SPEC.001 · Private investment vehicle
Vintage 2026 · Single-class fund · 10-year term
N 33° 55' 23" · W 118° 19' 56"
HAWTHORNE / KHHR
EL SEGUNDO AEROSPACE CORRIDOR
1999

A single year. Nineteen automobiles.
Ten years to compound. No leverage.

A curated collection of nineteen iconic 1999 model-year automobiles, housed in a fund-owned Class B hangar at Hawthorne Municipal — five minutes from SpaceX. Operating as a private gallery, picture-car house, and concours-grade event venue while two tangible asset classes appreciate underneath.

001
Committed Capital
$6.75M
002
Target MOIC
2.32×
003
Projected Net IRR
8.8%
004
Fund Duration
10yrs
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01 Thesis

Three return drivers,
one vehicle.

DOC.001 · THESIS
19/99 COLLECTION FUND

The fund stacks vehicle appreciation, real-estate appreciation in Los Angeles' most sought-after industrial submarket, and operating cash flow from a venue that doubles as marketing for the underlying collection.

01
Tangible · Vintage

The collection

Nineteen automobiles, all 1999 model year, chosen so no two solve the same problem. V12 GT, Japanese exotic, JDM AWD hero, rally homologation, supersaloon — each canonical archetype represented exactly once. Cost basis $1.95M all-in; blended ten-year appreciation projects to $3.34M.

02
Tangible · Real estate

The hangar

5,100 sqft Class B hangar (Hangar D) at Hawthorne Municipal Airport (KHHR), with through-the-fence access to the FBO ramp. The single best-performing industrial submarket in LA over the past five years — anchored by SpaceX HQ, Northrop, Raytheon, and the new-space wave. Acquired fee-simple, in cash, no leverage. 6% annual appreciation modeled.

03
Operating · Cash yield

The venue

Appointment-only gallery, picture-car and film-shoot rentals, and 45 corporate events per year serving the El Segundo aerospace-tech cluster. Through-the-fence FBO ramp access supports premium rates from photography, brand, and event clients. By Year 5 (fund steady state), modeled revenue reaches $1.40M annually with $1.00M EBITDA. Operations are designed to compound reserves rather than service debt.

02 Why now

Six conditions, all live.

DOC.002 · MARKET TIMING
AS OF MAY 2026

A fund of this shape needs several independent conditions to converge. Each one was unsatisfied in 2020. Each has cleared its trigger over 2023–2025. The window for entry-cycle deployment is open right now — and it does not stay open.

CONVERGENCE · 2024–2026

Independent timing factors are arriving simultaneously.

The structure of this fund — a single-vintage collection, deployed in cash, anchored to a specific aerospace submarket, monetized through a venue layer — only works if six separate market conditions are in alignment.

None of them were live in 2020. Five years ago this fund couldn't have legally bought half its catalogue. Two years ago the price points were 30% higher. One year ago the macro cost of capital was elevated and capital wasn't moving into illiquid alternatives. All six conditions are now active. The catalogue below details each one with its specific trigger.

Fund close window
2026.
M.001
TRIGGER · JANUARY 2024

The 25-year import window opened.

U.S. DOT 49 CFR § 591 makes 1999 model-year JDM vehicles legally importable to the United States as of January 2024. Cars that were unobtainable for a quarter-century — R34 GT-R V-Spec I, Supra RZ, RX-7 Type RS, 22B STi — are now sourceable through legitimate channels. The premium for fully-documented, properly-imported examples is widening, not compressing. Five years ago this fund's catalogue could not legally exist in the U.S.

M.002
TROUGH · 2024–2025

Collector market drawdown.

The JDM segment drew down 30%+ from its 2021 peak through Q2 2024 (Hagerty Bull Market Index). The Manheim Used Vehicle Value Index sat near 2018 levels through early 2025. The catalogue is being acquired at entry-cycle valuations, not at peak. The historical pattern across collector funds is clear: post-drawdown vintages are the highest-IRR vintages. We are deploying into the trough, not the top.

M.003
SUBMARKET · 2020–2025

El Segundo space-tech corridor reaches density.

