Keystone

Yield-driven real estate lending, built on capital preservation and steady contractual income.

Keystone National Group is a yield-driven private markets investment firm focused on private credit and real estate. We are a limited partner in the Keystone Real Estate Lending Fund, a real estate debt strategy that forms part of the income-generating core of our portfolio.

Why we hold it

Putting every dollar to work with intention includes the allocations whose job is steady income and capital preservation. Real estate credit plays that role well. It generates contractual cash flow backed by hard assets, with less volatility than public markets, which helps keep a mission-driven balance sheet resilient across cycles.

Keystone is a strong fit for that role. It has invested for nearly two decades with a discipline we respect: an emphasis on capital preservation, contractual cash flow, and asset coverage. That approach shows up in the numbers, with more than 750 transactions and over $6 billion invested at a historical cumulative loss rate below one percent. This is not a mission-first position, and we do not present it as one. It is a well-run allocation that strengthens the return foundation supporting the rest of our work.

What Keystone does

The Keystone Real Estate Lending Fund provides short-duration bridge loans, typically 6 to 24 months, to owners and buyers of real estate, often well-located multifamily properties in lease-up. These loans give borrowers flexible capital when they need it and give investors senior, asset-backed exposure with a focus on downside protection.

Keystone was founded in 2006 and manages private lending and equity strategies across real estate and private credit. In 2025 it joined Virtus Investment Partners as an affiliated investment manager, adding institutional scale to its platform.

Why it matters to us

Keystone does a quiet, dependable job in our portfolio. It generates steady, secured income with a long track record of protecting principal, which is exactly what lets us take patient, intentional risk in the more mission-forward parts of our work. A well-built portfolio depends on positions like this one.

Our role: Investor (limited partner in the Keystone Real Estate Lending Fund)

Type: Private markets investment firm (SEC-registered)

Focus: Real estate bridge lending, private credit, and real estate private equity

Figures reflect the firm's most recently published data. Investing involves risk, including possible loss of principal, and past performance is not indicative of future results. This page is informational and not an offer of, or solicitation for, investment.