Reserve Fund III
Network Expansion, Upgrade & Spectrum Reserve
Follow-on capital reserve for network expansion, spectrum acquisitions, and platform bolt-ons across the 2028 vintage.
Fund Size
$1.506B
Committed capital
Target Net IRR
13-18%
Over 15-year fund term
Strategy
Network Expansion, Upgrade & Spectrum Reserve
Reserve Fund III holds committed follow-on capital available for network expansion opportunities, opportunistic spectrum acquisitions, platform bolt-on M&A, and defensive capital deployment across the 2028 vintage investment fund vehicles.
The fund is structured as a Delaware Limited Partnership with a discrete general partner entity, independent LPA, and audited financials prepared by PwC. Telvo Capital Management, LLC serves as investment manager.
Terms
Institutional fund terms.
StructureDelaware Limited Partnership
Investment ManagerTelvo Capital Management, LLC
Fund Size$1.506B
Term15 years plus two 1-year GP extensions
Investment Period5 years from initial close
Preferred Return8% per annum
Carried Interest20% with 100% GP catch-up
WaterfallEuropean whole-fund
LP Minimum$10 million
Target Net IRR13-18%
AuditorPwC
Legal CounselLePore Law Group
Key PersonAlexandra Pohl
Institutional Capital