Thrivent White Rose Real Estate Fund VI Reports $1.25 Billion Sold to Seven Investors

Thrivent White Rose Real Estate Fund VI, L.P. reported $1,250,931,250 sold to seven investors in a Form D amendment filed October 13, 2026 (accession 0000905148-26-004444). The fund's original notice, filed October 10, 2025, reported that no sale had occurred; the amendment gives the date of first sale as October 31, 2025.

What the filings show

The amendment names a single issuer, so the amount sold and the investor count describe the same entity. It reports a cumulative total since the first sale and lists the total offering amount as indefinite. The fund relies on Rule 506(b) and the Section 3(c)(1) and 3(c)(7) exclusions, reports no non-accredited investors, reports sales commissions and finders' fees of $0, and reports $0 in the minimum-investment field. It leaves the form's clarification field blank. Dividing the amount sold by the seven investors gives an arithmetic average of about $178.7 million; the filing does not give individual amounts, and the average is not a measure of any investor's commitment.

Two related persons are listed: Thrivent White Rose Real Estate GP VI, LLC, the general partner, and Thrivent Investment Capital Advisors, LLC, managing member of the general partner and investment manager of the fund. The amendment is signed by Jerome H. Borden, the adviser's chief compliance officer.

The adviser, registered under the business name Thrivent Private Investments (CRD 338378), lists Fund VI as a private fund in its annual Form ADV filed March 30, 2026. That filing reports a gross asset value of $1,250,759,375, approximately six beneficial owners, and approximately 100% of the fund beneficially owned by the adviser and its related persons, with none owned by funds of funds or non-U.S. persons. It reports $100,000 as the minimum investment routinely required of investors who are not related persons, where the Form D field reads $0. It identifies Fund VI as the master fund in a master-feeder arrangement with one feeder, Thrivent White Rose Real Estate Feeder VI, LLC, and names PricewaterhouseCoopers LLP as auditor and UMB Bank, N.A. as custodian.

Fund VI was one of four Thrivent White Rose funds that filed annual amendments on October 13, 2026. The others were Thrivent White Rose Fund XVI Fund of Funds, L.P. ($2,001,500,000 from 17 investors), Thrivent White Rose Endurance Fund IV, L.P. ($901,082,500 from 16) and Thrivent White Rose Fund XVI Equity Direct, L.P. ($781,387,500 from 19). Together the four report $4,934,901,250 from 59 investors.

Why it matters

The Form D leaves open whether the capital came from outside investors. The adviser's own registration filing answers that in large part: as of its March 2026 annual amendment, Thrivent Private Investments reported that it and its related persons beneficially owned approximately 100% of the fund. Under Form ADV, related persons include entities that control, are controlled by or are under common control with the adviser. The filing does not say which related persons hold the interests.

What the filings do not show

Neither filing names the investors. The ADV figures date from March 30, 2026 and count beneficial owners, while the Form D counts investors as of October 13, 2026, so the six and seven are not the same measure at the same date. The Form D reports sales commissions and finders' fees only; neither document states management fees or carried interest. The Form D does not disclose a finite offering target, and neither filing describes the real estate the fund holds.