Investor Portal · Confidential · Close 1 target November 30, 2026
Twenty-six clubs across Asia-Pacific. None in Bali. The Line opens in 2029.
The private members club is now an institutional asset class, proven from Singapore to Sydney and priced by Soho House's $2.7 billion take-private. The Line brings that model to the one market with everything except the club: vetted, capped, wellness-led, and built on freehold ground it buys outright, land first. Two closings fund it: a Pre-Development Round now, a Development Round in 2027.
$8.0M in two closingsClose 1: $1.75M Pre-Development Round12% preferred to the Land Gate, 8% afterBase 4.3× and ~29% IRR, 7-year hold, pre-taxMinimum $250K
- 26Clubs in the regional benchmark
- 9Markets, Singapore to Sydney
- ~16×EBITDA paid for Soho House, the category's exit print
- 0Exclusive members clubs in Bali today
01 · The Category
The region built the category. Bali is the open seat.
Every club that has lasted in this region shares two things: deep capital behind it and real estate beneath it. Aman, Rosewood, GURNER, Mori Building and Chow Tai Fook are all building clubs, and Soho House was taken private in January 2026 at roughly 16 times EBITDA. The Line is built to the same pattern: a capped, vetted membership, a wellness program that carries the price, a campus it buys outright, and residences that fund the build.
Seven of the twenty-six clubs in the benchmark, one per market. Fees are published rates converted to US dollars at August 2026 rates. The full benchmark covers ownership, funding, pricing and scale for every club.
Open the 26-club benchmark →Own the ground.
The clubs that closed paid rent. 1880 shut both Singapore and Hong Kong in 2025 with no property beneath it. The Line buys its 40-are Seseh campus outright, HGB freehold through PT PMA, as the first deployment of this round and only on clean title. No landlord, no lease step-ups.
Let the residences pay for the build.
Saint Haven, HAUS Da Lat and Aman Nai Lert all pair a club with homes. The Line's 18 members-only residences pre-sell for about $23.2M and fund construction in staged collections against milestones.
Let wellness carry the price.
Janu Tokyo charges $22,000 to $42,000 to join on the strength of a wellness floor. Training and the bathhouse are two of The Line's five verticals from day one, and Founders Reserve joins at $25,000.
Make scarcity the product.
Saint Haven's 500-seat cap drew a 20,000-name waitlist. Club Bâtard caps at 1,200. The Line caps at 1,500 members, 40 Founders Reserve seats and 18 residences.
02 · The Round
Two closings build the club. The club is what you own.
$8.0M of outside equity, raised in two closings, funds the three things residence pre-sales cannot: the land, the club build, and working capital through breakeven. The raise is staged: Close 1, a $1.75M Pre-Development Round, secures the land and the independent numbers first; Close 2, a Development Round of up to $6.25M in 2027, funds the purchase and the build. The residences pay for themselves. The retained club and its hospitality layer are what investors hold at exit, valued near $68M in the base case.
- The ask$8.0MIn two closings: Close 1, the $1.75M Pre-Development Round, opens now; Close 2, up to $6.25M, follows in 2027 once the Land Gate clears. $0.35M of founder capital is already spent.
- Close 1 pricingPer term sheetSet in the lead investor term sheet at a discount to the Development Round. Combined outside ownership targeted at 30 to 35% after Close 2.
- Preferred12% · 8%Cumulative, ahead of founder economics: 12% a year until the Land Gate clears, 8% thereafter.
- Base case4.3× · 29%MOIC and IRR, 7-year hold, pre-tax. Net ~25 to 26%.
- Minimum$250KAccredited investors only. Carries a Founding membership with the joining fee waived; $1M and above carries Founders Reserve. Lead investor minimum $1.0M.
- Close 1 targetNov 30, 2026Funds sit in escrow and release in two tranches: 40% at closing, 60% when the Land Gate clears. Close 2 is targeted for Q2 2027.
Where the money goes
- Close 1, $1.75M. The land LOI deposit, title and structuring diligence, the independent market and feasibility assessment, design through schematic and planning approval, the membership platform ($0.22M invested in the platform company and $0.12M for the technology partner's accrued, capped retainer), the pre-sale and membership launch, and 12 months of team costs.
- Close 2, up to $6.25M. The land purchase balance, detailed design, AMDAL and building permits, and the 2,500 m² clubhouse across five verticals, costed at the top of Bali's ultra-premium range, plus a 20% contingency.
