Recreational Experiential Real EstateInstitutional Discipline

Recreational acquires, develops, and operates purpose-built venues across twelve categories of experiential real estate — engineered for throughput, booking density, and membership conversion that distinguish durable assets from single-season novelties.

Dallas, Texas · 972.945.5050
© 2026 Recreational, LLC

Recreational is committed to making www.VenueCreate.com and its Investor Portal accessible to the widest possible audience, regardless of technology or ability. We design and maintain our digital properties consistent with the Web Content Accessibility Guidelines (WCAG) 2.1 Level AA.

Our approach

  • Semantic HTML, meaningful heading hierarchy, and ARIA labels where needed for assistive technology
  • Sufficient color contrast, scalable typography, and clear focus indicators
  • Alternative text for meaningful imagery and captions for meaningful video
  • Keyboard operability for all interactive elements
  • Respect for user preferences, including reduced‑motion settings
  • Regular manual and automated accessibility review as part of every release

Ongoing work

Accessibility is a continuous effort. If you encounter a barrier — a page, control, or document you cannot use with assistive technology — we want to hear about it and will work to remediate promptly.

Report an accessibility barrier: [email protected] · 972.945.5050. Please include the page or document, the assistive technology you are using, and a brief description of the barrier. We aim to acknowledge within two business days and remediate within a reasonable time.

Third‑party content

Some Site functionality — including the Investor Portal and document delivery — relies on third‑party platforms. We select partners with mature accessibility programs and require WCAG 2.1 AA conformance in our contracts where possible.

Alternative formats

If you need a Recreational document — a fund summary, Private Placement Memorandum, subscription form, or ESG report — in an alternative accessible format, contact [email protected] and we will provide one.

These Terms of Use ("Terms") govern your access to and use of www.VenueCreate.com and any related digital properties (the "Site"), which are operated by Recreational, LLC ("Recreational," "we," "us," or "our"). By accessing or using the Site, you agree to be bound by these Terms. If you do not agree, do not use the Site.

Eligibility

The Site is intended for adults located in the United States who are at least 18 years old. Certain pages, materials, and functionality — including the Investor Portal — are restricted to accredited investors, qualified purchasers, their advisors of record, or Recreational personnel.

Permitted use

You may access the Site for personal, non‑commercial informational purposes and, if you are a Recreational investor or authorized advisor, to access your portfolio and fund materials. You agree not to:

  • Copy, republish, or redistribute Site content except as permitted under fair use or with prior written consent
  • Reverse engineer, decompile, or attempt to derive source code from any Site functionality
  • Scrape, harvest, or use automated means to extract content or credentials
  • Attempt to circumvent authentication, rate limits, or other technical protections
  • Impersonate any person or misrepresent your affiliation with Recreational
  • Use the Site to violate applicable law, regulation, or contractual obligation
  • Interfere with the operation of the Site or servers, or introduce malware

Investor Portal accounts

If you are issued Investor Portal credentials, you agree to keep them confidential, enable multi‑factor authentication, and notify Recreational immediately at [email protected] of any unauthorized use. You are responsible for activity conducted through your account. Recreational may suspend or terminate access at any time to protect Site security or comply with law.

No offer; no advice

Nothing on the Site constitutes an offer to sell, or a solicitation of an offer to buy, any security, nor investment, legal, tax, or accounting advice. Fund interests are offered only under definitive offering documents to eligible investors. See Fund Disclosures and Legal Notices.

Intellectual property

All Site content — text, graphics, logos, photography, video, and code — is © 2026 Recreational, LLC or its licensors. "Recreational," the Recreational logo and waveform mark, "Places worth the drive," and fund series names are trademarks of Recreational. All rights are reserved except as expressly granted in these Terms.

User submissions

If you submit information to Recreational through the Site (for example, through the contact form or an email link), you represent that the information is true, that you have the right to provide it, and that its submission does not violate any third‑party right. Recreational may use submitted information consistent with our Privacy Policy and applicable law. Do not send confidential, proprietary, or sensitive information through unencrypted channels.

Third-party sites

The Site may link to third‑party sites for convenience. We do not control and are not responsible for such sites' content, privacy practices, or availability. A link is not an endorsement.

Disclaimers

The Site is provided "as is" and "as available" without warranties of any kind, express or implied, including implied warranties of merchantability, fitness for a particular purpose, and non‑infringement. Recreational does not warrant that the Site will be uninterrupted, error‑free, or secure, or that the information on it is current, complete, or accurate. Any reliance on Site content is at your sole risk.

Limitation of liability

To the maximum extent permitted by law, Recreational, its affiliates, and their respective personnel will not be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or any loss of profits, revenue, data, or business opportunity, arising out of or relating to your use of the Site, even if advised of the possibility. Recreational's aggregate liability arising from or relating to the Site is limited to $100.

