Investment Fund 16

Repositioning, operational improvement, moderate risk.

Repositioning and operational improvement programs across telecom infrastructure assets carrying moderate execution risk.

Fund Size
$1.581B
Committed capital
Target Net IRR
13-18%
Over 15-year fund term
Strategy

Repositioning, operational improvement, moderate risk.

Fund 16 deploys capital into telecom infrastructure assets requiring active repositioning, including lease-up of under-utilized capacity, network upgrades, tenant re-negotiation, and operational turnaround. The strategy accepts moderate execution risk in exchange for enhanced returns as assets are stabilized and repositioned toward core characteristics.

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$1.581B
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

Discuss commitments to Repositioning, operational improvement, moderate risk.

Infrastructure Sectors

Eight investable sectors across the telecom infrastructure stack.

01
Sector 01

Wireless Tower & 5G Densification Infrastructure

Carrier-neutral macro cell tower portfolios and 5G densification assets across national markets. Long-term Master Lease Agreements with Tier-1 wireless carriers anchor contracted cash flows.

02
Sector 02

In-Building Wireless, DAS & Private Network Platforms

In-building distributed antenna systems for stadiums, airports, hospitals, and Class-A office towers, alongside private 5G enterprise networks serving logistics, manufacturing, and higher-education anchors.

03
Sector 03

Fiber Optic Network Infrastructure

Long-haul dark fiber routes, metro rings, and fiber-to-the-premise networks anchored by hyperscaler and carrier IRU commitments, with wholesale-lit capacity for enterprise and government transport.

04
Sector 04

Fixed Wireless & Rural Broadband

Rural and suburban fixed wireless broadband operators capturing BEAD allocations, USDA ReConnect grants, and FCC High-Cost Program contracts.

05
Sector 05

Telecommunications Real Estate & Data Center Interconnection

Flagship carrier hotels, meet-me-room properties, and network-dense colocation facilities with cross-connect and interconnection revenue anchoring long-duration ground and building leases.

06
Sector 06

Wireless Spectrum Portfolio

FCC auction spectrum acquisitions and secondary market transfers across low, mid, and high bands, leased to carriers, wireless ISPs, and private 5G operators under multi-year contracts.

07
Sector 07

Satellite Ground Station Infrastructure

Teleport facilities and satellite ground station networks providing gateway earth station services to LEO constellations, MEO operators, GEO fleets, and government customers.

08
Sector 08

Subsea Cable & Landing Station Infrastructure

Subsea cable landing stations on U.S. coastlines with terrestrial backhaul to major carrier hotels, generating landing party fees, colocation revenue, and IRU proceeds from consortium cable systems.

The Platform

Vertically integrated across the full telecom infrastructure ecosystem.

From wireless spectrum licenses and satellite ground stations to fiber routes, tower portfolios, and subsea cable landing stations — every layer of the connectivity stack, under a single operating platform.

Vertical Integration

Full-stack coverage enables full-stack customers.

Telvo's infrastructure assets are positioned across the full connectivity stack, from spectrum licenses and satellite communications to terrestrial tower sites, fiber routes, and the subsea cables carrying international traffic between continents.

This vertical integration allows Telvo to serve anchor carrier tenants, enterprise private network clients, government communications customers, and wholesale fiber buyers through a single coordinated platform backed by $25.592 billion in investment fund capital across the 2026 and 2028 fund vintages.

Platform Reach

  • Carrier-neutral tower portfolios
  • 5G densification and small-cell sites
  • In-building DAS and private 5G
  • Long-haul, metro, and FTTP fiber
  • Rural fixed wireless broadband
  • Carrier hotels and colocation
  • Wireless spectrum licenses
  • Satellite ground stations
  • Subsea cable landing stations
Customer Base

Contracted relationships with the counterparties that anchor the digital economy.

01

Wireless Carriers

Tier-1 mobile network operators, regional carriers, and MVNOs.

02

Hyperscalers

Cloud and content platforms committing to fiber IRUs and subsea capacity.

03

Enterprise

Logistics, manufacturing, healthcare, and higher-education private 5G customers.

04

Government

Federal, state, and municipal communications and rural broadband programs.

