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New York-headquartered Lincoln Property Company has formed a $400 million discretionary real estate investment program backed by commitments from affiliates of HF Capital and SGF Capital, two US-based single-family offices. The program will pursue real estate opportunities across Lincoln's national platform.

HF Capital invests on behalf of the Haslam family, founders of Pilot Travel Centers, while SGF Capital manages the investments of Autry C Stephens, founder of Endeavor Energy Resources. Both are structured as long-term, discretionary commitments rather than deal-by-deal joint ventures.

The commitments add to a broader trend of SFOs allocating directly to real estate operating platforms, seeking closer alignment with managers and more control over strategy than co-mingled fund structures typically offer. Family offices have increasingly sought this kind of direct exposure as they build out in-house real estate allocations alongside traditional private equity and public market holdings.

Lincoln, based in Dallas, is one of the largest private real estate firms in the US, with a combined management and leasing portfolio of more than 720 million square feet covering office, multifamily, life science, retail, industrial, data centers and other asset types in the US, UK and Europe. The firm said it has raised more than $2 billion in equity across its investment platform this year, part of a push to expand its investment management business alongside its traditional operating and leasing services.

Wellford Tabor, head of direct investments for HF Capital, said the firm has known Lincoln's principals for years. Tabor cited the Haslam family's work with Lincoln as a development partner on the new Cleveland Browns stadium and associated mixed-use development in Cleveland.

JLL Securities advised Lincoln on arranging the partnership. The deal follows a pattern of real estate operators seeking permanent or long-duration capital from family offices as an alternative to institutional fund vehicles, which typically carry fixed investment horizons and fee structures.