Firm Description
Dome Equities, LLC, a Delaware limited liability company (“Dome Equities” and, together with its
affiliates, including Dome GP, LLC and other affiliated general partner entities, “Dome”) is a private
equity real estate investment management firm founded in November 2010. Dome Equities, Dome
GP, LLC and other affiliated general partner entities operate together as a single investment
management business. Dome’s business also includes the operating and management of real estate
investments sponsored by a prior related entity of Dome. This Brochure describes only that segment
of Dome’s activities that might be deemed to be an investment advisory business as opposed to the
direct property investments of the prior related entity of Dome. The principal difference between the
two business segments is not the underlying assets, which are real estate properties in all cases. The
principal difference is instead one of ownership and investment management structure, given that since
November 2010, Dome’s management has elected to employ the indirect Fund-PropCo investment
model described in this Brochure.
Dome is currently providing investment advisory services for one type of client— private, unregistered
investment funds (each a “Fund” and, collectively, the “Funds”), each a limited liability company or
limited partnership, which invests in entities (usually a limited liability company) whose primary asset
consists of real estate, with a focus on the residential sector (each such entity, a “PropCo”). Most
PropCos invest in income- producing, improved real estate, although certain Funds have invested in
PropCos pursuing ground-up real estate development projects. Each Fund is managed in accordance
with applicable offering documents (e.g., private placement memoranda) and limited partnership or
other operating agreements (collectively, “Governing Documents”). As of December 31, 2023, Dome
acts as investment adviser to 17 Funds with total regulatory assets under management of approximately
$980.4 million on a discretionary basis. Four such Funds, Dome US Multifamily Fund I, LLC, Dome
U.S. Multifamily Fund II, L.P., Dome U.S. Multifamily Fund III, L.P. and Dome U.S. Residential
Fund IV (A), L.P. (together with their respective dedicated parallel funds, as applicable, “Fund I”,
“Fund II”, “Fund III” and “Fund IV”), differ from most other Funds in that they are structured to invest
in multiple properties (through multiple PropCos) instead of a single property.
The investment objective of each Fund is to achieve long-term capital appreciation and current income
by investing in PropCos whose primary asset is real estate. Dome believes that each PropCo to date
has characteristics of a joint venture between the relevant Fund and an independent, local real estate
operator identified by Dome as qualified to source, manage (and/or develop, as applicable) the
underlying real estate property. Such local operators typically serve as the managing member of the
relevant PropCo, with the applicable Fund holding a non-managing member interest.
Dome provides each Fund with such investment advice and supervision as it considers necessary for
the proper supervision of the
investment of assets of the Fund. Dome furnishes the investment program
for each Fund, consisting of a review of the real property proposed to be purchased by the relevant
PropCo and the identification of each local real estate operator, as well as monitoring each investment
on a continuous basis and implementing the sale of the underlying real estate which, for all Funds other
than Funds II, III and IV, requires approval of a majority in interest of the members of a Fund. Dome
will supervise the purchasing and selling of all real estate investments held by the Funds. Dome will
determine what portion of the other assets of the Fund should be held uninvested, subject to the
restrictions of the Governing Documents of the Fund then in effect.
Dome GP, LLC is included under the umbrella registration provisions of Part 1, Form ADV, Schedule
R, as a “relying adviser” of Dome Equities. Except for certain matters that are subject to approval by
a majority or more in interest of the investors in a Fund, Dome shall have sole and exclusive control
over the Fund and the power and authority to take such actions from time to time as the Manager may
deem necessary or appropriate with respect to the management and conduct of the Funds.
Dome provides its investment management services through its officers. Decisions regarding specific
real estate property acquisitions and dispositions are made by Dome’s investment committee, which
is comprised of Dome’s Chief Executive Officer/Chief Investment Officer, Eric D. Jones, Dome’s two
Managing Directors, Jeremy Klein and Dan Bourla and Dome’s Vice President of Portfolio
Management, Gian Filippo del Bono. Dr. Nitin V. Doshi, who has a minority membership interest in
Dome and Eric D. Jones, or their affiliated entities may provide short-term acquisition financing for
certain Funds.
As a general matter, each Fund is managed in accordance with its investment objectives, strategies and
guidelines as set forth in its Governing Documents and is not tailored to the individual needs of any
particular investor. Investors in the Funds do not have authority over or participate in the day-day
management of the Funds, and an investment in a Fund does not, in and of itself, create an advisory
relationship between the investor and Dome.
Interests in each Fund are privately offered pursuant to Regulation D under the Securities Act of 1933,
as amended, and are exempted from registration under certain state laws. Each Fund qualifies for
exclusion from the definition of an investment company under section 3(c)(1) or section 3(c)(7) of the
Investment Company Act of 1940, as amended.
Principal Owners
Dome is principally owned by its senior management and their families. The single largest direct owner
of the firm (41%) is an entity for Mr. Eric Jones, Dome’s Chief Executive Officer and Chief Investment
Officer. Mr. Jones also directly owns the managing member of each of the Funds (or, in the case of
Funds II, III and IV, the manager of the relevant Fund II, Fund III and Fund IV general partner). Dr.
Nitin V. Doshi and Mr. Todd Cather and their entities associated with the Doshi and Cather families
also own direct equity interests in Dome.