Legal.

01 · The practice

SECONDGP is a real estate manager-selection practice operated by Michal Kapusta. Seated in Europe. Single-mandate engagements with private real estate managers raising from GCC sovereign and quasi-sovereign capital. Contact: mk@secondgp.com.

02 · Scope of advice

The practice provides selection and configuration advice to general partners. It does not provide regulated investment advice to limited partners. It does not solicit, recommend, or place securities on behalf of any allocator. It does not act as a placement agent for the funds it advises and is not paid on capital raised.

03 · No fiduciary duty to the allocator

The practice's client is the general partner who engages it. The practice owes its duty of care to that client. Sovereign and quasi-sovereign allocators reading the practice's work product or meeting its named principal do so as independent professionals, exercising their own judgement under their own mandates.

04 · Confidentiality

Material exchanged with the practice is treated as confidential by default and not disclosed to any third party other than under a signed engagement, by force of law, or with the originator's written consent. The practice's commitment to one mandate per allocator per cycle is a structural commitment, not a confidentiality undertaking.

05 · Intellectual property

The SECONDGP name, mark, and editorial system are the property of Michal Kapusta. Site content is published for reading. It may be quoted with attribution. It may not be reproduced in full or used for derivative commercial purposes without written consent.

06 · Governing law

Engagements are governed by the law specified in the signed engagement letter. Site use is governed by the law of the practice's seat in Europe. Disputes that cannot be resolved by correspondence are submitted to the competent court at the practice's registered seat.

07 · No warranty on outcomes

Capital raising outcomes depend on factors beyond the practice's control, including market conditions, allocator appetite, and the fund's own performance. The practice's commitment is to the quality and discipline of its work, not to any specific commitment from any specific allocator.