The 5-mile KHHR radius now contains SpaceX HQ, Northrop, Raytheon, Boeing, the Aerospace Corporation, plus the entire new-space wave — Anduril, Hadrian, Apex, Varda, Stoke, Relativity, ABL. Roughly $80B of aerospace tenant base in a single submarket. Industrial RE here was LA's best-performing submarket 2020–2025; aviation parcels with through-the-fence access have permanently capped supply. The thesis is the geography, and the geography is full.

M.004
CYCLE · POST-STRIKE 2024+

Period-content production wave.

Writers' Guild and SAG-AFTRA strike resolutions in late 2023 unlocked a backlog of '90s-set scripts at Apple TV+, Netflix, A24, HBO Max, and the streaming networks. Picture-car bookings for JDM and era-correct examples are up materially across 2024–2025. The fund's catalogue maps directly to the most-requested archetypes. Picture-car revenue is structurally tailwinded for the entire production cycle this content runs through.

M.005
DEMOGRAPHIC · 2024–2030

Millennial wealth-cohort transition.

The median millennial household enters peak earning years (35–45) in 2024 and stays there through 2030. The halo-car preference set for this cohort — Skyline GT-R, NSX, Supra, RX-7, 22B, F355 — overlaps almost completely with the catalogue. The collector demographic now has disposable capital aligned to these specific cars for the first time. This is not nostalgia; it is wealth-cohort-product fit, the same dynamic that drove air-cooled 911 prices through the 2010s.

M.006
MACRO · 2025+

Cost of capital normalized.

Fed cuts in Q4 2024 and through 2025 reduced collector-car financing rates and the broader cost of capital for risk assets. Capital is moving back into illiquid alternatives. The fund's unlevered structure captures the demand-side recovery without carrying interest-rate or refi risk on the real estate. We benefit from the macro tailwind without owning the leverage that creates it.

03 The catalogue

Each archetype, once.

N=19 UNITS · ALL 1999 MY
TARGET BASIS $1,699,000

Nineteen automobiles assembled by category rather than by budget — each one the canonical example of its slot in the late-analog motoring canon. Click any line for the long-form provenance.

№
Make · Model
Body · Class
Target
Status
04 The site

Five minutes from SpaceX.

The fund acquires Hangar D at Hawthorne Municipal Airport (KHHR) — a 5,100 sqft Class B hangar on the Advanced Air Jet Center campus, with through-the-fence access to the FBO ramp. Within a three-mile radius: SpaceX HQ, Northrop Grumman, Raytheon, Boeing, the Aerospace Corporation, plus the new-space wave (Relativity, Stoke, ABL, Anduril, Hadrian, Apex, Varda).

This corridor has been the single best-performing industrial real-estate submarket in LA over 2020 to 2025. Hangar inventory is permanently capped — KHHR is land-locked, fee-simple ramp-adjacent supply is functionally fixed. Cap-rate compression and rent growth track the SpaceX-anchored tenant demand. The fund acquires fee-simple, in cash, with no mortgage debt.

The same tenant base supplies the venue's primary operating revenue. Space-tech companies host weekly all-hands, investor dinners, customer demos, and brand activations — and most lack on-campus event space. A 19-car private gallery five minutes from SpaceX's front door, with a jet ramp behind it, is a uniquely positioned offering.

A note on the property. Hangar D at the Advanced Air Jet Center is illustrative of what we're targeting — it may or may not be available at fund close. The actual acquisition will be a comparable 5,000–6,000 sqft Class B hangar or aviation-adjacent warehouse within the same KHHR / El Segundo submarket, sourced from active comp set (LoopNet, broker network, off-market via Advanced Air). The thesis is the submarket and the through-the-fence aviation use case — not any single building.

SITE.001 · HAWTHORNE / KHHR
$50B+
Aerospace tenant base · 3-mi radius
6%
Modeled annual appreciation · Hawthorne
5,100
SqFt Hangar D · fee-simple at KHHR
▲ N 33°55'23"
W 118°19'56"
ELEV 67 FT

Within 3 miles of the hangar door

N=12 PRIMARY TENANTS
SpaceX
Northrop
Raytheon
Boeing
Aerospace Corp
Relativity
Stoke Space
ABL Space
Anduril
Hadrian
Apex Space
Varda Space
05 The operating business

The hold period pays for itself.

