INDEPENDENT ASSESSMENT
US Industrial Club VII, L.P., publicly identified by institutional investors as Hillwood US Industrial Club VII, is a verifiable 2024 Delaware real-estate fund sponsored by Hillwood. Its September 10, 2026 SEC Form D/A reports a $1.5 billion offering, $836,666,667 sold, $663,333,333 remaining and 11 investors, up materially from the $594.5 million reported in the September 2025 amendment. The fund uses Rule 506(b), offers equity and pooled investment fund interests, reported its first sale on June 25, 2024 and lists Jones Lang LaSalle Securities, LLC as placement agent for solicitation across all U.S. states and foreign jurisdictions. The latest filing estimates $6.4 million of sales commissions and $0 finder's fees. The SEC filing itself uses the legal name US Industrial Club VII, L.P.; the critical entity-penetration step is that New Jersey's Division of Investment independently identifies the same vehicle, address, strategy and personnel as Hillwood US Industrial Club VII, establishing the sponsor relationship much more strongly than name inference alone.
Hillwood's strategy is unusually well documented through institutional LP material. New Jersey describes Club VII as a non-core real-estate fund targeting institutional-quality U.S. industrial properties through a combination of existing-asset acquisitions and ground-up development, with expected equity checks of roughly $5 million to $35 million per investment. The same due-diligence memorandum gives a $1.5 billion hard cap, a target net return of 14–16%, a management fee of 1% on invested capital, a 20% incentive fee above an 8% preferred return and a 100% management-fee offset for specified additional expenses. It also cites a GP commitment of approximately $62.5 million, equal to 5% of the stated target fund size, with another institutional summary showing up to $65 million. These economics are substantially more informative than the Form D alone, because they reveal that Club VII is a traditional value-add/non-core industrial strategy with meaningful development exposure rather than simply a passive portfolio of stabilized logistics buildings.
The fund also has unusually strong institutional verification. New Jersey proposed an investment of up to $100 million in October 2025 after due diligence conducted with Hamilton Lane and subsequently reports a $125 million commitment to Hillwood US Industrial Club VII in its 2026 investment reports; by April 2026, approximately $13.56 million had been contributed and carried at approximately the same value, which is consistent with an early deployment stage rather than a mature portfolio. New Jersey's investment memorandum also identifies KPMG as auditor and Haynes Boone LLP as legal counsel. Historical public-pension evidence extends further back: New Zealand Super Fund previously disclosed investments in Hillwood US Industrial Club V and VI, confirming that the "US Industrial Club" naming convention has been used across several generations of Hillwood's institutional industrial-development strategy. These LP disclosures do not prove Fund VII performance, but they do provide independent evidence of repeated institutional participation across vintages.
The most important 2026 analytical point is the contrast between Hillwood's historical funds and the younger Club VII. New Jersey's October 2025 diligence materials reported Hillwood Industrial Fund I at 17.6% net IRR / 1.42x MOIC, Fund II at 22.0% / 1.65x, Fund III at 24.6% / 1.52x, Fund IV at 43.5% / 2.04x and Fund V at 30.8% / 1.67x, while the newer Fund VI was shown at only 3.3% IRR / 1.06x MOIC / 0.09x DPI. Those figures are point-in-time LP diligence data, not guarantees and not Fund VII returns. Their real value is that they show the strategy's dependence on vintage, development timing and realization cycles: older funds had already harvested substantial value, while the 2021 vintage remained much less realized. Club VII investors therefore need to focus on the portfolio's actual development pipeline, lease-up, cost basis, cap rates, financing costs and eventual exits rather than extrapolating legacy Hillwood returns into a 2024-vintage fund.
FINAL ASSESSMENT
Hillwood US Industrial Club VII has one of the stronger verification profiles among recent Form D real-estate funds because the SEC filing can be connected directly to detailed public-pension due diligence. The September 2026 amendment confirms $836.67 million sold against a $1.5 billion offering to 11 investors, while New Jersey independently confirms Hillwood as sponsor, the U.S. industrial acquisition/development strategy, target economics, GP commitment, KPMG audit relationship and Haynes Boone legal counsel. The most important current diligence issue is execution rather than sponsor identity: Club VII is still a relatively young development-oriented fund, so returns will depend on land and building basis, construction costs, tenant demand, lease-up, financing and exit pricing. Investors should therefore obtain the current asset schedule, development pipeline, construction budget, debt maturity profile, tenant roster, committed versus invested capital, NAV bridge, realized and unrealized returns and current fee calculations before treating historical Hillwood track records or Form D sales as proxies for Fund VII performance.
SEC SNAPSHOT
SPONSOR: Hillwood
SEC CLASSIFICATION: Pooled Investment Fund / Other Investment Fund | SECURITY: Equity + Pooled Investment Fund Interests | EXEMPTION: Rule 506(b) | ICA EXCLUSIONS CHECKED: Sections 3(c)(1), 3(c)(5), 3(c)(6) and 3(c)(7) | FIRST SALE: June 25, 2024 | OFFERING DURATION: More than one year.
PLACEMENT AGENT: Jones Lang LaSalle Securities, LLC | CRD 120738 | solicitation disclosed for all U.S. states and foreign / non-U.S. jurisdictions.
GENERAL PARTNER STRUCTURE: US Industrial Club VII GP, LP | US Industrial Club VII General Partner, LLC.
KEY RELATED PERSONS: Dewitt T. Hicks III | Tracy Lee Green | Todd L. Platt | historical filing also names Robert T. Vicente and M. Thomas Mason.
