Capital participants: M&G Real Estate, on behalf of its Asia Pacific Living Strategy; Stockland¹

Vehicle or channel

Stockland M&G Land Lease Partnership (SMLLP)^{1 2}

Platform or operator

Stockland Halcyon¹

Disclosed interest

49.9% M&G strategy; 50.1% Stockland^{1 2}

What it applies to

Equity interests in SMLLP^{1 2}

M&G entered Australian land lease alongside Stockland through a partnership seeded with Halcyon Jardin and Halcyon Evergreen in Victoria. Stockland subsequently confirmed formation at an initial gross asset value of approximately $200 million.^{1 2}

LLI analysis: This structure pairs managed capital with an established operator that retains a majority interest and delivery responsibility.¹

The $200 million is gross asset value, not M&G’s equity contribution. The disclosed percentage applies to this partnership, not the whole Halcyon business; underlying investors are not named.^{2 1}

Capital participants: Invesco Real Estate, through its flagship pan-Asian core strategy; Stockland^{1 2}

Vehicle or channel

Stockland Land Lease Partnership 1 (SLLP1)^{1 2 3}

Platform or operator

Stockland Halcyon^{1 2}

Disclosed interest

Initial interests: 49.9% Invesco strategy; 50.1% Stockland^{1 3 2}

What it applies to

SLLP1 partnership equity at formation^{1 3 2}

Invesco’s flagship pan-Asian core strategy joined Stockland in 2024 through an open-ended develop-and-hold partnership. The original three-community seed has expanded: Stockland’s partner directory now lists eight communities in SLLP1.^{1 2}

LLI analysis: The expanded portfolio shows how an institutional partnership can grow within an existing operating platform.^{1 2}

The 49.9% and 50.1% interests are the disclosed formation structure; a later cap table was not independently established. The launch estimate of $1.1 billion was expected gross development revenue, not equity invested.^{1 3 2}

Capital participants: Mercer Super Trust; Mercer Investments (Australia) Limited, as trustee and manager; Stockland¹

Vehicle or channel

AP#2 Trust investing in Stockland Residential Rental Partnership (SRRP)^{1 2 3 4}

Platform or operator

Stockland Halcyon^{2 5}

Disclosed interest

49.9% through AP#2 Trust; 50.1% retained by Stockland^{1 2 3 4}

What it applies to

SRRP partnership interest^{1 2 3 4}

Mercer Super Trust is a named Australian superannuation investor behind an established land lease partnership. Its AP#2 Trust route replaced Mitsubishi Estate Asia’s interest in SRRP, covering six communities. The regulator identifies the vehicle and stake; the vendor’s adviser reports completion by 6 August, and Stockland’s FY26 result names Mercer as the buyer.^{1 2 3}

The exact settlement day is not disclosed. The notification waiver alone would not establish completion; the transaction and issuer disclosures provide that additional evidence.^{1 2 3 4}

Capital participants: Mirvac; Pacific Equity Partners (PEP); PEP Secure Assets Fund II; Tasman Capital Partners^{1 2 3}

Vehicle or channel

Serenitas acquisition partnership; PEP Secure Assets Fund II; Tasman continuation-fund route^{1 2 3}

Platform or operator

Serenitas, including Thyme and National Lifestyle Villages⁴

Disclosed interest

Mirvac: 40%; separate current PEP and Tasman percentages unverified^{5 1 2 3}

What it applies to

Mirvac’s equity interest in Serenitas^{5 1 2 3}

Serenitas brings together a listed property group, private-market fund capital and a continuing private sponsor. Mirvac’s FY26 compendium records a 40% interest and a platform of 34 communities with more than 8,200 sites. PEP identifies Secure Assets Fund II as its investing fund. Tasman’s continuing exposure is documented separately through its Serenitas Continuation Fund.^{2 3 6 1}

Mirvac’s initial approximately 47.5% interest is historical. The sources do not establish a complete current PEP/Tasman ownership split, and sites include more than occupied homes.^{6 1 2 3}

Capital participants: Macquarie Asset Management; Macquarie Real Estate Partners (MREP); Unnamed pension and sovereign-wealth institutions^{1 2}