ESG

Environmental, social, and governance integration across the telecom infrastructure lifecycle.

Framework

ESG integration is a core underwriting discipline, not an overlay.

Telecom infrastructure is central to the digital economy and the low-carbon transition. Fiber networks eliminate the emissions of daily commuting. Fixed wireless closes rural broadband gaps. Neutral-host tower and DAS infrastructure reduces duplicative carrier deployments. Satellite constellations extend connectivity to underserved geographies. Every one of Telvo's investment strategies has embedded ESG characteristics.

Our ESG framework spans site selection, energy sourcing, community engagement, RF safety, environmental site assessments, network resilience, cybersecurity, workforce standards, and governance transparency. ESG factors are incorporated into every acquisition memo and asset management review across all fund vehicles.

Reporting

Telvo reports on ESG metrics annually to LPs, including energy sourcing across tower and colocation portfolios, community engagement in rural broadband markets, RF safety compliance, and workforce diversity across the platform team.

Pillars

Environmental. Social. Governance.

E

Environmental

Renewable energy sourcing for tower and colocation facilities, network efficiency, e-waste management, and emissions reporting.

S

Social

Rural broadband deployment, RF safety, community engagement in zoning and permitting, and platform workforce standards.

G

Governance

Independent audit, LP advisory oversight, conflicts governance, and transparent quarterly reporting.

Governance

Institutional governance across every fund vehicle and platform entity.

Governance Architecture

Multi-entity structure with independent oversight.

Telvo operates through a multi-entity structure separating investment fund vehicles, a platform operating company, and a capital management entity. This architecture isolates fund-level liability, allows each investment fund to carry independent audited financials, and enables Telvo Capital Management, LLC to serve as investment manager across all fund vehicles under a unified governance framework.

Every investment fund is a Delaware Limited Partnership with a discrete general partner entity, an independent Limited Partnership Agreement (LPA), audited financials prepared by PwC, and an LP Advisory Committee providing investor-side oversight of conflicts, valuations, and key-person provisions.

Independent Oversight

  • Independent auditor: PwC
  • External legal counsel: LePore Law Group
  • Third-party fund administration
  • LP Advisory Committee per fund
  • Quarterly LP reporting cycle
Founder’s Letter

Every layer of the connectivity stack, under a single roof.

To our current and prospective partners,

Telvo was founded on a simple conviction: telecommunications infrastructure investing rewards those who marry deep technical expertise with the patience of institutional capital. Most funds pursuing this asset class are either specialists without institutional discipline, or generalists without the technical fluency to evaluate an RF study, a fiber IRU, a spectrum license portfolio, or a satellite gateway build. Telvo was built to close that gap.

Our platform deploys $25.592 billion across fifteen investment funds spanning the 2026 and 2028 fund vintages, each with a discrete mandate. We own carrier-neutral tower portfolios and 5G densification sites. We build metro and long-haul fiber routes anchored by hyperscaler and carrier commitments. We acquire rural fixed wireless operators qualifying for BEAD and ReConnect funding. We buy carrier hotels and telecom exchange properties whose interconnection density cannot be replicated. We aggregate spectrum through FCC auctions. We develop satellite ground stations serving LEO, MEO, and GEO customers. And we operate subsea cable landing infrastructure at the edges of trans-oceanic systems.

Every one of these strategies shares a common thread: contracted cash flows, credit-rated counterparties, and physical assets whose entitlements, zoning, and technical barriers create durable competitive moats. That combination is exactly what institutional capital should be underwriting.

Our fund architecture is deliberately institutional. Fifteen-year terms with two one-year extensions. European whole-fund waterfall. Eight percent preferred return. Twenty percent carried interest. One hundred percent GP catch-up. Ten million dollar LP minimum. PwC as independent auditor. LePore Law Group as external counsel. Independent third-party fund administration. Quarterly LP reporting on a strict institutional schedule.

The next decade of telecommunications infrastructure investment will reward operators, not observers. Carrier capex is compressing. Neutral-host business models are proliferating. Federal broadband programs are unlocking rural markets. Enterprise 5G is expanding. Satellite communications are commercializing. Subsea capacity requirements are compounding. Every layer of this stack is a distinct investable strategy — and Telvo covers all of them.