Indemnification

You agree to indemnify and hold harmless Recreational, its affiliates, and their respective personnel from and against any claim arising out of your breach of these Terms, your violation of law, or your infringement of any third‑party right in connection with your use of the Site.

Governing law & dispute resolution

These Terms are governed by the laws of the State of Delaware, without regard to conflicts‑of‑law principles. Any dispute arising out of or relating to the Site or these Terms will be resolved by binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, seated in Wilmington, Delaware, in English. The parties waive any right to a jury trial and to participate in a class action. Notwithstanding the foregoing, either party may seek injunctive relief in a court of competent jurisdiction.

Changes

We may update these Terms from time to time. Material changes will be identified by an updated effective date. Continued use of the Site after changes are posted constitutes acceptance.

Contact

Questions regarding these Terms should be directed to [email protected].

Recreational, LLC ("Recreational," "we," "us," or "our") respects your privacy. This Privacy Policy explains how we collect, use, disclose, and protect personal information when you visit www.VenueCreate.com, correspond with us, or engage as an investor, prospective investor, or vendor.

Information we collect

We collect personal information you provide directly (through forms, subscription documents, and email), information collected automatically (device and usage information when you visit the Site), and information from third‑party sources (our fund administrator, KYC/AML providers, custodians, and public databases).

Categories of personal information we may collect include:

  • Identifiers — name, address, phone, email, government ID, taxpayer identification
  • Financial information — accreditation and qualified purchaser status, source of funds, wire instructions, capital account activity, K‑1 information
  • Professional information — employer, title, investment experience
  • Internet and network activity — IP address, browser type, pages viewed, time on site, referring URL
  • Inferences — investor profile derived from the above, used to tailor communications

How we use it

  • To evaluate investor eligibility, complete subscriptions, and maintain capital accounts
  • To perform KYC, AML, sanctions screening, and tax reporting
  • To deliver fund reporting, capital call notices, K‑1s, and other investor communications
  • To respond to inquiries and provide requested materials
  • To operate, secure, and improve the Site
  • To comply with legal, regulatory, and contractual obligations

How we share it

We share personal information only as necessary and only with the following categories of recipients:

  • Fund administrator, auditor (PwC), legal counsel (LePore Law Group), and custodians — to perform their contracted functions
  • Regulators, tax authorities, and courts — as required by law
  • Service providers — cloud hosting, email, analytics, and secure document exchange, each subject to written confidentiality obligations
  • Successors — in a merger, sale of assets, or reorganization affecting Recreational

We do not sell your personal information. We do not share your personal information with third parties for their own marketing purposes.

Cookies & analytics

The Site uses a small number of essential cookies for session security and a first‑party analytics provider to understand aggregate site usage. We do not use cross‑site advertising trackers. You can control cookies through your browser settings; blocking essential cookies may impair Site functionality.

Data retention

We retain investor and prospective‑investor records for the periods required by the Investment Advisers Act, IRS regulations, and applicable state law — generally the life of the fund plus seven years. Marketing and Site‑visitor data is retained for no longer than 24 months absent an active investor relationship.

Data security

We maintain administrative, technical, and physical safeguards designed to protect personal information, including encryption in transit and at rest, multi‑factor authentication for the Investor Portal, role‑based access controls, and vendor security review. No system is perfectly secure; if you suspect unauthorized access to your account, contact us at [email protected] immediately.

Your rights

Depending on your state of residence, you may have the right to request access to, correction of, deletion of, or portability of your personal information, and to opt out of certain uses. California residents have additional rights under the CCPA/CPRA; Virginia, Colorado, Connecticut, Utah, and other state residents have rights under their respective privacy laws. To exercise a right, contact [email protected]. We will verify your identity before acting on your request and will respond within the timeframes required by applicable law.

GLBA notice

To the extent Recreational is a "financial institution" subject to the Gramm‑Leach‑Bliley Act, this Privacy Policy also serves as our GLBA privacy notice. Consistent with GLBA, we restrict access to nonpublic personal information about you to those employees and service providers who need it to provide products and services to you, and we maintain physical, electronic, and procedural safeguards.

Children

The Site is not directed to children under 16, and we do not knowingly collect personal information from children.

International visitors

The Site is operated from the United States. If you access it from outside the United States, your information will be transferred to and processed in the United States, which may have different data protection standards than your country.

Changes

We may update this Privacy Policy from time to time. Material changes will be identified by an updated effective date and, where required, direct notice to investors.

Contact

For privacy inquiries or to exercise your rights, contact:

Recreational, LLC
Attn: Privacy Officer
1910 Pacific Avenue
Suite 2000
Dallas, TX 75201
[email protected]

The following disclosures apply to all Recreational funds and to any performance, illustrative, or forward‑looking information published on this Site or in Recreational marketing materials. These disclosures are provided in addition to the definitive offering documents applicable to each fund and are not a substitute for those documents.

