Independent real estate research and underwriting for allocators expanding into alternatives

EM Capital turns sponsor decks, models, and market data into decision-ready underwriting, monitoring, and allocation support, so independent RIAs can move confidently on real estate alternatives without building an internal team.

As Featured In
Team

Backgrounds spanning underwriting, acquisitions, portfolio analytics, real estate research, and investor-facing experience.

The Gap We Close

Solving the capacity gap between sponsor flow and allocator underwriting

RIAs are being asked to allocate more client capital into alternatives, often without a dedicated real estate team. The work after the pitch, underwriting, monitoring, tracking milestones, knowing when to question a sponsor, still lands on the advisor, deal after deal.

Who It's For

Built for independent RIAs expanding into real estate alternatives

Equity-centric RIAs expanding into alternatives
RIAs allocating without formal underwriting infrastructure
Firms seeking differentiated, client-facing allocations
Firms exploring proprietary or white-labeled strategies
See Our Services →
The Real Asset Research Suite

Six components, one engagement

Everything sits under one Suite, built around your real estate decisions from first look to ongoing oversight.

Independent Underwriting & Monitoring

Rebuilt assumptions and fee normalization, plus ongoing milestone tracking and sponsor follow-up questions.

Allocation Frameworks

Real estate allocation frameworks sized to your firm and your clients.

Market Intelligence, Powered by Steuart AI

Demand-side research and relative value across real estate strategies, on demand.

Investment Committee Support

Documented, decision-ready work product for IC review.

White-Labeled Materials

Advisor- and client-facing deliverables under your own brand.

Education & Curriculum

Client-ready alternatives education, built for advisor delivery.

Turn Signals Into Action

Subscribe to our newsletters

Weekly

The Allocation Memo

Dan's weekly read on capital flows, allocation strategy, and the residential alpha thesis. For RIAs and family offices.

Subscribe on LinkedIn →
Bi-Weekly

Against The Tape

Our standing exercise in stress-testing consensus, not because we believe the other side, but because we don't trust a thesis we haven't challenged.

Subscribe on LinkedIn →

Send One Live Decision

The fastest way to see how we work is to send us something real. One deal, one fund, one comparison, and we'll get back to you with a decision-ready work product.

Submit Your Decision

EM Capital. For discussion purposes only. The information on this website is not an offer to sell or a solicitation of an offer to buy any securities. Nothing on this site constitutes legal, tax, regulatory, or investment advice.

AI Will Split Private Markets in Two

AI Will Split Private Markets in Two

Alternative AUM is headed from $16.7 trillion to a projected $30 trillion by 2030. The number of people who can actually underwrite all of it? ...more

AI

July 14, 202612 min read

The $700 Billion Assumption

The $700 Billion Assumption

Microsoft, Alphabet Inc., Amazon, and Meta will spend close to $700 billion on AI infrastructure in 2026, according to CNBC. That is up more than 60% from 2025, which was already a record. ...more

AI

July 09, 20267 min read

Jamie Dimon Saw A Cockroach

Jamie Dimon Saw A Cockroach

Jamie Dimon saw a cockroach and wiped $500B off alt managers in one afternoon. ...more

Contrarian Analysis

July 02, 20268 min read

AI should scale judgment, not administration

AI should scale judgment, not administration

AI in alternatives mostly means speed. Faster summaries, faster memos, faster emails. None of it touches the decision that determines returns: what deserves the dollar in the first place. ...more

AI

July 02, 202611 min read

The Exit Window: $3 Trillion Heads for the Door

The Exit Window: $3 Trillion Heads for the Door

$3,000,000,000,000 is about to hit public markets in 90 days. SpaceX, OpenAI, Anthropic. The 3 most valuable private companies ever built. All racing for the exit at the same time. ...more

Capital Allocation

July 01, 20269 min read

Your Gross IRR Is Not Your Return

Your Gross IRR Is Not Your Return

We modeled a real Reg A Tier 2 SFR fund. ...more

Capital Allocation

July 01, 20268 min read