Thank you to our LP partners, our carrier customers, our property partners, and our platform team. We are grateful for your trust and committed to earning it every quarter.

Sincerely,

Alexandra Pohl

Founder and Chief Executive Officer

Investment Strategy

Contracted cash flows. Irreplaceable physical assets. Full-stack coverage.

Core Thesis

Telecom infrastructure delivers contracted, long-duration cash flows backed by physical assets that carrier customers cannot replicate.

Every Telvo investment targets the same underwriting pillars: multi-year contracted revenue with credit-rated carrier, hyperscaler, government, or enterprise counterparties; physical assets with high barriers to replication (zoning, tower siting, ground leases, spectrum licenses, subsea landing rights); operational leverage through carrier-neutral tenant expansion; and jurisdictional durability through federal, state, and municipal permitting frameworks that anchor asset value.

Telvo underwrites distinct infrastructure strategies through fifteen investment funds across the 2026 and 2028 fund vintages, each with a discrete mandate, general partner entity, and audited financials. This structure isolates fund-level liability, allows LPs to allocate capital by asset class, and permits Telvo to pursue deep sector specialization without cross-fund contamination.

Underwriting Discipline

Every acquisition passes through investment committee review including RF or structural engineering diligence, MLA credit review, zoning and permitting verification, environmental site assessment, and stress-tested carrier expansion scenarios.

Investment Process

From origination to asset management.

01

Origination

Carrier relationships, tower developer networks, fiber intermediaries, spectrum brokers, satellite operators, and subsea consortium partners.

02

Underwriting

Technical, commercial, legal, and financial diligence with sector-specific engineering and contract review.

03

Investment Committee

Chaired by Alexandra Pohl. Approval required for every acquisition above minimum thresholds.

04

Closing

Purchase agreements, ground lease conveyances, spectrum license transfers, and carrier MLA assignments.

05

Asset Management

Uptime SLA compliance, carrier expansion, colocation revenue growth, and quarterly LP reporting.

06

Realization

Sale to strategic acquirers, infrastructure aggregators, or public-market alternatives at fund maturity.

Return Framework

Target net IRR 12–16% across all investment funds.

12–16%
Target Net IRR
8%
LP Preferred Return
20%
Carried Interest
15+2
Year Term (yrs)
Leadership

Chaired by the founder. Governed by institutional discipline.

Alexandra Pohl
Founder & Chief Executive Officer

Alexandra Pohl

Founder and Chief Executive Officer of Telvo. Chair of the investment committee across all fund vehicles. Key person under fund LPAs.

Alexandra founded Telvo to build a platform capable of acquiring and operating infrastructure across the full connectivity stack — from wireless spectrum licenses and satellite ground stations to fiber routes, tower portfolios, and subsea cable landing stations — under a single institutional governance framework.

She leads deal origination, investment committee decisioning, LP relationships, and platform governance across Telvo's fifteen investment funds and eight operations and reserve vehicles, spanning both the 2026 and 2028 fund vintages. Her operating discipline anchors every asset underwritten and every carrier contract executed on the platform.

Platform Team

Investment, engineering, and operations leadership.

Telvo's platform team is composed of investment professionals with sector experience across tower, fiber, spectrum, and satellite operators, alongside RF engineers, structural engineers, fiber route planners, and business development leads.

Investment

Deal origination, underwriting, and asset management across all fund strategies. Sector leads for wireless, fiber, spectrum, and satellite.

Engineering

RF engineering, structural engineering, fiber route planning, and satellite ground station design. Technical due diligence and construction oversight.

Operations

Network operations, OSS/BSS management, MLA lifecycle, and uptime SLA management. Carrier relationship and enterprise sales.

Governance Committees

Investment, valuation, and conflicts governance.

01

Investment Committee

Chaired by Alexandra Pohl. Reviews every acquisition, disposition, and capital deployment above minimum thresholds across all fund vehicles.

02

Valuation Committee

Quarterly review of unrealized fund investments against independent third-party valuations. Reports to LP Advisory Committees.

03

Conflicts Committee

Reviews cross-fund transactions, related-party arrangements, and any conflicts arising in deal origination or asset management.

About Telvo

Built to bridge deep technical expertise with institutional capital discipline.