Offering restrictions

Interests in Recreational funds are offered only to persons who qualify as both "accredited investors" under Rule 501 of Regulation D and "qualified purchasers" under Section 2(a)(51) of the Investment Company Act of 1940. Offerings are made only pursuant to Rule 506(c) of Regulation D and rely on the exemption from investment company registration under Section 3(c)(7). Fund interests are subject to substantial restrictions on transfer.

Non‑U.S. persons: Recreational fund interests may not be offered, sold, or transferred to, or for the benefit of, non‑U.S. persons except in compliance with applicable non‑U.S. securities laws and Recreational's investor eligibility policies. Additional documentation may be required.

Investment risk

Investment in a Recreational fund involves a high degree of risk, including the possible loss of the entire invested amount. Prospective investors should review the risk factors in the applicable Private Placement Memorandum in full before investing. Material risks include, without limitation:

  • Illiquidity — fund interests are not transferable except with GP consent and subject to Rule 144 or another applicable exemption
  • Long-dated capital lock‑up (12–15 years with two 1‑year GP extensions, plus wind‑down)
  • Concentration risk within each sector‑dedicated fund
  • Leverage risk — funds may use up to 50–55% D/E at the venue level
  • Real estate market and interest rate risk
  • Operational, seasonality, weather, and consumer‑discretionary spending risk unique to recreational and entertainment venues
  • Regulatory, permitting, zoning, and licensing risk
  • Dependence on the general partner and Recreational's investment team
  • Potential conflicts of interest across Recreational funds and affiliates

Performance information

Any target or projected returns published on this Site (including target net IRR ranges, target MOICs, and target preferred returns) are hypothetical, are based on assumptions that may not be realized, and are not a guarantee or reliable indicator of future performance. Actual results may differ materially.

Recreational is a newer platform. Historical performance figures for Recreational funds are limited and, where presented, are calculated in accordance with the Global Investment Performance Standards (GIPS®) or, where GIPS is not applicable, on a consistent methodology described in the applicable offering document. Net figures are net of carried interest and fund expenses; gross figures are not. Recreational investment funds do not charge a platform fee. Individual investor returns will vary based on timing of contributions and distributions.

Fees, expenses, and carried interest

Fund‑level fees, expenses, carried interest, GP catch‑up, and waterfall mechanics are described in detail in each fund's Limited Partnership Agreement and Private Placement Memorandum. Prospective investors are urged to review those documents in full. In summary, Recreational funds share a common terms framework:

  • Platform fee: None
  • Preferred return: 8% per annum, compounded
  • Carried interest: 20% above preferred with 100% GP catch‑up
  • Waterfall: European whole‑fund
  • GP commitment: 2% of aggregate LP commitments
  • Carry escrow: 30% of distributed carry held with full clawback for the life of the fund
  • Minimum LP commitment: $2,000,000
  • Term: 12–15 years, with two 1‑year GP extensions and a customary wind‑down
  • Investment period: 5–6 years
  • Target net IRR (illustrative): 13–18% net across investment vehicles; individual fund targets may vary
  • Leverage policy: Maximum 50–55% D/E at asset level; investment-grade financing prioritized
  • Structure: Delaware Limited Partnership
  • Auditor: PwC · Counsel: LePore Law Group · Administrator: Independent third party

Conflicts of interest

Recreational manages multiple funds simultaneously. Conflicts of interest may arise, including in allocation of investment opportunities across funds, allocation of expenses, cross‑fund transactions, and the pursuit of affiliated business by Recreational or its principals. Recreational maintains a written Allocation Policy and Conflicts of Interest Policy; the LP Advisory Committee of each fund reviews and consents to material conflicts. Additional detail is provided in each fund's offering documents and, where applicable, Form ADV Part 2A.

Regulatory status

Recreational operates in reliance on applicable exemptions from investment adviser registration and expects to file, and be examined against, Form ADV following the threshold events specified in the Investment Advisers Act of 1940 and applicable state law. Recreational will file Form ADV Parts 1 and 2 and Form CRS with the SEC as and when required. See Form CRS.

Marketing materials

Any marketing materials distributed by Recreational have been reviewed for consistency with the SEC Marketing Rule (Rule 206(4)‑1). Any testimonial or endorsement, if included, will be identified as such along with any material compensation or conflicts. Case studies and portfolio examples, if included, will be selected on a consistent methodology described in the materials.

How to request documents

Prospective investors may request Recreational fund materials — including Private Placement Memoranda, Limited Partnership Agreements, subscription documents, Form ADV (when filed), and the applicable ESG addendum — by contacting Investor Relations at [email protected]. Distribution is subject to investor eligibility verification.

