Growth capital for private equity backed restaurant groups
inKind Credit Fund, LP presentation
Q2 2021
Why Fund Restaurants Now?

There is a $10B opportunity for the best restaurant operators to expand in the aftermath of COVID.
By the end of 2020, more than 110,000 restaurants had closed due to COVID.

The best operators in the industry are on the hunt for deals to expand existing operations. inKind is uniquely positioned to be their finance partner.
Proven Model. Consistent Results.
In Q1 2021, the fund returned 4.45% net to investors.

Current projections for 2021 indicate that we will return 17% net back to investors.

To support this growing market opportunity, the inKind Credit Fund is seeking an additional $50M in debt.
How inKind Finances Restaurants
First: inKind buys a bulk amount of food and beverage (F&B) credit in a restaurant. This is typically $1,000,000 in F&B Credit for $500,000 in cash.
Then: inKind sells the food and beverage credit to consumers as high value gift cards (called House Accounts) through multiple channels.
We only lose money if we cannot sell the food & beverage credit and the restaurant closes.
A Win-Win-Win
inKind is a modern financing solution that is great for restaurants, customers, and investors.
Restaurants
No equity dilution or loan to be repaid: restaurants simply provide meals to guests who buy the food & beverage credit.
Customers
Guests get a bonus when they buy food & beverage credit (house accounts). Our data shows that a guest will spend 400% more once they buy a house account.
inKind Investors
The fund offers the highest return and lowest default rate of any restaurant financing method.
The fund starts recouping capital immediately and is usually fully paid within 12 months.
Our Portfolio
Our portfolio consists of reputable, world-class restaurant groups backed by some of the largest food-focused venture capital and private equity firms.

These groups have proven concepts and are using inKind funding to expand existing operations.
How the Fund is Repaid
Individual Deal Performance
On a per deal basis, the fund makes a 14% preferred annual return.
Fund Performance
Due to record demand from stable operators looking to expand, inKind is guaranteeing a minimum 12% annualized return to investors.
Risk & Resilience
Two Methods to Mitigate Risk
1. Over the past 3 years, we have built out a comprehensive underwriting process.

2. By targeting large-scale restaurant enterprise groups, we reduce risk by ensuring that credit can be redeemed across multiple locations.
Demonstrated Resiliency
Our model is designed to eliminate downward pressure on restaurants--keeping them open.

Even as 14% of American restaurants were shuttered permanently as a result of COVID-19, the default rate on our portfolio was 0.1%.

In 2020, during the height of the pandemic, the fund still returned 14.6% to investors.
Selling House Accounts
Thanks to our efficient marketing engine, inKind can recoup principal investments faster than traditional financing methods can - in months, not years. This minimizes the risk of restaurant financing and increases the returns for investors.



inKind sells credit through a range of channels (online marketing, social media, reservation reminders).

We obtain the restaurant's mailing list and social accounts to target marketing to customers who know and love the business.

We have built automated systems and campaigns to (i) acquire users and (ii) ensure users top up with additional credit when low.
Real Case: Capital Recouped from a Large Enterprise Client
Deal Specs:
inKind received $1M in credit in exchange for $500K in cash
$70M
Client's average annual revenue
6
Client locations
10
Months to return principal amount back to fund

Future Growth Opportunities
25
Restaurant Groups in Our Sales Pipeline
$50MM
Signed Capital Commitments in Q1 2020
$56MM
Projected Capital Deployment Needs Over the Next 12 Months
inKind projects significant and continued growth in 2021 as the economy recovers from the COVID-19 pandemic.
Prospective Clients
Our current pipeline includes over $50MM worth of potential deployments through the end of 2021.
Our Team
Our fund team has experience in investing, legal, and portfolio management.
Johann Moonesinghe
Fund Manager
Johann is an expert in restaurant finance and operations. He has made over thirty personal hospitality investments and is an established restaurant operator. Johann holds a B.S. in Computer Science from UCLA.
Andrew Harris
Fund Manager & Risk Analyst
Andrew is a graduate of the London School of Economics and former corporate lawyer with Linklaters LLP. Andrew has also owned and operated restaurants for the last five years.
Derek Keller
Finance Director
Derek is a former investment banker and venture capitalist, most recently with Techstars Ventures and Highway 12 Ventures. Derek has also served as CFO at both Pilotworks and Lendio.
Amanda Singer
Fund Analyst
Amanda holds an MBA from UNC-Chapel Hill and a B.S. from Vanderbilt University. She has cross-disciplinary experience in portfolio and risk management.
Fund Key Terms
Returns
  • Minimum 12% return guaranteed for first 12 months
  • Returns have historically been 16.7%
Liquidity
  • 60 day notice
  • 12 month lock-up
  • Optional quarterly redemptions
Integrity
  • GP has invested $1.5M in the fund
  • Third party fund administrator
  • Annual audit
Fees
  • 1% management fee
Q. How long has inKind been financing restaurants?
A. inKind has been financing restaurants since Q4 2016. While the inKind Credit Fund is a new structure, the existing debt model has been used since Q1 2018, and inKind has made every quarterly payment due and has not lost any investor's principal investment capital.
Q. What is the minimum investment?
A. The minimum investment in inKind Credit Fund is $500,000.
Q. How much is inKind Credit Fund LP raising?
A. inKind is looking to secure $50M for the inKind Credit Fund.
Q: How often will I be updated about my investment?
A: On a quarterly basis, investors receive capital account statements and investor newsletters. At any time, an investor may log in to the investor portal issued by our fund administrator, Goodform, to see all statements and documents related to their investment. We also always welcome calls and emails from our investors.
Q. Do I need to be an accredited investor to invest in the fund?
A. Yes, our funds currently only allow accredited investors.