Vehicle or channel

Macquarie Real Estate Partners, a global opportunistic real estate fund^{1 2}

Platform or operator

Millbray¹

Disclosed interest

100% owned by MREP^{1 2}

What it applies to

Millbray platform equity^{1 2}

Millbray is a dedicated land lease development, ownership and operating platform wholly owned by MREP. Macquarie’s fund-close announcement identifies pension and sovereign-wealth institutions from Australia, Canada and the Middle East among the fund’s backers. At Millbray’s September 2025 launch, the platform reported more than 2,000 secured home sites across Queensland and New South Wales.^{1 2}

The investor names and Millbray allocations are undisclosed. MREP ownership is distinct from Macquarie balance-sheet ownership; the global fund’s capital and Millbray’s development-value targets are not LLC equity totals.^{1 2}

Capital participants: International institutional investors, not individually named; Proprium Capital Partners; Legal & General (L&G), at manager level^{1 2}

Vehicle or channel

AVID investment structure managed and advised by Proprium; specific fund not verified^{1 2 3 4}

Platform or operator

Vantage by AVID^{3 4}

Disclosed interest

L&G owns 75% of Proprium; AVID and Vantage ownership percentages undisclosed^{2 1 3 4}

What it applies to

The 75% is manager equity in Proprium only^{2 1 3 4}

AVID’s Vantage business sits within a platform owned by international institutional investors whose investment Proprium manages and advises. Vantage grew through acquisitions from Living Gems and development activity; AVID’s February 2025 update confirmed seven acquired communities had settled. L&G’s acquisition of 75% of Proprium adds an institutional owner at the manager level without identifying a corresponding stake in Vantage.^{1 3 4 2}

The underlying AVID investors and investment fund are unnamed. The original 14-community launch plan is not a verified current portfolio count, and L&G’s manager stake cannot be multiplied into AVID ownership.^{1 3 2 4}

Capital participants: Assembly Funds Management; Elka Capital^{1 2}

Vehicle or channel

Residential land lease fund established through the Assembly–Elka joint venture; legal fund name undisclosed^{1 2 3}

Platform or operator

Springtree³

Disclosed interest

Joint venture and fund participation verified; percentages undisclosed^{1 2 3}

What it applies to

Separate fund, operating-company and asset-trust interests have not been quantified^{1 2 3}

Assembly and Elka established a residential land lease fund with two initial northern Victorian acquisitions. Springtree identifies both firms as its backers and combines existing communities with a development programme. The transaction adviser also records work on founder co-investment. The launch ambition targeted more than ten communities and 2,000 homes, establishing the intended scale of the strategy rather than the amount of capital paid in.^{1 2 3}

LLI analysis: Warragul adds a development stage to the same platform, rather than another institutional investor.³

No split, named institutional fund investor or paid-in equity amount is public in the checked sources. Assembly’s Lowy Family Group and Alceon affiliations are at manager level; direct Springtree investment by those parties is not established.^{1 2 3 4}

Capital participants: Gaw Capital Partners, through managed funds; GreenFort Capital^{1 2 3}

Vehicle or channel

Gaw–GreenFort joint venture; specific investment funds not established^{1 2 3}

Platform or operator

Liven Communities^{1 2 3}

Disclosed interest

Joint venture confirmed; ownership percentages undisclosed^{1 2 3}

What it applies to

Fund, venture and asset-level interests are not quantified^{1 2 3}

Gaw and GreenFort formed a joint venture to acquire and develop Australian land lease communities under Liven. Gaw’s announcement describes participation through managed funds and an $800 million pipeline with an initial 1,200-home objective. GreenFort later reported more than 1,000 lots secured and a 3,000-home ambition. Its portfolio page identifies projects in Hervey Bay, the Bundaberg region, Gympie and Toowoomba.^{1 2 3}

Pipeline value and planned lots are not invested equity or completed homes. The exact funds, underlying investors and ownership split are undisclosed; a specific Gaw fund is not assigned without primary confirmation.^{1 2 3}

Capital participants: Corval Partners Limited, also known as RF Corval; Vivacity Property, operating partner^{1 2}

Vehicle or channel

Corval Manufactured Housing Estate Fund (MHE Fund)^{1 2}

Platform or operator

Vivacity Property^{1 2}

Disclosed interest

Equity split and invested amount undisclosed^{1 2}

What it applies to

Fund and platform equity interests are not quantified^{1 2}

Corval states that it has invested in land lease since 2019. Its MHE Fund material identifies Vivacity as the operating partner and names Tallowood, Stratford Gardens, Natrium at Coral Cove and Hervey Bay within its investment activity.¹