Our Story

Founded on a conviction about telecom infrastructure investing.

Telvo was founded on the conviction that telecommunications infrastructure investment requires both deep technical expertise and institutional capital discipline operating under a single roof.

The U.S. telecom infrastructure market generates tens of billions of dollars in annual infrastructure spending across tower portfolios, fiber route construction, spectrum auctions, and satellite communications facilities. Yet institutional capital allocation to telecom infrastructure has historically been fragmented across generalist infrastructure funds, real estate vehicles, and specialist operators without an integrated platform covering the full connectivity stack.

Alexandra Pohl established Telvo to close that gap, building a platform capable of acquiring and operating carrier-neutral tower portfolios, developing ground-up fiber routes with anchor carrier commitments, assembling spectrum license portfolios through FCC auctions, and managing satellite ground station facilities under a single governance framework.

Mission & Vision

Contracted, long-duration cash flows backed by irreplaceable physical assets.

Mission

To build and operate the most comprehensive carrier-neutral telecom infrastructure platform in the United States, deploying disciplined institutional capital across the full connectivity stack from wireless towers and spectrum licenses to fiber routes, satellite facilities, and subsea cables, generating superior risk-adjusted returns for LP investors while providing infrastructure certainty to carrier, enterprise, and government communications customers.

Vision

A connected communications ecosystem where carrier-neutral, privately owned infrastructure eliminates coverage gaps, reduces carrier capital expenditure through shared infrastructure economics, and provides institutional infrastructure investors with long-duration contracted revenue streams backed by irreplaceable physical assets positioned at the intersection of wireless, fiber, and satellite communications networks.

Values

Five values, non-negotiable across every fund vehicle.

01

Technical Rigor

In every RF study, structural evaluation, fiber route selection, and spectrum acquisition analysis.

02

Contractual Discipline

In every tower lease, fiber IRU, colocation agreement, and Master Lease Agreement we underwrite.

03

Transparency

In every LP reporting cycle, capital call notice, and valuation reconciliation.

04

Operational Accountability

In every uptime SLA, network availability commitment, and carrier obligation.

05

Long-Term Orientation

In every infrastructure asset held on behalf of LP capital across 15-year fund terms.

Institutional Framework

Independent fund administration, PwC audit, and LP advisory oversight.

PwC

Independent auditor for all Telvo fund vehicles and platform entities.

LePore Law Group

Legal counsel for fund formation, offering documents, and regulatory matters.

LP Advisory Committee

Investor-side oversight of conflicts, valuation, and key-person provisions.

Institutional Telecom Infrastructure

Operator-led capital across the full telecom infrastructure stack.

Telvo acquires, develops, and operates carrier-neutral wireless towers, fiber routes, spectrum portfolios, satellite ground stations, and subsea cable landing stations across the United States and select international markets, spanning both the 2026 and 2028 fund vintages.

Investment Fund AUM
$25.592B
Across fifteen investment fund vehicles covering the full connectivity stack
Platform AUM
$36.560B
All-in committed capital including operations and reserve funds across 23 funds
$25.592B
Investment Fund Capital
$36.560B
Platform Capital (All-in)
23
Fund Vehicles
8
Infrastructure Sectors
Mission

To build and operate the most comprehensive carrier-neutral telecom infrastructure platform in the United States.

15
Investment funds
8
Operations & reserve funds
12–18%
Target net IRR
Founder & CEO

Alexandra Pohl

Founder and CEO of Telvo, and chair of the investment committee across all fund vehicles.

Alexandra founded Telvo to build a platform capable of acquiring and operating infrastructure across the full connectivity stack — from wireless spectrum licenses and satellite ground stations to fiber routes, tower portfolios, and subsea cable landing stations — under a single institutional governance framework.

Leadership team

Alexandra Pohl, Founder and CEO of Telvo
Contact

Institutional capital, carrier partnerships, and property arrangements.

LP Investors

Investor relations, fund commitments, and LP reporting.

Investor relations →

Carrier Partners

Master lease agreements, colocation, and dark fiber arrangements.

Carrier tenants →

Property Owners

Ground lease sales, rooftop deployments, and land acquisitions.

Property partners →