Funds. A former E&Y Entrepreneur of the Year and co-host of the Invest Like a Billionaire podcast, Bob brings a macro-driven analytical approach to identifying where capital should be deployed in any economic cycle.
Ben Fraser is Co-Founder and CIO of Aspen Funds, with a background in banking and asset management. Ben leads the firm’s investment committee process and oversees underwriting across Aspen’s multifamily and private credit portfolios.
Ellis Hammond is Vice President of Capital at Aspen Funds, overseeing investor relations and capital formation.
Interested in the Aspen Legacy Fund?
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