A $50 million private debt fund investing in short-term, asset-backed Texas real estate loans.
FirstBridge Private Bond Fund, LP was formed to give accredited investors direct access to the returns generated by institutional-grade hard money lending — with the income, transparency, and capital discipline they deserve.
| Term | Detail |
|---|---|
| Fund name | FirstBridge Private Bond Fund, LP |
| Fund entity | Delaware Limited Partnership |
| General partner | FirstBridge Capital Management, LLC |
| Target fund size | $50,000,000 |
| Minimum investment | $100,000 (accredited investors only) |
| Preferred return | 7% per annum, accruing daily, paid quarterly |
| Target net IRR | 10–12% (not guaranteed) |
| Investment hold period | 5 years |
| GP economics | Spread income, origination fees, carried interest, management fee |
| Loan range | $100,000 – $2,000,000 |
| Loan interest rate | 11.5% – 12.5% per annum |
| Loan term | 6 – 18 months |
| Collateral position | First-lien deed of trust, Texas real property |
| Maximum LTV | 65–70% depending on loan vertical |
| Distribution election | Cash, reinvestment, or split — elected quarterly |
| Offering exemption | Reg D Rule 506(b) — no general solicitation |
| Offering documents | Available through authorized advisors only |
FirstBridge focuses exclusively on Texas real estate, across three complementary short-term loan verticals. Each vertical is underwritten to the same first-lien, conservative LTV standard.
Short-term acquisition and renovation loans for residential investors. Properties are typically purchased below market, improved, and resold — providing a clear, time-bound exit.
Transitional financing for properties between states — awaiting permanent financing, lease-up, or sale. Provides liquidity to experienced operators while preserving borrower equity.
Ground-up and major renovation financing for experienced Texas developers. Draw-based disbursement tied to verified construction milestones limits exposure at any single point.
FirstBridge Capital Management earns income through the natural spread between what it lends at and what the fund pays its LPs — creating direct alignment between GP performance and LP returns. The GP profits most when borrowers perform, loans close cleanly, and capital is efficiently recycled.
The GP earns the difference between the 11.5–12.5% loan rate and the 7% LP preferred return — approximately 4.5–5.5% on deployed capital. This is the fund's primary revenue source.
Borrowers pay origination and underwriting fees at loan closing. These fees supplement spread income and are earned by the GP for sourcing and underwriting each transaction.
An annual management fee, assessed on committed or deployed capital, covers fund operations, compliance, reporting, and investor relations. Detailed in the LP Agreement.
The GP participates in upside returns above the preferred return hurdle rate through a carried interest structure, aligning GP compensation with fund performance for LPs.
Private debt carries real risks. FirstBridge is designed to mitigate them through disciplined underwriting, conservative collateral standards, and structural protections — not to eliminate them. Investors should read the full risk factors in the PPM before investing.
No loan is made without a recorded first-lien deed of trust on Texas real property. This gives the fund the senior-most legal claim on the underlying asset in the event of borrower default.
Maximum LTVs of 65–70% provide a meaningful equity cushion. In a distressed liquidation scenario, property values would need to fall significantly before LP capital is impaired.
6–18 month loan terms reduce the window for market deterioration between origination and repayment — and allow the fund to quickly adapt its underwriting standards to changing conditions.
Geographic focus supports deep local market knowledge, faster collateral assessment, and stronger recovery in default scenarios. Texas's strong population and economic growth underpin long-term collateral values.
Investors should be aware that this is an illiquid investment with a 5-year investment hold period. The preferred return and target IRR are projections — not guarantees. Loss of principal is possible. Please review the full PPM risk factors.