The cited manager disclosures establish the operating relationship but do not quantify the equity split or invested amount.^{1 2}

Capital participants: Washington State Investment Board (WSIB); Calzada Capital Partners; Hometown group¹

Vehicle or channel

Calzada and Hometown holding entities leading to Hometown Australia¹

Platform or operator

Hometown Australia¹

Disclosed interest

Institutional ownership chain documented historically; current percentages undisclosed¹

What it applies to

Private holding-company chain; current look-through Australian ownership unquantified¹

Calzada currently lists Hometown in its portfolio. The 2018 Gateway bidder’s statement documents the WSIB–Calzada–Hometown ownership chain, while a 2026 substantial-holder filing retains these entities within the associated group. Hometown’s Australian expansion includes its completed acquisition of Gateway Lifestyle.^{3 1 2 4}

LLI analysis: This is an indirect institutional route into an Australian operating platform; assessing today’s economic exposure still requires a current private ownership structure.^{1 2}

The 98% links disclosed in 2018 are historical and cannot establish today’s look-through Australian ownership. The 2026 associated-holder filing supports the named group, not a refreshed private cap table.^{1 2}

Capital participants: Sun Communities; Ingenia Communities^{1 2}

Vehicle or channel

Sungenia joint venture vehicles^{1 2}

Platform or operator

Ingenia Lifestyle^{1 2}

Disclosed interest

50% Sun; 50% Ingenia^{1 2}

What it applies to

Joint venture developments and completed communities^{1 2}

The Sun–Ingenia joint venture began in November 2018 and was extended in 2023 to November 2030. Ingenia develops and operates the communities and earns service fees. Sun’s June 2026 filing confirms its continuing 50% interest.^{2 1}

LLI analysis: The venture combines institutional capital with the operator’s development and management services.^{1 2}

The 50% interest applies to the joint venture’s developments and completed communities, not Ingenia’s wider operating business.^{1 2}

Capital participants: Aquilius Investment Partners; Tasman Capital Partners; Institutional investors, management and Tasman rollover capital^{1 2}

Vehicle or channel

Serenitas Continuation Fund; exact Aquilius investing fund undisclosed^{1 2}

Platform or operator

Serenitas^{1 2}

Disclosed interest

20% Serenitas block recapitalised through the vehicle²

What it applies to

The 20% is the recapitalised block, not Aquilius’s own beneficial stake²

Aquilius’s sponsor-authored account describes leading a $200 million vehicle to recapitalise a 20% Serenitas block. Tasman says its continuing investment is held through a fund supported by institutional investors and rollover capital from management and Tasman.^{1 2}

LLI analysis: Continuation capital offers an additional way to participate in an established platform without acquiring the entire business.^{1 2}

The $200 million is the reported vehicle size, not Aquilius’s sole commitment. The exact completion date, underlying investor allocations and full legal holding chain remain undisclosed.^{1 2}

Capital participants: Clean Energy Finance Corporation (CEFC); Pacific Equity Partners^{1 2}

Vehicle or channel

PEP Secure Assets Fund II; contracted vehicle Pacific Equity Partners Secure Assets Fund II A (Australasia)^{1 2}

Platform or operator

Serenitas is a separately identified investment of the fund³

Disclosed interest

Up to $80 million of fund-wide equity commitment^{1 2}

What it applies to

Commitment to a diversified fund, not an allocation to Serenitas^{1 2 3}

CEFC is a named institutional backer of the fund PEP identifies behind its Serenitas investment. The public investment case study and contract disclosure establish the fund-level commitment.^{1 2 3}

LLI analysis: A named fund backer strengthens the visible capital history, but does not establish that investor’s allocation to an individual operating platform.^{1 3}

No drawn amount, LLC allocation or look-through Serenitas percentage is disclosed. The fund also invests outside land lease.^{1 2 3}

Capital participants: MassMutual Ascend Life Insurance Company; Pacific Equity Partners^{1 2}

Vehicle or channel

PEP Secure Assets Fund II LP^{1 2}

Platform or operator

Fund-level relationship; Serenitas is a separately identified SAF II investment^{1 2}

Disclosed interest

Additional investment in the named fund partnership during Q1 2026¹

What it applies to

Fund interest; no direct Serenitas percentage established^{1 2}

MassMutual Ascend’s Q1 2026 statutory statement reports additional investment in PEP Secure Assets Fund II LP. PEP separately identifies Serenitas as a Secure Assets Fund II investment.^{1 2}

