SEED PARTNER INVITATION
Hybrid structure: 1.50x liquidation preference + 5.0% profit participation. Protected downside with uncapped upside.
THE MACRO SHIFT
U.S. Short-Term Rental Market
The era of the "Airbnb host" is ending. Guests now demand hotel-grade consistency. Regulations require legal sophistication. Algorithms reward scale.
The market is professionalizing rapidly, leaving small operators behind.
General Atlantic — Largest STR tech investment ever. Valued at $1B (Unicorn).
Saluda Grade — Executing "Quiet Acquisitions" of regional managers nationwide.
Ares Management — 11,500+ units. Massive multiple for scaled platform assets.
"There is a league of short-term rental operators quietly reducing competition through consolidation... Most M&A conversations happen behind closed doors."
— Skift, January 2024
THE OPPORTUNITY
Thousands of operators are stuck in the "Missing Middle" — too big to be lifestyle businesses, too small for institutional capital.
Status: Safe but Small
Status: STUCK
Status: The Goal
"Over 100 units, the wheels start falling off the bus... it's incredibly time consuming and difficult."
— Jon Oksenholt, Meredith Lodging
THE SOLUTION
The First Institutional Platform Built By Operators, For Operators. Aggregating the Fragmented Middle into a Market-Leading Platform.
We don't hunt for deals; we build them. Sourcing exclusively from the STR Secrets ecosystem of 600+ vetted operators.
Operators roll equity into the HoldCo, aligning their wealth with the platform's exit. We turn competitors into partners.
Centralized operations, revenue management, and tech stack drive immediate margin expansion and multiple arbitrage.
UNFAIR ADVANTAGE
"We don't hunt for deals. We build them."
#1 Industry Podcast & Brand. We own the attention of the most serious operators in the space.
Our coaching creates the most systematic operators in the industry. They escape the "Death Zone" using our proven playbook.
We acquire partners we've already trained and vetted. No integration risk — they already run on our OS.
THE OPERATING PLAYBOOK
STR Secrets creates world-class operators. Now we're taking them institutional.
Our coaching program creates the most systematic operators in the industry. They've already escaped the "Death Zone."
Standardized SOPs, tech stack, and financial controls. Operators join already running on our playbook.
Unlike traditional PE, we don't need to "fix" broken businesses. We aggregate operators who are already optimized.
THE OPPORTUNITY
3.58x
Target MOIC
On $5.0M investment
~35%
Target IRR
Over 4-year hold period
1st
Position in Waterfall
1.50x preference before anyone else
THE STRUCTURE
Seed investors get the best of both worlds: downside protection through a liquidation preference, plus upside participation in the profit pool.
THE RETURNS
Based on target portfolio exit of $216.0M enterprise value.
| Component | Amount | Notes |
|---|---|---|
| Investment | $5.0M | Seed capital |
| 1.50x Liquidation Preference | $7.5M | First out |
| 5.0% Profit Participation | $10.4M | Of remaining pool |
| Total Return | $17.9M | 3.58x MOIC |
Investment
$5.0M
Total Return
$17.9M
MOIC
3.58x
SCENARIO ANALYSIS
See how different exit multiples affect returns across the waterfall. Our target is 12x, but we model scenarios from 9x to 14x.
Select Exit Multiple to Analyze
Enterprise Value
$216.0M
Seed Return
$17.9M
3.58x MOIC
Management Carry
25%
Straight line, no fees
Operator Pool
$148.6M
75% of profit pool
Target Scenario: At 12x, all target tier payouts are fully funded with a healthy Performance Bonus Pool.
| Exit Multiple | Enterprise Value | Seed MOIC | Operator Pool | Status |
|---|---|---|---|---|
| 9x | $162.0M | 3.04x | $110.1M | |
| 10x | $180.0M | 3.23x | $122.9M | |
| 11x | $198.0M | 3.40x | $135.7M | |
| 12x(Target) | $216.0M | 3.58x | $148.6M | |
| 13x | $234.0M | 3.77x | $161.4M | |
| 14x | $252.0M | 3.94x | $174.2M |
*All scenarios assume $18.0M net portfolio EBITDA at exit. Actual results will vary based on portfolio performance.
THE FINANCIAL MODEL
Hold Period
4 Years
Liquidation Preference
1.50x Floor
Organic Growth
12% YoY
Philosophy
Under-Promise
USE OF CAPITAL
$5.0M
Seed Round
Building the central infrastructure: Executive leadership, legal, finance, and the proprietary tech stack.
Capital to execute "Buyout" path deals for retiring operators and strategic assets.
Integration costs, rebranding, and growth initiatives to scale acquired units immediately.
THE ASK
$5.0M
Class A1 Preferred Equity
Security
Pari-passu with Rollover
Preference
1.50x
Participation
5.0%
Target Return
3x - 4x+ MOIC
Minimum Investment
$100,000
Phase 1: Exclusive to STR Secrets Community
INVESTOR FAQ
The First Institutional Platform for Operators. Request the full investor deck with detailed financials, operator pipeline, and legal structure.
Secure Your AllocationImportant Disclaimer: *Target returns are illustrative and assume portfolio exit at 12x or higher. Past performance is not indicative of future results. The projections and scenarios presented are based on assumptions that may not materialize. Actual results may vary significantly based on portfolio performance, market conditions, and other factors. Nothing in this presentation constitutes a guarantee of returns. All target multiples and payouts are illustrative and subject to actual portfolio performance. If exit proceeds are insufficient to pay all target amounts, payouts may be reduced pro-rata. This is not an offer to sell securities. Securities may only be offered through a private placement memorandum.