DOC.004 · OPERATING MODEL
MATURE EBITDA $1.0M

A typical collector-asset fund leaves capital sitting in illiquid holdings earning zero current yield. The venue layer changes that math: $1M of mature annual EBITDA covers operating costs, rebuilds reserves, and removes the need to ever distress-sell an asset to meet expenses. It is the most under-discussed reason this structure outperforms a pure car-and-real-estate stack.

A venue, not a museum.

Most car collections operate as private, capital-consuming hobbies — they cost money to insure, store, maintain, and exhibit. This collection is structured the opposite way: the storage facility is also the revenue facility.

The 5,100 sqft Hawthorne hangar serves four parallel revenue streams, all sharing the same fixed cost base. Each stream is small individually, but stacked together they produce $1.4M of mature revenue against $400k of operating expense — a 71% EBITDA margin more characteristic of software than of either real estate or vehicles.

The result: the operating business funds the hold period with no LP cash calls and no debt service, while two underlying tangible assets compound underneath. Operating cash compounded over the term adds ~$8.5M to the fund's terminal value before any car or real-estate appreciation.

Revenue stack · mature year

FIG.OPS.001 · ANNUAL · SOURCE-WEIGHTED
Private events & activations60 events × $12k avg
$720,000
Picture-car & film rentals24 days × $10k avg
$240,000
Gallery · appointment-only1,500 visitors × $120
$180,000
Brand retainers & sponsorships2–3 anchor partners
$260,000
Mature gross revenue
$1,400,000
Operating expensesStaff, utilities, insurance, marketing
($400,000)
Mature EBITDA71% margin · before mgmt fees
$1,000,000

Who pays the bills

FIG.OPS.002 · DEMAND PROFILE
CUST.01

Aerospace tenants

$15–25k / event

SpaceX, Anduril, Hadrian, Apex, Varda. All-hands, board offsites, customer demos, recruiting events. Most have no on-campus event space and book repeat venues. Five-minute drive from KHHR door.

CUST.02

Brand activations

$25–60k / event

Aston Martin, Porsche, BMW M, Audi Sport, watch brands, sneaker drops. Marketing budget, looking for unique LA backdrop with built-in story. Picture-car and gallery licenses bundle.

CUST.03

Picture-car / film

$8–15k / day

Apple TV+, Netflix, A24, commercial production. JDM-tax-credited cars (R34, Supra) command premium for 90s/2000s period scripts. AAA picture-car house registration.

CUST.04

Concours & private

$2k–5k / visit

Quail invitees passing through during Monterey Car Week, RM Sotheby's hospitality, private collector tours, family offices. High-margin appointment-only.

Comp set · LA private event venues

FIG.OPS.003 · MARKET RATES
№ Venue Per-event rate Capacity Niche
C.001 Petersen Museum · Vault $25k–75k 200 guests CARS · MUSEUM
C.002 Vibiana · DTLA $30k–80k 400 guests HISTORIC · WEDDING
C.003 Skylight Row DTLA $15k–35k 300 guests BRAND · DTLA
C.004 The Reef · LA Mart $20k–50k 350 guests CORPORATE · DTLA
C.005 NeueHouse Hollywood $18k–45k 220 guests MEMBERS · TECH
19/99 Hawthorne Hangar (this fund) $10k–20k 120 guests CARS · KHHR

Revenue ramp · Y1 → Y10

FIG.OPS.004 · ANNUAL P&L BUILD

Year-one is honest: an operating loss of ~$125k while we hire the events lead, build the marketing engine, and ramp inventory through the first picture-car season. Operations cross break-even in Y2, hit ~$740k EBITDA in Y3, and reach the mature run-rate by Y4. Operating expenses peak in Y1 (build-out friction) and decline as routines stabilize, then plateau once the team is in place.

RAMP · Y1–Y3
STABILIZED · Y4–Y10
$1.6M $1.2M $800K $400K $0
Operating expenses EBITDA (revenue net of opex) Operating loss · Y1 Cumulative 10-yr EBITDA: $8.5M · before mgmt fees
FIG.OPS.005 · WHY THIS MATTERS

The operating layer is the difference between a collection and a fund.