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THIS WEBPAGE IS BEING FURNISHED BY OR ON BEHALF OF INKIND CREDIT FUND LP ("INKIND") ON A CONFIDENTIAL BASIS TO THE RECIPIENT SOLELY FOR THE LIMITED PURPOSE OF PROVIDING CERTAIN GENERAL INFORMATION ABOUT INKIND'S BUSINESS AND OPERATIONAL CAPABILITIES.

THE INFORMATION CONTAINED IN THIS WEBPAGE IS NOT, AND MAY NOT BE RELIED ON IN ANY MANNER, AS LEGAL, TAX, INVESTMENT, ACCOUNTING OR OTHER ADVICE OR AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY AN INTEREST IN ANY PRIVATE FUND OR ACCOUNT THAT MAY BE OFFERED BY INKIND OR ANY OF ITS AFFILIATES (EACH, A "FUND").

BY ITS ACCEPTANCE HEREOF, EACH RECIPIENT OF THIS WEBPAGE ACKNOWLEDGES AND AGREES THAT THIS WEBPAGE MAY NOT BE REPRODUCED OR PROVIDED TO OTHERS, IN WHOLE OR IN PART, NOR MAY ITS CONTENTS BE DISCLOSED WITHOUT THE PRIOR WRITTEN CONSENT OF INKIND, AND THAT THE RECIPIENT WILL KEEP CONFIDENTIAL ALL INFORMATION CONTAINED HEREIN NOT ALREADY IN THE PUBLIC DOMAIN.

THE PROJECTED RETURNS OR OTHER INFORMATION SET FORTH IN THIS WEBPAGE (THE "PROJECTIONS") ARE HYPOTHETICAL, HAVE BEEN PREPARED AND ARE SET OUT FOR ILLUSTRATIVE PURPOSES ONLY, AND DO NOT CONSTITUTE FORECASTS OR GUARANTEES OF FUTURE EVENTS. THEY HAVE BEEN PREPARED BASED ON INKIND'S CURRENT VIEW IN RELATION TO FUTURE EVENTS AND FINANCIAL PERFORMANCE OF EXISTING INVESTMENTS MADE BY INKIND AND VARIOUS ESTIMATIONS AND ASSUMPTIONS MADE BY INKIND.

THE ADOPTION OF THE TARGET RETURNS PRESENTED HEREIN IS NOT INTENDED TO PREDICT THE PERFORMANCE OF THE INKIND CREDIT FUND ("IK CREDIT FUND"). INSTEAD, THE TARGET RETURNS ARE INTENDED TO PROVIDE ADDITIONAL CONTEXT WITH RESPECT TO IK CREDIT FUND'S INVESTMENT STRATEGY. THE ULTIMATE RETURNS REALIZED BY IK CREDIT FUND WILL DEPEND ON NUMEROUS FACTORS AND ARE SUBJECT TO A VARIETY OF RISKS. THERE CAN BE NO ASSURANCE THAT IK CREDIT FUND WILL ACHIEVE ITS OBJECTIVES OR THAT IK CREDIT FUND WILL BE ABLE TO IMPLEMENT ITS INVESTMENT STRATEGY. AS WITH ALL INVESTMENTS, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS OF IK CREDIT FUND.

CERTAIN INFORMATION ON THIS WEBPAGE CONSTITUTES "FORWARD-LOOKING" STATEMENTS WHICH CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS "MAY," "WILL," "SHOULD," "EXPECT," "ANTICIPATE," "ESTIMATE," "INTEND," "PROJECT," "TARGET," "CONTINUE" OR "BELIEVE" OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. FURTHERMORE, ANY PROJECTION OR OTHER ESTIMATES IN THIS PRESENTATION INCLUDING ESTIMATES OF RETURNS OR PERFORMANCE, ARE "FORWARD LOOKING STATEMENTS" AND ARE BASED UPON CERTAIN ASSUMPTIONS THAT MAY CHANGE. DUE TO VARIOUS RISKS AND UNCERTAINTIES, ACTUAL EVENTS OR RESULTS OR THE ACTUAL PERFORMANCE OF THE FUNDS DESCRIBED HEREIN MAY DIFFER MATERIALLY FROM THOSE REFLECTED OR CONTEMPLATED IN SUCH FORWARD-LOOKING STATEMENTS. RECIPIENTS OF THIS WEBPAGE SHOULD PAY CLOSE ATTENTION TO THE ASSUMPTIONS UNDERLYING THE ANALYSES AND FORECASTS CONTAINED HEREIN.

FOR BUSINESS AND PROFESSIONAL INVESTORS ONLY. NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC.