Concept sample · prepared for RioBlanco Capital · fictional recipient
Private correspondence · a letter for Marcus
Marcus Chen
Austin, Texas
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Dear Marcus,
It was a pleasure walking you through what we are building — and hearing exactly where you hesitate. Two things stayed with you: whether the Opportunity Zone clock still works in your favor this late, and whether island hospitality can hold through a full cycle.
We tell people that we put our investors first. This letter is what we mean by it: the record, the structure, and your first year alongside us — drawn out, on your time.
Gabriel Jimenez
Co-founder & Principal · RioBlanco Capital · San Juan
I · The question of the cycle
Tourism is a headline. Rooms are a supply problem.
Puerto Rico's visitor economy has run ahead of its room inventory since the pandemic rebound — and nearly the entire island carries Qualified Opportunity Zone designation, layering federal deferral on top of the Act 60 framework. Hospitality assets here sit at the intersection of two tax statutes and one supply shortage.
Residences like The Legacy and The Grove are how the firm has answered that on the residential side; the Hospitality series is the same discipline pointed at the island's most undersupplied asset class. Every vehicle behind it sits on the federal and Commonwealth public record — drawn out below.
The record, standing
You asked if the island can hold a cycle. The honest answer is a list of addresses.
These are not projections. They are named projects from the firm's own portfolio — including a hotel already in the book, which means the Hospitality series is a continuation, not a first attempt.
Le Parc
Residential development · Puerto Rico
Aguadilla Hotel
Hospitality · Aguadilla, PR
The asset class of your series — already in the portfolio.
The Icon
Residential development · Puerto Rico
Summit Adventure Parks
Private equity · HQ Puerto Rico
Described by the firm as the largest entertainment parks company in Latin America.
Alongside positions the firm lists in Qdoba and Capital Rx — a private equity book that crosses food, healthcare, and entertainment while the real estate arm builds. Names and imagery from the firm's public portfolio pages.
II · The structure, drawn out
What a realized gain looks like from each side of the water.
You asked whether Act 60 is durable. The framework is statute — Puerto Rico's Incentives Code — administered by decree, on the public record, and recently extended by the legislature through 2055. Here is the arithmetic it produces for a bona fide Puerto Rico resident on qualifying Puerto Rico-source gains, side by side with the mainland treatment of the same dollar.
Illustrative only · assumes qualifying PR-source capital gains accrued after establishing bona fide residency · state taxes excluded · not tax advice — consult your advisors
0
Form D filings across the RioBlanco series on SEC EDGAR
0
Investors in Fund I alone, per its public Form D
0
Year through which the resident investor framework now extends
The public record
Six years. A series machine. All on the record.
Every entry below is a decree approval date from the Puerto Rico DDEC's published registry — not marketing copy.
2019
RioBlanco Fund I & Spectrum QOZ Fund I
The first vehicles file federally — Fund I closes on 62 investors and $9M, per its Form D on the SEC's public record.
OCTOBER 2023
DDEC decree · RioBlanco Fund, LLC
The Act 60 private equity fund decree is approved on the Commonwealth registry.
AUGUST 2025
Fund II · Distribution I, Series VI
The series structure expands into logistics and distribution assets.
DECEMBER 2025
Fund II · Hospitality I, Series VIII
The newest filing — the vehicle this letter concerns — filed with the SEC seven months ago.
Where the capital lives
One island. A mandate to build on it.
Every Act 60 fund carries a Puerto Rico deployment requirement. This is what yours would look like — not as a clause in the LPA, but as ground.
Vehicle and development names from the public record · pin placement illustrative — the production map plots actual portfolio coordinates
III · Your next four quarters
What the first year actually looks like.
Quarter one
Diligence, in person
Data room access, portfolio walk-through, and a day in San Juan meeting the underwriting team — the same borrowers, the same streets, the same courthouse the collateral lives in.
Quarter two
Subscription & structure
Your counsel reviews the fund documents; if the residency path is part of your plan, your tax advisors sequence the decree work alongside the allocation.
Quarter three
The first letter
Your first quarterly report — position-level, plain-spoken, and composed like the document you are reading now, not a spreadsheet export.
Quarter four
The compounding question
By now the question is no longer whether the island's credit market is real. It is how much of your book belongs here.
When you're ready
The next conversation is yours to open.
No follow-up sequence sits behind this page. When the questions here have settled, reply to the note that brought you — your subscription documents and investor portal access will be waiting. Or come see the island again; the second visit is always different.
This document is a design concept and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offer is made solely to accredited investors through definitive offering documents. Tax outcomes depend on individual circumstances, residency status, and source-of-income rules, including IRC §933 and Puerto Rico Act 60; nothing here is tax, legal, or investment advice. Past performance is not indicative of future results. Decree data sourced from the Puerto Rico DDEC public registry, September 2025.
RB
The RioBlanco mark · engraved for this correspondence