Without the venue
LP capital sits in illiquid cars and real estate for a decade with zero current yield. Annual storage, insurance, registration, and maintenance bills are paid out of LP reserves — eroding NAV every year. Return depends entirely on terminal-value appreciation, exposing LPs to a single timing window for the exit. Roughly 4% annual reserve drag means the underlying assets must appreciate 5–6% just to break even.
With the venue
$1M of mature annual EBITDA more than covers all operating costs and mgmt fees, with surplus building reserves on top of LP capital. The fund can hold through a downturn rather than being forced to sell into a bad market. By Y10, accumulated operating cash adds ~$5–6M to fund value — converting the underlying car / RE return into the structural 2.0×+ outcome shown above.
06 The numbers

Sources, uses, and outcomes.

DOC.005 · FINANCIAL MODEL
EXIT YEAR 10

A smaller, focused raise eliminates the cash-drag of an oversized fund. Substantially all LP capital is deployed into productive assets, with eighteen months of operating reserves through the ramp.

Sources
LP equity raise$6,750,000
Mortgage debt— none —
Total sources$6,750,000
Uses
Hangar D acquisition · KHHR · cash$2,750,000
Tenant improvements · gallery fit-out$600,000
Vehicle acquisition (all-in)$1,950,000
Operating reserves$750,000
Fleet enhancement reserve$400,000
Formation, legal, marketing$300,000
Total uses$6,750,000

Ten-year asset progression

Vehicle and real-estate appreciation modelled across bear, base, and bull scenarios. Operating reserves compound underneath; sale at year ten.

FIG.001
$M / Y0 → Y10
Bear · 3% RE / 4% cars Base · 6% RE / 7% cars Bull · 8% RE / 9% cars Y0 = committed capital deployed; cars deployed Y0–Y1.5 against an active acquisition pipeline.
Bear ~$7.36M · Base ~$17.91M · Bull ~$21.96M at year 10.

Returns by scenario

Toggle scenarios for net LP outcomes at year-ten exit, after fund expenses and GP carry above the 6% preferred return.

FIG.002 · NET LP RETURNS
001
Fund value @ exit
$17.91M
Cars + real estate + reserves
002
LP cash returned
$15.68M
After fees and carry
003
LP multiple
2.32×
vs. $6.75M committed
004
LP IRR (net)
8.8%
+280 bps over hurdle

Waterfall · base case

European waterfall, computed at year-ten exit on $17.91M total distributable.

FIG.003 · DISTRIBUTION TIERS
I. Return of LP capital
$6,750,000
II. 6% preferred return · 10-yr compounded
$5,338,222
III. GP catch-up · until 80/20
$1,334,555
IV.a LP 80% above hurdle
$3,588,167
IV.b GP 20% above hurdle
$897,042
07 Terms

2/20 with a 6% hurdle.

DOC.006 · TERM SHEET
DELAWARE LIMITED PARTNERSHIP

European waterfall. Mgmt fee steps down at year five. No leverage on the real estate. Annual independent appraisal of both asset classes.

001
Fund structure
Delaware LP
Pass-through tax · K-1
002
Term
10 years
+1 +1 +1 GP extensions
003
Committed Capital
$6,750,000
Single close, no follow-on
004
Min. commitment
$250,000
Accredited investors only
005
Mgmt fee
2% / 1%
2% Y1–5, 1% Y6–10
006
Preferred return
6%
Compounded annually
007
Carry
20%
European waterfall · 100% catch-up
008
Distributions
Terminal
Sale of cars + RE at year 10
08 Risk factors

What could go wrong.

DOC.007 · MATERIAL RISKS
N=10 IDENTIFIED · MITIGATED

An honest assessment of the material risks an LP should consider — paired with the specific mitigation we've built into the fund's structure for each one.

R.001

Concentration

Medium

Top three vehicle assets (NSX Zanardi, R34 V-Spec I, 22B STi) represent ~40% of vehicle cost basis. Loss or depreciation in any one materially affects fund returns.

MitigationEach top asset is a different category (Japanese exotic, JDM AWD, rally homologation), so they don't co-vary tightly. Comprehensive collector-car insurance with agreed-value policies. Scenario model tested 50% loss on any single top-three car — fund still returns 1.5× LP capital in base case.
R.002

Illiquidity

High

Vehicle and real-estate assets are illiquid. Quarterly NAV is mark-to-model. No secondary market for LP interests during fund term.

