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Understand where capital is moving.
Analysis of workforce housing, digital infrastructure, and the financing trends shaping private markets.

Key developments. Why they matter. What investors should watch next.

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Impact Growth Capital

Impact Growth Capital

The perspective behind the analysis

Impact Growth Capital examines workforce housing and digital infrastructure through the lens of disciplined underwriting, capital preservation, and long-term value.

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Featured Posts

$757 Billion Comes Due by 2028

$757 Billion Comes Due by 2028

The Apartments Are Not the Problem. The Debt Is.

The Fed Is Not Fighting Diesel

The Fed Is Not Fighting Diesel

Bottom line. The Fed did not hike because it can lower oil prices. It hiked because diesel is the channel through which an energy shock becomes broad inflation, and because underlying inflation never finished returning to target in the first place. For real assets, the practical consequence is that 2027 underwriting should assume current capital costs rather than rescue by refinance.

The 71 Percent Problem

The 71 Percent Problem

The hardest input in data center underwriting isn't power anymore. It's permission.

Archive

Investor Education

The Property Collects Rent. What Reaches You?

Sep 28, 2026

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5 min read

The Property Collects Rent. What Reaches You?

Expenses, debt, reserves, and distribution terms determine what reaches investors. Apractical walkthrough of every layer between a tenant's payment and your cash flow.

Impact Growth Capital

98 Properties. 30 Federal Agencies. 98% Occupied.

Sep 24, 2026

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3 min read

98 Properties. 30 Federal Agencies. 98% Occupied.

Someone Just Built a $450 Million Portfolio Around the Most Creditworthy Tenant inAmerica.

Impact Growth Capital

$757 Billion Comes Due by 2028

Sep 22, 2026

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4 min read

$757 Billion Comes Due by 2028

The Apartments Are Not the Problem. The Debt Is.

Impact Growth Capital

The Fed Is Not Fighting Diesel

Sep 17, 2026

•

4 min read

The Fed Is Not Fighting Diesel

Bottom line. The Fed did not hike because it can lower oil prices. It hiked because diesel is the channel through which an energy shock becomes broad inflation, and because underlying inflation never finished returning to target in the first place. For real assets, the practical consequence is that 2027 underwriting should assume current capital costs rather than rescue by refinance.

Impact Growth Capital

J.P. Morgan Targeted $500 Million. Investors Gave Them $1.1 Billion. The Market Is Telling You Where Cash Flow Lives Now.

Sep 15, 2026

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4 min read

J.P. Morgan Targeted $500 Million. Investors Gave Them $1.1 Billion. The Market Is Telling You Where Cash Flow Lives Now.

J.P. Morgan Asset Management closed its inaugural net lease fund at $1.1 billion, more than double its $500 million target. Over half the investors were new to the platform. The fund targets single-tenant industrial with long-term triple-net leases, onshoring tailwinds, and sale-leaseback activity. The same week, BDC portfolios showed $2.3 billion in unrealized losses and 81% of software loans marked down. Capital is not disappearing. It is rotating from uncertain yield toward observable, contracted income. That rotation is the signal.

Impact Growth Capital

35 Homes for Every 100 Families. The Number That Explains Everything About Workforce Housing.

Sep 10, 2026

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6 min read

35 Homes for Every 100 Families. The Number That Explains Everything About Workforce Housing.

The National Low Income Housing Coalition just published the most comprehensive measurement of housing affordability in America. The finding: for every 100 extremely low-income renter households, only 35 affordable and available rental homes exist. The national shortage is 7.2 million units. 74% of 11 million households at the bottom of the income ladder spend more than half their income on rent. No state has an adequate supply. This is not a cyclical housing problem. It is the structural demand signal underneath every workforce housing investment in the country.

Impact Growth Capital

The Apartment Pipeline Is Shifting. The Markets Getting the Most New Supply Are Not the Ones You Would Expect.

Sep 8, 2026

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5 min read

The Apartment Pipeline Is Shifting. The Markets Getting the Most New Supply Are Not the Ones You Would Expect.

Durham, North Carolina, just led the entire country in multifamily permitting intensity at 45.2 units per 10,000 residents, 56% above second place. Seven of the eight most permit-intensive markets have populations below 1.5 million. Columbia, South Carolina posted a 468% year-over-year surge. The construction pipeline is not concentrating in New York or Los Angeles. It is concentrating in the smaller, fast-growing metros where population is actually arriving. For workforce housing allocators, the map of where supply is heading just changed

Impact Growth Capital

The 71 Percent Problem

Sep 3, 2026

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9 min read

The 71 Percent Problem

The hardest input in data center underwriting isn't power anymore. It's permission.

Impact Growth Capital

Institutional Capital Is Moving Down-Market. What Happens When Wall Street Starts Competing for Main Street Real Estate?

Sep 1, 2026

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5 min read

Institutional Capital Is Moving Down-Market. What Happens When Wall Street Starts Competing for Main Street Real Estate?

JKKR just published research identifying a $5.1 trillion middle-market real estate opportunity: 5,800 sponsors, each managing 25 or more properties with less than $1.5 billion in dry powder, collectively controlling 300,000 properties across apartments, industrial, retail, office, self-storage, and medical office. That is 85% of the institutionally sponsored market. To reach them, KKR closed a $6.2 billion fund, the largest first-time fund in the GP solutions space. The question is not what KKR sees. It is what that tells you about where returns are getting harder to find.

Impact Growth Capital

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