A Puerto Rico-based RIA delivering tax-advantaged private equity and venture capital strategies for accredited investors worldwide.
Capital United is a tax-advantaged private equity platform from the team behind EB5 United, one of the largest EB-5 immigration investment firms in the United States. Since 2011, our principals have raised and deployed over $1.2 billion in equity and debt across major real estate and development projects nationwide.
That gives us two things most emerging managers don't have: a real track record in complex, tax-structured deals, and a network of high net worth individuals and family offices who already know us and want access to what we're building next.
We pair Puerto Rico's tax incentives with institutional deal access. The result is better after-tax returns for an investor base we've already built.
Puerto Rico's incentives are real and specific. Under Act 60, qualifying fund investments get a 60% upfront tax deduction on invested capital, and eligible investment income is 100% tax-exempt for bona fide residents. Tourism tax credits cover 30–40% of qualifying project costs. Nearly 98% of the island qualifies as an Opportunity Zone, and property tax abatements run up to ten years. These reduce the risk capital a project needs and improve returns in ways that mainland-only structures simply can't.
The CapU PE Series Fund is domiciled in Puerto Rico and structured so that on-island investors get the full Act 60 benefit, while mainland investors get equitable after-tax treatment through a catch-up mechanism (approximately $100K per $1MM invested) and a C-Corp blocker that converts ordinary income to long-term capital gains. The modeled result: after-tax IRR uplift of 650+ basis points for PR investors and 700+ for mainland investors versus a comparable non-PR fund.
Alongside the Series Fund, the Capital United Global Access Fund is a Delaware-based vehicle that removes Puerto Rico's 60/40 allocation requirement entirely. This is where we put mainland and global strategies (venture, growth equity, and other opportunities for qualified purchasers) without routing every dollar through island compliance. Together, the two funds let us offer Puerto Rico's tax advantages where they apply and unconstrained deal flow where they don't.
Most first-time fund managers spend years building an investor pipeline. We started with one.
Through EB5 United, our team has spent over a decade working with accredited and institutional investors across international markets. That network, built through $1.2 billion in completed transactions, is how we move faster on capital commitments and see deal flow that typically requires a longer track record to access.
What Capital United adds is the structure: a vehicle built to turn government incentives and institutional deal access into better after-tax returns for the investors who are already here.
For accredited and qualified investors only.
Four fund strategies that pair Puerto Rico's tax advantages with direct deal access.
The PE Series Fund is a Puerto Rico series LLC built around Act 60. At least 60% of fund capital goes into qualifying PR businesses, with up to 40% allocated to U.S. mainland and global deals. Each series holds its own assets and liabilities separately, so investors in one series aren't exposed to outcomes in another.
For PR residents, the structure unlocks a 60% upfront tax deduction on invested capital and 100% tax-exempt investment income. Mainland investors get equitable economics through a catch-up mechanism (approximately $100K per $1MM invested) and a C-Corp blocker that converts ordinary income to qualified dividends at a blended 37% rate, versus 48% in a typical direct PE structure.
Fees run 2% on committed capital during the investment period, stepping down to 1% during harvest. There's a one-time $25K startup fee and a 1.5% structure fee. Carried interest is 80/20 and applies only to GP-sourced investments after full return of LP capital. Minimum commitment is $250,000.
Casa Lucera is the fund's first series investment: a lifestyle hotel and private members club in Puerta de Tierra, San Juan. The property is a historic 1922 building designed by architect Albert Kahn, currently undergoing a full luxury renovation. At completion it will have 18 rooms, 6 suites, a fine-dining restaurant, rooftop pool and bar, and a wellness center across 35,000 square feet.
Total project cost is $36MM, split 54% equity ($19.3MM) and 46% debt ($16.7MM from Banco Popular). The GP and founders have $10.1MM of their own capital in the deal. Puerto Rico tax incentives are significant: $13.2MM in tourism tax credits, $2MM in historic tax credits, and $2MM in property tax abatement over ten years. The base case targets a 7-year hold with a 30% IRR and 4.6x MOIC for PR resident investors.