MitigationHold period and illiquidity are explicit in the term sheet — only accredited LPs with $250k+ minimums and a 10-year horizon. Independent appraisal annually by a recognized valuation firm. GP will facilitate (not guarantee) secondary transfers between LPs at independent NAV.
R.003

Provenance

Medium

22B STi and R34 V-Spec I in particular have grey-market histories in the global supply. Acquisition without complete documentation impairs realizable value.

MitigationEvery acquisition runs through a third-party PPI plus title and customs review. We only buy with full documentation chain (factory build sheets where available, EPA / DOT compliance for U.S. cars, complete chain of title). Walk away rather than compromise on provenance — opportunity cost is preferable to impaired exit.
R.004

Operating execution

Medium

Revenue assumptions (visitors, picture-car days, events) require successful operational execution. Underperformance reduces fund returns and may extend term.

MitigationOperating reserves of $750k provide 18 months of runway at zero revenue. Bear case is modeled with operations at break-even — fund still returns capital. Revenue base is diversified across four streams (events, gallery, picture-car, retainer) so no single channel failure is fatal.
R.005

Real-estate cycle

Medium

LA commercial RE correlates to broader macro cycle. A 2027–2028 recession could compress RE values 10–20% and delay sale timing.

MitigationZero leverage means we are not forced sellers — no margin call, no covenant default, no refi exposure. The +1 / +1 / +1 GP extension lets us hold through a down cycle and exit on the upswing. KHHR aviation real estate has shown materially lower drawdowns than general LA industrial in past cycles (supply is land-locked).
R.006

Vehicle market cycle

Med-high

Collector car prices are volatile and correlate to high-net-worth liquidity. The JDM segment saw 30% drawdown 2022–2024 from peak.

MitigationAcquisitions are entered post-drawdown at 2024–2025 cycle lows, not at peak. The portfolio spans seven distinct collector segments (German GT, Italian V12, JDM AWD, JDM rotary, American V10, British exotic, supersaloon) — different submarkets cycle on different schedules. Sale timing is flexible across the 10-year window.
R.007

GP key-person

High

Fund execution depends on GP curatorial judgment, operational execution, and LP relationships. Key-person life insurance carried by fund.

MitigationKey-person policy with the fund as beneficiary ($3M coverage). Operating playbook, vendor relationships, and acquisition pipeline are all documented and transferable. LP advisory committee has the right to approve a successor GP within 90 days of a key-person event.
R.008

Regulatory / tax

Low-med

Changes to LTCG, collectible tax rate, depreciation rules, or 1031 eligibility affect after-tax returns. 10-year hold smooths exposure.

MitigationDelaware LP structure with K-1 pass-through — no entity-level tax exposure. RE depreciation captured against operating income annually. We assume current-law rates in the model with no tax-cut tailwind. Big Four tax counsel reviews the fund's position annually.
R.009

Capital deployment lag

Low-med

Quality 1999 cars are scarce. Capital may sit uninvested for 12–18 months while we hunt for the right examples — and uncalled capital earns less than deployed capital.

MitigationUninvested capital sits in a money-market sleeve at ~5% T-bill yield, not zero. Acquisition pipeline is already partially identified (six target cars under active monitoring at fund launch). 50% of vehicle capital is targeted for Y0 deployment, 90% by end of Y1, 100% by Y1.5.
R.010

Property sourcing

Low-med

The illustrated Hangar D may not be available at fund close. The thesis depends on acquiring a comparable hangar or aviation-warehouse in the same submarket.

MitigationActive comp set tracked weekly across LoopNet, broker network, and off-market via Advanced Air. If no suitable hangar is available within 6 months of close, the fund pivots to a comparable Class B aviation-adjacent warehouse in the same KHHR / El Segundo submarket — same thesis, similar economics. Fund close does not require a specific building under contract.
09 The archive

The numbers are open.

Full financial model, per-car narrative essays, historical valuations, projection tables, real-estate comp set, debt schedule, returns waterfall, tax considerations, and risk register — all live in a single Google Sheets workbook.

DOC.001

The financial model

Twenty-one tabs: capital stack, operating P&L, debt scenarios, asset appreciation, scenario sensitivity, returns waterfall, LP cashflows, tax treatment.

Open the model
DOC.002

The catalogue raisonné

Each of the nineteen cars: long-form narrative essay, embedded photography, historical valuations 2018–2026, low / mid / high projections, market notes, source citations.

Browse the cars
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