These Legal Notices apply to www.VenueCreate.com (the "Site") and all related pages, digital properties, and communications operated by Recreational, LLC and its affiliates (collectively, "Recreational," "we," "us," or "our"). By accessing the Site, you agree to these Notices, our Terms of Use, Privacy Policy, and Fund Disclosures.

Firm identity

Recreational, LLC is a Delaware limited liability company with its principal place of business at 1910 Pacific Avenue, Suite 2000, Dallas, Texas 75201. Recreational operates a private recreational and entertainment real estate investment platform through affiliated Delaware limited partnerships and their respective general partner entities. A list of affiliated entities is available from Investor Relations upon written request.

Not an offer

Nothing on this Site constitutes an offer to sell, or a solicitation of an offer to buy, any security. Interests in Recreational funds are offered only pursuant to definitive private placement memoranda, subscription documents, and limited partnership agreements, and only to persons who qualify as both "accredited investors" under Rule 501 of Regulation D and "qualified purchasers" under Section 2(a)(51) of the Investment Company Act of 1940, as amended. Any offering is made in reliance on Rule 506(c) of Regulation D and Section 3(c)(7) of the Investment Company Act. Interests have not been and will not be registered under the Securities Act of 1933 or the securities laws of any state or non‑U.S. jurisdiction.

Forward-looking statements

The Site may contain forward‑looking statements about markets, strategies, and expected performance. Forward‑looking statements are inherently uncertain, involve known and unknown risks, and are not guarantees of future results. Actual results may differ materially. Recreational undertakes no obligation to update any forward‑looking statement, whether as a result of new information, future events, or otherwise.

No investment, tax, or legal advice

Information on the Site is provided for general informational purposes only and does not constitute investment, legal, tax, or accounting advice. Investors should consult their own advisors before making any investment decision. Past performance is not a guarantee or reliable indicator of future results. Investment in a Recreational fund involves substantial risk, including loss of invested capital and limited liquidity.

Trademarks

"Recreational," the Recreational logo and waveform mark, "Places worth the drive," and the fund series names are trademarks of Recreational, LLC. All other trademarks referenced on the Site are the property of their respective owners and are used for identification purposes only.

Copyright

All content on the Site — including text, graphics, logos, photography, and code — is © 2026 Recreational, LLC or its licensors and is protected by U.S. and international copyright law. No portion may be reproduced, republished, or redistributed without prior written permission except as permitted under fair use.

Third-party links

The Site may link to third‑party websites for convenience. Recreational does not control and is not responsible for the content, privacy practices, or availability of any linked site. A link does not constitute an endorsement.

Whistleblower & ethics

Recreational maintains an ethics reporting channel administered by an independent third party. Employees, portfolio company personnel, vendors, and limited partners may report suspected violations of law, firm policy, or ethics — including retaliation concerns — anonymously at [email protected]. Retaliation against good-faith reporters is prohibited.

Anti‑money laundering & sanctions

Recreational and its fund administrator maintain a written Anti‑Money Laundering and Sanctions Compliance Program consistent with the USA PATRIOT Act, the Bank Secrecy Act, and OFAC administered sanctions. All subscribers are subject to identity verification, source‑of‑funds review, and ongoing screening. Recreational will not accept subscriptions from persons on OFAC's SDN list or from jurisdictions subject to comprehensive U.S. sanctions.

Governing law

These Legal Notices are governed by the laws of the State of Delaware, without regard to conflicts‑of‑law principles. Any dispute arising out of or relating to the Site or its content will be resolved exclusively in the state or federal courts located in Wilmington, Delaware.

Contact

Legal inquiries should be directed in writing to:

Recreational, LLC
Attn: Legal & Compliance
1910 Pacific Avenue
Suite 2000
Dallas, TX 75201
[email protected]

Recreational integrates environmental, social, and governance considerations across the full investment lifecycle — from underwriting and acquisition through operations and exit. Recreational and entertainment venues consume energy, water, and labor at intensities well above average commercial real estate; that makes ESG both a fiduciary imperative and a value creation lever.

Our approach

Every Recreational fund applies a consistent ESG framework to every investment. We are a signatory in good standing of the UN Principles for Responsible Investment (PRI), a participant in the Global Real Estate Sustainability Benchmark (GRESB) at the fund level, and we align portfolio-level climate reporting with the recommendations of the Task Force on Climate‑related Financial Disclosures (TCFD).

