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Our Origin
Eight years managing internal capital before raising a dollar from outside investors.
Valoran was built by former traders from Chicago Trading Company. That background shaped everything: how we think about risk, how we underwrite deals, and how we make decisions when markets get difficult.
From 2017 through 2025, Joe Harriman and Mark Purtell built the real estate platform inside CTC, deploying internal capital across five funds, 50+ acquisitions, and 390+ operator relationships spanning primary, secondary, and tertiary U.S. markets.
In 2026, they spun out as Valoran Capital Management with the same team, the same infrastructure, and the same underwriting framework -- and opened Fund V to qualified outside investors for the first time. The edge built over nine years as a practitioner is now accessible to accredited investors who want institutional discipline without institutional minimums.
How We Think
Four beliefs that shape every investment decision.
Risk before return.
We start every underwriting with the downside. What does this asset return in a stress scenario? If the floor is unacceptable, we do not proceed regardless of how attractive the upside looks.
Discipline on the front end is the only reliable way to protect capital over time.
Operators are the edge.
Local operators with track records in specific submarkets are how we access off-market deals, get hyperlocal market intelligence, and execute business plans effectively. We do not try to out-source or compete with them.
We partner. 45 of 52 acquisitions have been with repeat operators.
Communication is non-negotiable.
When something changes, investors hear it from us first. We put the details on the front page of our materials, covering what happened and how we responded. Sophisticated investors do not need a manager with a perfect record.
They need one who communicates clearly when things get hard and stays disciplined in their process.
Structure protects everyone.
Leverage aligned with business plan. Laddered exit timings. Hard caps on single-asset concentration. These are not constraints. They are the architecture of a portfolio built to seek resilience in adverse markets, not rely on favorable ones.
Strict adherence to investing in multifamily assets.