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Read MoreFairway America Chapter 11 Filing Leaves Fund VI, Fund VII and Fund VIIQP Investors Exposed — North Capital Private Securities Named on Every Form D
Portland, Oregon-based Fairway America, LLC — the manager behind a family of private real-estate credit funds — sought Chapter 11 protection in the United States Bankruptcy Court for the District of Oregon on July 8, 2026 (Case No. 26-32378), along with Fairway America Management Group II LLC. Investors in the Fairway America funds now face the prospect that the manager responsible for their capital is insolvent.
This post is for investors who were introduced to a Fairway America fund by a financial professional or an online investment platform. Those investors may have claims that the bankruptcy will never address.
Three funds, hundreds of millions in offerings, one broker-dealer
Between 2017 and 2025, Fairway America sponsored at least three Rule 506(c) pooled investment funds that reported their sales to the SEC on Form D. Every one of those filings lists the same recipient of sales compensation: North Capital Private Securities Corporation, FINRA CRD No. 154559.
| Fairway America Fund VI LLC (CIK 1578879) | Up to $250,000,000 offering; $11,831,312 sold through 12/2022; North Capital named on eight Form D/As 2018–2022 |
| Fairway America Fund VII LP (CIK 1618352) | Up to $500,000,000 offering; $61,815,307 sold through 2/2024; sales commissions reported up to $294,513; North Capital named on eight amendments |
| Fairway America Fund VIIQP, LP (CIK 1710125) | Up to $500,000,000 offering; $46M–$96M sold at various dates; sales commissions reported up to $590,410; North Capital named 2020–2023 |
| Fairway America, LLC (CIK 1646298) | Manager-level Form D 9/9/2020 ($6,000,000); North Capital named |
| Exemption claimed | Rule 506(c) — general solicitation permitted; purchasers must be verified accredited investors |
North Capital is the broker-dealer behind several online private-placement marketplaces and also serves as the registered intermediary for sponsor-run investor portals. If you subscribed to a Fairway America fund through a website, an investment-platform account, or a referral from an adviser, there is a good chance the transaction ran through North Capital.
Accredited does not mean suitable
Rule 506(c) lets a sponsor advertise to the public, but it does not relieve the broker-dealer that processes the sale of its own obligations. A firm acting as the placement agent or intermediary for a private fund must investigate the sponsor (FINRA Regulatory Notice 10-22), must not make misleading statements about the investment, and — where it recommends the investment — must satisfy FINRA Rule 2111 and Regulation Best Interest. Private real-estate credit funds carry concentrated borrower risk, valuation risk, and redemption restrictions that were not always made clear to the individuals who funded them.
Next steps for Fairway America fund investors
If you own units in Fund VI, Fund VII, Fund VIIQP or any other Fairway America vehicle, Carlson Law would like to speak with you. We represent investors in FINRA arbitration against broker-dealers, and we take these matters on contingency. Consultations are free.
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.