IMPORTANT CAPITAL DISTINCTION: $836.67M represents cumulative securities sold under Form D. It is not necessarily current NAV, invested equity, property value or Hillwood firmwide AUM.
WEBSITE / ENTITY PENETRATION
SPONSOR MATCH: STRONGLY VERIFIED THROUGH INSTITUTIONAL LP DOCUMENTS | LEGAL FORM D NAME: US Industrial Club VII, L.P. | INSTITUTIONAL NAME: Hillwood US Industrial Club VII, LP.
HILLWOOD PLATFORM: Dallas-based industrial real-estate development and investment business founded in 1988 by Ross Perot Jr. | New Jersey reported approximately 444 professionals and approximately $5.8B of total firm assets in its 2025 diligence materials.
INVESTMENT STRATEGY: U.S. industrial real estate | acquisitions of existing assets + ground-up development | anticipated equity investment of roughly $5M–$35M per investment | non-core/value-add orientation.
FUND SIZE / HARD CAP: $1.5B | TARGET NET RETURN: 14–16% | MANAGEMENT FEE: 1% on invested capital | INCENTIVE FEE: 20% over 8% preferred return | MANAGEMENT-FEE OFFSET: 100% on specified additional expenses.
GP COMMITMENT: approximately $62.5M / 5% of target fund size according to New Jersey diligence memorandum; related institutional materials indicate up to approximately $65M.
SERVICE PROVIDERS: KPMG LLC — auditor | Haynes Boone LLP — legal counsel | Jones Lang LaSalle Securities — placement agent.
INSTITUTIONAL LP EVIDENCE: New Jersey Division of Investment — proposed $100M investment in October 2025 and later 2026 reporting shows a $125M commitment; New Zealand Super Fund historically invested in Hillwood US Industrial Club V and VI.
HISTORICAL HILLWOOD INDUSTRIAL FUND RETURNS REPORTED BY NEW JERSEY: Fund I — 17.6% net IRR / 1.42x MOIC | Fund II — 22.0% / 1.65x | Fund III — 24.6% / 1.52x | Fund IV — 43.5% / 2.04x | Fund V — 30.8% / 1.67x | Fund VI — 3.3% / 1.06x. Historical point-in-time data should not be attributed to Fund VII.
CURRENT FUND VII PROPERTY SCHEDULE: REQUIRES FUND DOCUMENTS | CURRENT NAV: NOT DISCLOSED IN FORM D | CURRENT FUND VII IRR / MOIC / DPI: NOT PUBLICLY ESTABLISHED IN THE SOURCES REVIEWED.
CORE INVESTOR QUESTIONS
Which industrial properties and development projects currently sit inside Club VII | How much of the $836.67M sold has been called and invested | What percentage of capital is acquisitions versus ground-up development | Which markets account for the largest exposure | What are current occupancy and pre-leasing levels | What is weighted-average lease term | How much speculative development is underway without committed tenants | What are construction costs per square foot versus underwriting | What leverage is used at fund and property level | What are current interest rates and debt maturities | What cap rates are assumed in NAV | What is current NAV, net IRR, MOIC and DPI | How much of the estimated $6.4M placement commission has actually been incurred | How does the 1% management fee interact with the 100% fee offset | Are development, construction or property-management affiliates paid separate fees
CORE RISKS
Industrial-development execution risk | construction-cost inflation | lease-up risk | speculative-development risk | interest-rate risk | refinancing risk | industrial-property cap-rate expansion | tenant concentration | geographic concentration | land-basis risk | economic slowdown | logistics-demand normalization | development timing | leverage | limited Fund VII realized performance | estimated placement commissions | historical fund returns may not repeat | Form D sales do not equal current NAV.
INDEPENDENT CONCLUSION
US Industrial Club VII is not an unidentified generic "industrial club." Institutional documents establish that it is Hillwood's seventh-generation U.S. industrial investment vehicle, backed by a sponsor with decades of development experience and a long institutional-fund history. The latest SEC amendment shows meaningful fundraising progress from $594.5 million in 2025 to $836.67 million in September 2026, while public-pension documents provide unusually detailed information on strategy, fees, GP commitment and service providers.
The case-specific question is now execution. Hillwood's older industrial funds reported strong historical results, but Fund VI's much lower point-in-time return profile demonstrates why vintage and realization timing matter. Club VII investors should evaluate the actual development pipeline and property-level economics rather than assume that prior-fund returns will carry forward automatically. Form D and institutional commitments verify the structure; they do not constitute SEC or pension-fund approval of any individual property, NAV or future return.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission — US Industrial Club VII, L.P. — CIK 0002028128 — Form D/A filed September 10, 2026 — $1.5B offering — $836.667M sold — 11 investors — Rule 506(b) — Jones Lang LaSalle Securities.
New Jersey Division of Investment — October 23, 2025 Hillwood US Industrial Club VII investment memorandum — Hillwood sponsor identity, industrial strategy, $1.5B hard cap, GP commitment, target returns, fee structure, KPMG, Haynes Boone and prior-fund track record.
New Jersey Division of Investment — 2026 investment reporting — $125M commitment to Hillwood US Industrial Club VII and early-stage contributed-capital data.
New Zealand Super Fund historical reporting — Hillwood US Industrial Club V and VI institutional investments, confirming the multi-vintage US Industrial Club strategy.
IMPORTANT FORM D NOTICE:
Form D is a notice filing for an exempt securities offering. It does not mean that the SEC approved US Industrial Club VII, Hillwood, Jones Lang LaSalle Securities, any industrial property, development project, appraisal, fee structure, NAV or future investment performance.