Environmental

  • Energy efficiency: LED conversions, high‑efficiency HVAC, building automation, and on‑site solar or PPA arrangements where economics allow at every venue we acquire or develop.
  • Water stewardship: Low‑flow fixtures, recirculating water systems at water parks and marinas, and drought‑adapted landscaping at outdoor and glamping properties.
  • Climate resilience: Site‑level physical climate risk assessments (flood, wildfire, heat, hurricane) are underwritten pre‑acquisition. High‑risk sites are either declined or acquired with priced-in capex for hardening.
  • Waste and materials: Diversion targets at every food-and-beverage venue; sustainable procurement standards for concessions.
  • Net zero commitment: Recreational commits to portfolio‑level operational net zero carbon by 2050, with interim science‑based reduction targets.

Social

  • Guest safety: Third‑party safety audits and staff certification at every venue category — from lifeguards at water parks to ski patrol at resorts to ropes course inspectors at adventure venues.
  • Workforce: Living wage floors above local statutory minimums, benefits access for seasonal staff at qualifying tenure, and career pathways from front‑line roles into venue management.
  • Community: Every venue commits a share of gross revenue to local youth‑access programming, free‑admission days for community non‑profits, and municipal partnership on infrastructure.
  • Diversity, equity, and inclusion: Recreational tracks representation across the platform and reports annually to LPs. Vendor diversity is a factor in procurement decisions.

Governance

  • Every fund carries an LP Advisory Committee formed at first close, with veto rights on conflicts of interest and material fund amendments.
  • Recreational is subject to independent audit by PwC and legal counsel by LePore Law Group.
  • Whistleblower channel administered by an independent third party; anonymous reporting available at [email protected].
  • Board and portfolio‑company codes of conduct address anti‑bribery, anti‑corruption, sanctions, and modern slavery.

Reporting

Recreational publishes an annual ESG report to limited partners and files GRESB submissions for each qualifying fund. Portfolio‑level TCFD‑aligned climate disclosures are published annually. Limited partners can access fund‑level ESG performance through the Investor Portal.

Impact and philanthropy: Alongside our commercial funds, Recreational operates a foundation dedicated to expanding access to recreational and entertainment experiences for underserved youth. The foundation is funded by an annual firm-level contribution and a share of GP carry across every fund.

Exclusions

Recreational funds will not invest in the following activities, regardless of return potential:

  • Firearm manufacturing or firearm‑focused shooting venues
  • Gambling venues where gambling is the primary revenue driver
  • Adult entertainment venues
  • Venues with documented human rights or child labor concerns in their supply chain
  • Assets in jurisdictions subject to comprehensive U.S. sanctions

Contact

ESG questions, including invitations to our annual LP ESG briefing, should be directed to [email protected].

The Investor Portal provides Recreational limited partners with secure, 24/7 access to capital account statements, quarterly and annual reports, K‑1 tax documents, subscription and capital call notices, side letter documentation, and fund manager updates. Access is restricted to registered investors and their designated advisors.

New investor? If you have executed subscription documents and have not received your portal credentials, please contact Investor Relations at [email protected] or call 972.945.5050. Portal invitations are issued within three business days of closing.

Sign in

Access to the Recreational Investor Portal requires a registered account and multi‑factor authentication. Credentials are issued to authorized limited partners and their advisors of record following execution of subscription documents and administrator KYC/AML clearance.

Limited Partners

Access your capital account, capital call notices, distribution history, K‑1s, and quarterly reports.

Request Access

Advisors & Consultants

Registered investment advisors with client authorization may request delegated read‑only access to client portfolios.

Request Access

What's inside

  • Capital account statements — real-time balance, unfunded commitment, and NAV per fund
  • Quarterly and annual reports — audited financials (PwC), fund manager commentary, and portfolio updates
  • K‑1 tax documents — issued by March 31 for the prior tax year
  • Capital call and distribution notices — historical and pending, with wiring instructions
  • Subscription and side letter documents — executed copies and amendments
  • LP Advisory Committee materials — for designated members
  • ESG and sustainability reporting — GRESB submissions, PRI transparency reports, portfolio-level metrics

Security & access

The portal is hosted on an SOC 2 Type II certified platform administered by our fund administrator. All access requires multi‑factor authentication. Session activity is logged and monitored. For security concerns or suspected unauthorized access, contact [email protected] immediately.

Fund administrator

Investor servicing, capital account administration, and portal support are provided by Recreational's independent fund administrator. General inquiries route through Recreational Investor Relations, who will coordinate with the administrator as needed.

Prospective investors: Recreational funds are offered only to accredited investors and qualified purchasers under Rule 506(c) of Regulation D and Section 3(c)(7) of the Investment Company Act. Please review our Fund Disclosures before requesting materials.

Experiential Real Estate · Institutional Discipline

Operator-led capital for the places worth the drive.

Recreational acquires, develops, and operates purpose-built venues across the twelve categories of recreational and entertainment real estate — from indoor family entertainment centers to marinas, ski resorts, and glamping destinations. We underwrite like operators, not landlords.

