The Whiteside Fund aims to be the first real estate private equity fund focused on properties in western North Carolina, and will target to be a top Quartile Fund as compared to all real estate funds. The Whiteside Fund is structured as a limited partnership with a limited liability company as the General Partner. According to Ernst and Young, institutions, endowments, and high-net-worth individuals have invested $121 billion in over 300 real estate private equity funds since the late 1980's, and more than half of those investments have occurred within the period from 1999 through 2004. Such funds generally have terms of five to seven years and target undervalued assets, seeking returns of around 20% with leverage ratios of approximately 70%. Competition among real estate private equity funds has put pressure on returns in primary and secondary markets, and investors in such funds have increasingly looked to adapt the private equity platform to more targeted, niche markets.