LLI analysis: These disclosures identify insurance capital at fund level while leaving its economic exposure to individual communities unresolved.^{1 2}

Schedule BA Part 2 records quarterly acquisitions and additions, not a complete quarter-end holdings register. The cited sources do not establish a direct Serenitas allocation, asset-specific restrictions or later holdings; no proportional stake is calculated.^{1 2}

Capital participants: AVARI Capital Partners; Eligible wholesale and sophisticated investors; names undisclosed¹

Vehicle or channel

AVARI Alternative Accommodation Fund; legal trust and trustee linkage not verified^{1 2 3 4}

Platform or operator

AVARI accommodation portfolio^{1 3}

Disclosed interest

Fund ownership percentages and capital raised undisclosed^{1 2 3 4}

What it applies to

No named institutional limited partner or quantified asset-level equity interest^{1 2 3 4}

AVARI’s fund strategy acquires income-producing accommodation parks, then pursues staged conversion to permanent land lease housing while retaining the land. The manager identifies acquisitions in Cairns and Busselton. The selling broker confirms that Busselton Holiday Village settled on 3 September 2026.^{2 3 1 4}

LLI analysis: This adds a manager-led park-conversion route to the sector’s capital structures.^{1 3}

This is one fund relationship. The cited sources do not establish a named institutional investor, fund close size, complete legal trust linkage or completed LLC conversion.^{1 2 3 4}

Capital participants: Eureka Group Holdings; Unnamed wholesale investors¹

Vehicle or channel

Eureka All Age Village Fund No 1¹

Platform or operator

Eureka all-age rental and tourist-park portfolio¹

Disclosed interest

Eureka holds 30.9%; $14.35 million of total equity commitments¹

What it applies to

Eureka’s fund-equity interest and total fund-equity commitments at commencement¹

Eureka All Age Village Fund No 1 commenced on 11 August 2026 with $14.35 million of equity commitments and Eureka holding 30.9%. Barrier Reef Tourist Park settled into the fund at commencement.¹

LLI analysis: The structure combines operator co-investment with outside wholesale equity in an adjacent rental and tourist-park strategy.¹

The announcement does not identify the external investors or establish that they are institutions. The fund’s rental and tourist-park strategy is not treated as pure resident-owned LLC equity.¹

Capital participants: Cerberus, historically described by Muree as an owner; Lincoln Place founding principals, in the same historical account¹

Vehicle or channel

Current investment fund and equity holding vehicles not established^{1 3 2}

Platform or operator

Lincoln Place^{2 1 3}

Disclosed interest

Historical ownership description; no verified current percentage¹

What it applies to

No current company, fund or asset equity denominator established¹

Muree Golf Club’s circa-April-2022 project document describes Lincoln Place as owned by its founding principals and Cerberus. The account establishes a historical ownership description; a current ownership percentage is not established.¹

Muree supplies a historical counterparty account, not an originating investor ownership announcement or current cap table. Its document concerns a retirement-village project; only the description of Lincoln Place’s ownership is used here.^{1 3 2}

Capital participants: Navis Capital Partners; NAF V; Blackstone; GIC; Tasman Capital Partners^{1 3 4}

Vehicle or channel

Navis NAF V; other historical investment vehicles not verified¹

Platform or operator

National Lifestyle Villages and Serenitas⁴

Disclosed interest

Historical participation; exact ownership percentages not established^{1 4 3}

What it applies to

Successive platform investments, not simultaneous current stakes^{1 4 3}

Navis lists NAF V’s National Lifestyle Villages investment from May 2007 to June 2018. Transaction-adviser records identify Navis and Blackstone as sellers to GIC and Serenitas, and GIC as a later seller of Serenitas. Mirvac’s acquisition table records settlement of the Mirvac/PEP-led acquisition in February 2024.^{1 4 2}

LLI analysis: The dated investment history places institutional participation well before the latest platform partnerships.^{1 2}

Blackstone’s adviser reports a $150 million investment but does not establish its instrument or fund. Precise GIC and Navis stakes are not established in the cited sources. Their earlier positions are historical; Tasman’s retained exposure is documented in the current Serenitas entries.^{3 1 4}

Capital participants: Alceon; Harvest; Quattro; PortNordica; Tasman-related vehicles¹

Vehicle or channel

Participating trusts; Tasman Lifestyle Continuum; Gateway Lifestyle stapled structure^{1 2}

Platform or operator

Gateway Lifestyle²

Disclosed interest

25 manufactured-housing estates from participating syndicates plus 11 Tasman estates¹

What it applies to

Asset contributions to the 36-estate formation portfolio, not investor equity percentages¹

Gateway’s offer document identifies syndicates associated with Alceon, Harvest, Quattro and PortNordica, together with Tasman’s portfolio. The issuer’s results confirm that the combination completed on 15 June 2015.^{1 2}

LLI analysis: Gateway’s formation illustrates an earlier route to scale: consolidate professionally sponsored private portfolios into a listed vehicle.^{1 2}

The sponsors and managers are identifiable, but the underlying syndicate investors and ownership percentages are not. Responsible-entity and trustee roles are not treated as beneficial capital ownership.^{1 2}

Capital participants: Hometown / Calzada group^{1 2}

Vehicle or channel

Hometown acquisition vehicles^{1 2}

Platform or operator

Gateway Lifestyle, acquired by Hometown in 2018²

Disclosed interest

100% acquisition completed in 2018²

What it applies to

All acquired Gateway securities; historical platform acquisition²

Hometown acquired all Gateway securities; ASX removal followed on 26 November 2018. The completed acquisition transferred Gateway’s platform into private ownership.²

LLI analysis: The transaction is a completed precedent for acquiring an established operating platform.²

The adviser’s $942 million figure is enterprise value, not equity invested. Gateway’s portfolio included development and short-stay sites.^{3 4}

Capital participants: Alceon; Underlying fund or syndicate investors, not named^{1 2 3}

Vehicle or channel

Alceon-associated Silver Shores and Tweed Shores trusts^{2 3}

Platform or operator

Residential and mixed-use park portfolio¹

Disclosed interest

Investor percentages and current exposure undisclosed^{1 2 3}

What it applies to

Historic asset and trustee relationships, not a present portfolio valuation^{1 2 3}

HTL’s historical Chinderah Lakes listing describes an Alceon portfolio with residential and tourism uses and also refers to Tweed Shores. The energy regulator records Alceon Group No.46 as trustee for Silver Shores Trust from 28 April 2019, with a registrant change from 22 November 2022. Its current Tweed Shores record names Alceon Group No.74 as trustee for Tweed Shores Trust, effective 22 July 2020.^{1 2 3}

The regulator establishes electricity-registration roles, not beneficial ownership percentages. The undated selling-agent listing does not establish a sale date, price or present owner. Current LLC equity exposure and underlying investors are not established from these records.^{1 2 3}

Capital participants: Boyuan Holdings, as seller; Lincoln Place, as buyer¹

Vehicle or channel

Lifestyle portfolio asset sale¹

Platform or operator

Boyuan’s seniors and lifestyle living portfolio¹

Disclosed interest

$64,041,200 final sale consideration¹

What it applies to

Mixed-asset portfolio transaction consideration, not an equity stake in Lincoln Place^{2 1}

Boyuan’s lifestyle portfolio sale to Lincoln Place settled on 11 September 2020. The issuer’s accounts record final consideration of $64,041,200.¹

The transaction covered seniors, lifestyle, leisure and development assets. It is not a pure LLC equity allocation or a current ownership statement for Lincoln Place.^{2 1}

Capital participants: Ingenia Communities; External unlisted-fund investors, not individually identified¹

Vehicle or channel

Eighth Gate Capital Management and six managed funds¹

Platform or operator

Allswell communities / Ingenia¹

Disclosed interest

Manager ownership and co-investment; investor percentages not exhaustively identified^{1 2 3}

What it applies to

Historical manager, fund and asset interests^{1 2 3}

Ingenia acquired the Eighth Gate funds-management platform and co-invested alongside unlisted investors in 2019. The model generated fund, asset and development-management fees as well as investment exposure. Its FY25 presentation reported that the managed funds divested their assets in February 2025 and that winding down the subscale funds business had progressed.^{1 2 3}

This is a historical managed-fund route. Business wind-down is not proof that every legal entity was dissolved; FY26 still lists controlled Eighth Gate and Allswell entities. The external investors are unnamed and are not assumed to be institutional.^{1 2 3}