$31.797B
Investment Capital
31
Platform Funds
2.03×
5-Yr Target MOIC
15.3%
5-Yr Target IRR
Dallas, TX
Headquarters
The Firm

Twenty-three strategies. One operating discipline.

Recreational is a private recreational and entertainment real estate investment and operating platform. We acquire, develop, and operate indoor family entertainment centers, outdoor adventure venues, water parks, golf and private clubs, sports complexes, social entertainment venues, theme parks, marinas, ski resorts, wellness resorts, e-sports arenas, and glamping destinations across the United States — through twenty-three Delaware limited partnerships, each with its own mandate and general partner.

Our conviction is simple: the consumer shift from goods to experiences is durable, measurable, and structural — but it does not reward passive landlords. Recreational real estate rewards the operator who can move per-cap spend, hold dwell time, run a seasonal workforce, and land the right anchor tenants.

Recreational was built to be that operator at institutional scale. Every fund is backed by PwC as auditor, LePore Law Group as counsel, an independent administrator, and an LP Advisory Committee formed at first close. GP principals commit 2% of every fund alongside limited partners, and 30% of carry sits in escrow with full clawback for the life of each fund.

  • 01 Operating platform, not a landlord Direct venue management, revenue systems, and guest experience programs deployed within 90 days of every acquisition.
  • 02 Thirty-one platform funds Each fund carries a discrete mandate — from indoor entertainment to ski, marinas, and glamping — with underwriting tuned to that asset's operating economics.
  • 03 Seasonal liquidity infrastructure Reserve Fund II covers shoulder-season expenses across ski, water park, and adventure assets — no emergency debt at the venue level.
  • 04 Institutional governance from day one PwC audit, third-party administration, quarterly reporting, and LP advisory oversight at every fund vehicle.
Empty venue interior at dusk
The Approach

How we create value at every venue.

We operate what we own. Every acquisition enters a structured 90-day operating program that changes revenue mix, tightens the guest experience, and prepares the venue for stabilized performance — not simply cosmetic refresh.

i.

Guest experience redesign

Menu and F&B concept, premium experience upsell, event calendar, and digital booking activated within the first ninety days.

ii.

Per-cap spend optimization

Spend tracked by guest segment, day type, and category. Revenue mix analysis identifies upsells that generate the highest per-cap contribution.

iii.

Seasonality management

Pre-season pass sales, off-season programming, and the Reserve Fund II liquidity facility to cover shoulder-season operating expense.

iv.

Anchor tenant development

Long-term relationships with collegiate and professional athletic programs, corporate wellness accounts, and resort operators — recurring, contractual demand.

Fund Lineup

Thirty-one funds. Two vintages.

$48.918B
All-in Committed Capital · 2026 + 2028 Vintages

Every Recreational investment fund is a Delaware Limited Partnership with a discrete investment mandate, dedicated general partner, and underwriting framework tuned to the operating economics of its asset class. The 2026 vintage deploys $28.775B across sixteen sector-dedicated funds; the 2028 vintage adds $20.143B across a further fifteen funds — eleven investment vehicles spanning Core through Special Situations, plus two Operations and two Reserve funds that extend platform infrastructure and capital preservation for the enlarged portfolio. Combined, thirty-one platform funds share the same governance standard: no platform fee, 8% preferred return, 20% carried interest above preferred with 100% GP catch-up, $2M minimum LP commitment, and a European whole-fund waterfall.

Investment Funds · 23 funds · $31.797B

2026
Fund I

Indoor Active Family Entertainment

$3.893B

Acquires, develops, and operates indoor family entertainment centers — trampoline courts, climbing walls, laser tag, arcade complexes, ropes courses, and gaming zones anchored by family F&B. Also carries platform launch, brick-and-mortar, hiring, legal, and due-diligence expenditures.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund II

Outdoor Adventure Tourism

$1.000B

Zipline parks, canopy tours, rock climbing, white-water rafting, and mountain biking systems in natural settings adjacent to high-traffic tourism markets.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund III

Water Parks & Aquatic Resorts

$1.110B

Regional destination water parks, indoor water parks attached to hotels, and resort aquatic centers with cabana and premium experience upsell.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund IV

Golf & Private Club Real Estate

$1.300B

Country club and private course acquisitions in markets with strong golf demographics — membership, daily fee, F&B, and lot-sale value creation.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund V

Sports Complexes & Athletic Facilities

$1.300B

Athletic training facilities, youth tournament venues, racquet sports complexes, and professional training centers with long-term anchor tenants.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund VI

Social Entertainment & Bowling Venues

$1.190B

Boutique bowling, brewery-bowling concepts, sports bar entertainment complexes, and social gathering venues anchored by interactive entertainment.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund VII

Theme Parks & Amusement Attractions

$1.110B

Regional amusement parks, themed family experience centers, interactive museum and discovery centers, and IP-licensing developments.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund VIII

