Unison Investment Management, LLC (“Unison IM”) is a Delaware limited liability company and a
registered investment adviser under the Investment Advisers Act of 1940 (“Advisers Act”) since
February 2017. For purposes of this brochure, Unison IM means Unison Investment Management,
LLC together with its affiliates serving as general partners and investment managers of the Funds
(defined below). Such affiliates are typically under common control and/or possess substantial
identity of personnel and/or equity owners with Unison IM. Unison IM is wholly owned by Real Estate
Equity Exchange, Inc. (“REX”), a Delaware corporation with headquarters in San Francisco, California.
Unison IM provides investment advisory services to pooled investment vehicles (the “Funds”) exempt
from registration under the Investment Company Act of 1940 (“1940 Act”) and whose securities are
not registered under the Securities Act of 1933 (“Securities Act”). Investment advice is provided to
the Funds by Unison IM and not individually to the investors in the Funds. Interests in the Funds are
typically offered to institutional investors and high net worth and other qualified investors in the
United States and Canada on a private placement basis.
Each Fund’s investment strategy is described in detail in their respective Governing Documents
(defined below) but generally consists primarily of long-term equity investments in residential real
estate through proprietary real estate agreements (“Unison Agreements”) with individual
homeowners and homebuyers (collectively, “Customers”) that are analyzed, selected, and invested
in by Unison IM’s affiliate, Unison Agreement Corporation (“Unison”), which is also a subsidiary of
REX.
Unison analyzes, selects, and invests in the Unison Agreements as part of a homebuyer’s purchase
of a principal residence or with an existing
homeowner that wishes to access a portion of the equity
in his or her home. In either case, Unison generally makes a payment to the Customer in the form of
an investment in the property, in exchange for the grant of an option, to purchase an undivided
percentage interest in the property at a later date for a stated exercise price. The rights under Unison
Agreements are exercisable by the holder of the Unison Agreements upon the occurrence of certain
events and circumstances, but most commonly when the Customer sells their home.
Subject to any restrictions and limitations contained in the Governing Documents, Unison IM has full
discretionary authority with respect to investment decisions for the Funds, and Unison IM tailors its
advisory services to the specific investment objectives and restrictions of each Fund that Unison IM
manages.
Clients and investors and prospective clients and investors should refer to any confidential private
placement memorandum, limited partnership agreement, investment management agreement and
other governing documents for the investment (the “Governing Documents”) for complete
information on the investment objectives and investment restrictions of each Fund.
Side letter agreements may exist with certain investors. These side letters may include various terms
related to an investor’s investment including, among other things, fee structure, information rights,
and other rights and privileges, or accommodating regulatory needs of investors, without providing
prior notice to, or receiving consent from, existing investors in a Fund. The terms of such side letter
agreements will be negotiated and determined by Unison IM.
Unison IM does not participate in any wrap fee programs.
As of December 31, 2023, Unison IM had regulatory assets under management (“RAUM”) of
approximately $1,639,448,333.