IceCap Real Estate Debt Fund III is a private debt strategy focused on first-lien Residential Transition Loans (RTLs), offering exposure to short-term real estate credit backed by over $3B in originations since 2017. The fund targets 13–18% net cash-on-cash returns, delivering 15.4% annualized in 2024, with quarterly distributions and an evergreen structure. With a $250M fund size and $25M quarterly cap, Fund III is currently open for new investment.