Marina & Waterfront Recreation

$1.300B

Wet slip and dry storage marinas, boat launches, ship stores, fuel docks, and boating service centers in coastal, bay, and lake markets.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund IX

Ski Resort & Mountain Recreation

$1.290B

Ski lift infrastructure, snowmaking, on-mountain lodging, ski schools, and summer recreation programming that extends beyond the winter season.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund X

Wellness & Spa Resorts

$1.300B

Destination spa resorts, medical spa facilities, yoga and meditation retreats, and nature-immersion wellness camps in the growing wellness tourism market.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund XI

E-Sports & Gaming Entertainment

$1.300B

Competitive gaming venues, PC and console labs, e-sports broadcast studios, and social gaming lounges targeting young adult and teen audiences.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2026
Fund XII

Glamping & Outdoor Hospitality

$2.610B

RV parks, glamping resort villages, tiny home communities, and nature retreat cabins accessible to major metropolitan drive markets.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Core I

Core — Stabilized Assets

$1.309B

Stabilized, income-producing recreational assets with low leverage and long-hold cash-flow characteristics.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Core II

Core — Stabilized Assets

$1.309B

Stabilized, income-producing recreational assets with low leverage and long-hold cash-flow characteristics.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Core III

Core — Stabilized Assets

$1.309B

Stabilized, income-producing recreational assets with low leverage and long-hold cash-flow characteristics.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Core-Plus

Core-Plus — Light Value-Add

$1.309B

Stabilized assets with light value-add angle and modest leverage — capex-light repositioning of already-operating venues.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Value-Add I

Value-Add — Repositioning

$0.982B

Repositioning and operational improvement of underperforming recreational venues — moderate risk with active asset management.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Value-Add II

Value-Add — Repositioning

$0.982B

Repositioning and operational improvement of underperforming recreational venues — moderate risk with active asset management.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Growth I

Growth Equity

$0.982B

Growth equity into scaling recreational operators and platforms with proven unit economics and expansion pipeline.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Growth II

Growth Equity

$0.982B

Growth equity into scaling recreational operators and platforms with proven unit economics and expansion pipeline.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Opportunistic I

Opportunistic — Development

$1.309B

Higher-risk development, distressed acquisitions, and high-return situations across the recreational asset spectrum.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Opportunistic II

Opportunistic — Development

$1.309B

Higher-risk development, distressed acquisitions, and high-return situations across the recreational asset spectrum.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E
2028
Fund Special Sit.

Special Situations

$1.309B

Complex, dislocated, and event-driven investments — restructurings, corporate carve-outs, and off-cycle recreational asset opportunities.

Target IRR
13–18% net
Vehicle
Delaware LP
Fund Term
12–15 yr
Leverage
50–55% D/E

Operations Funds · 4 funds · $7.338B

2026
Operations · Fund I

Facility Operations, Guest Services & Human Capital

$2.156B

Permanent operating capital insulated from cycles — platform operations, talent, working capital, and legal & compliance. Evergreen vehicle.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery
2026
Operations · Fund II

Technology, Booking & Management Systems

$2.160B

Platform technology stack — booking, revenue management, guest experience systems, and IT infrastructure shared across every operating venue.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery
2028
Operations · Fund III

Facility Operations, Guest Services & Human Capital

$1.509B

Extension of platform operations capital for the 2028 vintage — talent scale, working capital, and shared services across the expanded portfolio.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery
2028
Operations · Fund IV

Technology, Booking & Management Systems

$1.512B

2028-vintage technology stack expansion — booking, RM, guest experience systems, and IT infrastructure for the enlarged portfolio.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery

Reserve Funds · 4 funds · $9.784B

2026
Reserve · Fund I

Facility Improvement & Expansion Reserve

$2.875B

Dedicated capital pool for property improvements, expansions, and add-on programming across the portfolio.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery
2026
Reserve · Fund II

Seasonal Liquidity, Co-Investment & Redemption Reserve

$2.880B

Covers shoulder-season expense at ski, water park, and adventure assets; funds co-investment sleeves; provides LP redemption liquidity.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery
2028
Reserve · Fund III

Facility Improvement & Expansion Reserve

$2.013B

2028-vintage capex & expansion reserve supporting the enlarged portfolio through the next cycle.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery
2028
Reserve · Fund IV

Seasonal Liquidity, Co-Investment & Redemption Reserve

$2.016B

2028-vintage liquidity, co-invest, and redemption reserve for the platform's evergreen vehicles.