The Global Access Fund is a Delaware-based vehicle that sits alongside the PE Series Fund. It removes Puerto Rico's 60/40 allocation requirement entirely, giving investors access to mainland and global strategies without routing capital through island compliance. This is where we house the Fuel Innovation 100 (pre-IPO venture) and 50T (digital asset growth equity) strategies.
For investors who want exposure to those strategies inside a tax-efficient structure, the Global Access Fund is the entry point. More detail on the underlying strategies is below.
Puerto Rico series fund using Act 60 tax incentives (60% PR allocation) with U.S. mainland and global deal access (40%).
Lifestyle hotel and private members club in San Juan's premier tourist corridor. Diversified revenue across rooms, F&B, and events.
Diversified exposure to ~100 pre-IPO technology companies through employee option exercise financing.
Growth-stage digital asset equity through 50T Fund L.P., the leading blockchain-focused PE firm.
The team behind EB5 United and Capital United.
CEO and Partner of EB5 United and Capital United. Thirty years in real estate development and complex finance, with a global network built around sourcing opportunities and managing key investor relationships. BA in Finance & Real Estate, University of Oregon.
President and Partner of EB5 United and Capital United. Leads investment oversight across the full development life cycle. Previously a consultant to BlackRock and an executive at Pali Group, a Santa Monica real estate developer. BA Boston College, MBA UCLA Anderson.
Ten years in private equity and cross-border finance. CFO and Investment Manager for Conduit Capital Partners and the CapU Series PE Fund. Former CFO of Soho House North America, where he led major acquisitions and over $100M in capital raises. Also CFO of Conduit Transition SPAC ($150M). BA in Business Economics.
In the EB-5 industry since 2013, with involvement in projects raising over $1.1B in EB-5 capital. Operated a Regional Center for 5 years before joining EB5 United in 2018. BS in Finance & MBA, University of South Alabama.
Oversees operations, compliance, due diligence, and project management at EB5 United. Over a decade leading an EB-5 consulting practice, guiding thousands of projects. BS Brigham Young University.
Oversees accounting and financial reporting at company and project level, including offering documents, I-526E applications, and escrow management. Also CFO & CCO of Capital United, LLC. BA in Business Administration & Economics, Pacific University.
Interested in learning more about our investment strategies? Complete the form and a member of our team will be in touch.
info@capunited.com
Contact us for direct line
301 Ponce de Leon Avenue, San Juan, PR 00917
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Performance Disclaimers
Past performance is not indicative of future results. There can be no assurance that any fund will achieve comparable pricing, discount levels, exit valuations, or returns. Modeled and projected performance figures are hypothetical and for illustrative purposes only. Actual results may differ materially from projections.
The illustrative performance scenarios and valuation examples herein are for informational purposes only and do not represent actual or projected returns. Investors may lose some or all of their investment.
Risk Factors
Investments in private equity and venture capital involve a high degree of risk, including the potential for complete loss of capital. These investments are illiquid and there is no guarantee that investors will be able to withdraw their capital or realize gains. Investments are suitable only for accredited investors who can bear the loss of their entire investment.
Cap-U Fuel Innovation 100 uses a different strategy (employee financing vs. direct equity investment) and has NO track record. Historical fund returns of Fuel Venture Capital do not predict Cap-U Fuel Innovation 100 results.
Immigration Disclaimer: For EB-5 offerings, an investment does not guarantee approval of any immigration petition, visa issuance, or permanent residency. Immigration outcomes are determined solely by USCIS and are subject to regulatory requirements, processing timelines, and adjudicatory discretion beyond the control of the fund or its sponsors. EB-5 program requirements are subject to change by legislation or regulation. Capital United does not provide immigration legal advice. Prospective investors should consult qualified immigration counsel.
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