Fund Management With an Eternal Impact
OUR Mission & Vision
We partner with churches to transform their unused land into resources that support their mission.
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At RK Capital, our goal is to create lasting, positive change in people’s lives, while also delivering strong returns for our investors.
Through conversations with many churches, I (Kody) have come to understand that a lot of them are facing debt, sitting on surplus property, and seeking new ways to generate revenue.
By leveraging a fund structure, we can help churches unlock the value of their excess land and turn it into the capital they need to further their purpose.
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WHAT is aFund
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A fund is a newly formed investment vehicle—typically an LLC or limited partnership—owned by two groups:
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•General Partner (GP): controls and manages the fund.
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•Limited Partners (LPs): provide most of the capital.
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The GP (through the Fund Manager) runs the strategy. In most funds, the GP holds 5–20% and LPs own the
balance.
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Our fund design (including the church)
We will seat the church both as an LP investor and on the GP side. Those roles and rights will be set in
the Private Placement Memorandum (PPM) and Limited Partnership Agreement (LPA).
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The two parts of a fund
General Partner (GP)
•Runs the fund and makes investment decisions
•Owes a fiduciary duty to investors
•Liability for fund obligations (unlike LPs)
•Typically earns:
•Management fee or Performance fee.
•Carried interest (e.g., ~10% of profits after a hurdle)
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Limited Partners (LPs)
•Contribute capital
•Have limited liability (risk is limited to their investment)
•Do not manage day-to-day operations
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Why The Eternal Impact Fund?
I was at an investor retreat, discussing a $450 million project that was part of a $1 billion fund. The structure was impressive, the returns were solid, and this project had the potential to be a game-changer for me. But something didn’t sit right. I couldn’t get excited about the deal. I felt a strong sense that God was telling me this wasn’t the path I was meant to take.
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I wrestled with that feeling overnight, and the next morning, I made the decision to walk away from the team.
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As I packed my bags and began the five-hour drive home, I prayed, “God, please show me what I’m supposed to do. I have a unique skill set, but I don’t know how to use it.”
During that long drive, God began to reveal a vision in my heart—a vision to build a fund that would not only serve financial interests but make an eternal impact on people’s lives, communities, and generations to come. And that’s when the idea for the Eternal Impact Fund was born.
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The Eternal Impact Fund is designed to help churches unlock the potential of their excess land to further their mission. Through this fund structure, churches can retain control of the process without needing to invest additional capital.
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At RK Capital, we’re committed to making an eternal difference while delivering a solid return for our investors. We believe in the power of spreading the gospel and recognize the urgent need for more churches and para-church organizations in our communities. Together, we can leave a lasting legacy in people’s lives, our communities, and still provide a meaningful return to those who invest.
Investment Process
We meet with the church
RK Capital will meet with the church to understand their God given Mission / Vision (Their WHY). Then, we can discuss how developing the unused land can further their mission.
Financial Modeling and Due Diligence
RK Capital will layout some options and ideas to present to the church. The options will also include high-level financial projections and investor returns.
Pitch and Launch the Fund
RK Capital will pitch the fund to investors to obtain soft commitments.
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Once committed, we will finalize the specifics of the fund. The church will put the property into the fund as the initial LP investment. No further capital is needed from the church.
Development Process
RK Capital will serve as the Developer (or JV with a Developer) and will begin the process of development, architectural, entitlement and construction.
Distributions
Once the project is developed, we will begin returning dividends to the investors.
Mature Asset
Once the asset is mature, we will have discussions with the church to determine the best course of action to take.
Investment Thesis
The church contributes its land (either directly or through a newly created 501(c)(3) ), as equity, to the Eternal Impact Fund and receives ownership units equal to the land’s agreed value. We then work closely with church leadership to align planning, design, and uses with the church’s vision and the community’s needs.
The Eternal Impact Fund invests in both land and buildings, providing pre-development and construction capital while managing entitlement, development, leasing, and potential sale. Income from these assets is distributed to all investors, including the church, creating a durable, mission-aligned revenue stream that supports long-term ministry while preserving the church’s voice and purpose.
Meet The Founder
Kody Bybee
Co-Founder
I bring 25 years of experience in overseeing the financial planning and management of both for-profit and non-profit organizations. With degrees in Management and Finance, he specializes in leading large, complex construction projects to completion—on time and under budget. Kody’s broad experience across various business sectors inspires him to foster a culture where excellence is not just the outcome, but the entire experience.
Headquarted in Rapid City, South Dakota