Vehicle
Delaware LP
Structure
Evergreen · no fixed termination
Fees / Carry
None — cost-recovery

Common terms across the twenty-three investment funds: no platform fee · 8% preferred return compounded annually · 20% carried interest above preferred with 100% GP catch-up · $2M minimum LP commitment · European whole-fund distribution waterfall · 12–15 year fund term with two 1-year GP extensions · 5–6 year investment period · Delaware LP formation · PwC auditor · LePore Law Group counsel.

Founder & CEO

A dual-sport athlete who runs venues like a coach.

Alexandra Pohl, Founder & CEO of Recreational
Alexandra Pohl
Founder & Chief Executive Officer

Alexandra Pohl founded Recreational on the conviction that recreational and entertainment real estate, operated at institutional quality with active guest experience management and per-cap spend optimization, could deliver superior risk-adjusted returns while giving guests experiences worth returning for.

Her operating background runs across three worlds. Seven-plus years inside Toyota and Danfoss taught her lean methodology and the Toyota Production System — the operator's craft of removing friction from every transaction. Eight-plus years in senior U.S. federal leadership taught her governance, compliance, and how to direct $300M+ development and capital programs. An MBA in Global Business Management framed the platform view.

She holds dual undergraduate degrees in Business Management and Exercise Science, and is a Hall of Fame NAIA D1 dual-sport athlete. That athlete's discipline shows up in how Recreational runs: measured, coached, seasonal, and accountable to the scoreboard every quarter.

“A venue is not a lease. It's a season, a shift, a shoulder-season Tuesday, and a guest who decides in fifteen seconds whether to come back.”
Stewardship & Governance

Alignment, on paper. Accountability, in practice.

Every Recreational fund carries a full institutional governance stack from day one. LP alignment is structural — not aspirational — and transparency runs from the venue floor to the LP advisory committee.

Marina at blue hour
  • 01 2% GP commitment · 30% carry escrow GP principals commit 2% of every fund alongside LP capital; 30% of carried interest is held in escrow with full clawback for the life of the fund.
  • 02 Independent audit & administration PwC serves as auditor and LePore Law Group as legal counsel across every fund. An independent third-party fund administrator maintains books and LP reporting.
  • 03 ESG integrated into every screen Environmental stewardship, guest safety, and governance metrics reviewed at initial screen, investment committee, and annual portfolio monitoring — reported to LPs alongside audited financials.
  • 04 LP Advisory Committee at first close Each fund seats an LP Advisory Committee at first close with defined rights to review conflicts, key person events, and valuations. Alexandra Pohl chairs the investment committee as key person across all fund vehicles.
Working With Recreational

Built for operators. Underwritten for investors.

For Venue Owners & Operators

Partnership with an operating platform, not a landlord.

We acquire independently owned venues where operating expertise, capital, and technology can unlock the next chapter — from single-site family entertainment centers to marina portfolios and ski destinations. When we buy, we operate. When we partner, we bring the booking, revenue, workforce, and F&B infrastructure that generalist real estate capital cannot.

Explore a partnership
For Limited Partners

Twenty-three disciplined mandates, one governance standard.

Recreational offers institutional LPs sector-dedicated exposure to recreational and entertainment real estate with active operating value creation, seasonal liquidity infrastructure, and platform-level governance oversight. Fund materials, subscription documents, and quarterly reporting are available through the secure LP portal.

Request fund materials
Contact

Let's talk about the next venue.

Recreational is preparing to register as an investment adviser with the U.S. Securities and Exchange Commission and, upon effectiveness of that registration, will file a Form CRS (Client Relationship Summary) as required by the SEC. Form CRS is designed to provide retail investors with a plain‑English summary of the services, fees, conflicts, and disciplinary history of a firm that is registered as a broker‑dealer or investment adviser.

Current status: Recreational funds are offered only to accredited investors and qualified purchasers, and Recreational operates in reliance on applicable exemptions from investment adviser registration. Recreational is not currently required to deliver Form CRS. This page will be updated with a link to our Form CRS and Form ADV Parts 1 and 2 upon SEC registration.

What Form CRS will cover

When filed, Recreational's Form CRS will describe, in plain English:

  • The relationships and services Recreational offers
  • The fees, costs, conflicts of interest, and standard of conduct associated with those services
  • Whether Recreational and its financial professionals have any legal or disciplinary history
  • Key questions to ask your Recreational representative

Form ADV

Recreational's Form ADV Parts 1 and 2 will describe Recreational's business, ownership, personnel, clients, services, fees, discretionary authority, disciplinary history, code of ethics, brokerage practices, and conflicts of interest in detail. Upon registration, Form ADV will be publicly available through the SEC's Investment Adviser Public Disclosure website at adviserinfo.sec.gov.

In the meantime

Prospective and current investors may request Recreational's most current governance and compliance documentation — including our Code of Ethics, Allocation Policy, Conflicts of Interest Policy, Marketing Compliance Manual, and AML Program summary — by contacting [email protected].