- Working capital through breakeven. Breakeven is about 295 members of a 1,500 cap. The Founding and Charter cohorts, 325 seats between them, are seated at opening.
Close 1 carries the technology allocation: the holding company invests $0.22M in the platform company from Close 1 proceeds on most-favored-nation terms, with the minimum completed within 180 days from Close 2, and pays $0.12M for the technology partner's accrued, capped retainer. The terms are set out in the Summary of Indicative Terms.
How cash comes back
- Return of capitalBegins from residence handover in late 2029, ahead of any founder distribution.
- Cumulative preferred, 12% then 8%12% a year until the Land Gate clears, 8% thereafter. Accrues from closing and is paid in full before the surplus is shared.
- Surplus pro-rata to ownershipEuropean waterfall, no catch-up. Outside investors hold 30 to 35% combined after Close 2. Most of the base return is the exit distribution on the retained stake.
Investor protections
Sources and uses, ~$26.1M project cost
- Land and acquisition costs$3.3M
- Clubhouse, 2,500 m² at $2,000/m²$5.0M
- Residences, 5,200 m² at $2,000/m²$10.4M
- Soft costs$2.6M
- Sales and marketing$1.2M
- Contingency, 20%$3.6M
- Outside equity, two closings$8.0M
- Founder capital, already deployed$0.35M
- Staged residence collections, 25 / 30 / 30 / 15~$23.2M
- Standby facility, a construction-period bridge drawn against milestone timing and repaid from collections before any distribution; not permanent capital~$4.2M
The equity buys the items pre-sales cannot: the land, the clubhouse and working capital through breakeven. Residence collections fund the residence build in stages. The construction-period trough is bridged by the standby facility, drawn against milestone timing and repaid before any distribution.
03 · The Asset
Five verticals. One membership. 1,500 seats.
A 2,500 m² clubhouse on the Seseh corridor, a short walk from Pantai Seseh. Training, bathhouse and recovery, listening library and bar, dining and workspace, rooftop pool and events, under one membership. Dues are about half of revenue and carry roughly 95% incremental margin, which is why a club compounds like an operating business and is valued like one.
- ~$4.5MClub EBITDA, Year 5
- ~830Members at Year 5, of a 1,500 cap
- ~53%Of revenue is recurring dues
- ~295Members to break even
- ~40%EBITDA margin at stabilization
The ResidencesThe financing engine
Eighteen homes fund the build, then keep earning.
Ten pied-à-terre and eight family homes in a separate building on the same campus, sold only to members and resold only to members. Pre-sales of about $23.2M are collected in stages against construction milestones, so the build carries no speculative inventory. After handover all eighteen enter a managed hospitality pool by default, adding about $1.2M of Year 5 EBITDA that does not depend on the membership ramp.
- 18Residences, HGB tenure via PT PMA
- ~$23.2MGross pre-sales, base case
- 25 / 30 / 30 / 15Staged collections: signing, structure, fit-out, handover
- ~$1.2MHospitality EBITDA, Year 5
04 · The Platform
The club is physical. The membership runs on software.
A members club lives on three numbers: how efficiently it acquires members, how well it keeps them, and how much of the membership it can serve beyond its walls. Each is a technology outcome as much as a hospitality one. The Line's membership platform is designed once, in Bali, and licensed to every market The Line opens after it.
What the platform carries
- 01Expression of interestCapture and lead scoring, from the founding waitlist onward.
- 02Application and onboardingThe member application, vetting, and the member's digital experience.
- 03Billing and duesJoining fees, monthly dues and tier changes, collected cleanly.
- 04Concierge and service automationBookings, programming, and the daily rhythm of the club, member by member.
- 05Retention and churn predictionThe AI layer that personalises service and flags a member before they drift.
- 06The Remote tier$110 a month, uncapped, served at software economics between visits and beyond Bali. About 460 Remote members sit inside the Year 5 base case.
The Line owns its member data, its member relationships, and every Line-specific configuration, subject to member consent and data-protection law. The platform company owns the generalised platform. The boundary is drawn in writing.
Category exclusivity
Once the strategic investment is funded, the platform deploys with no other ultra-luxury private members club until 24 months after the Bali go-live, and from first funding it does not license to a direct competitor in any market where The Line operates or is building.
Fees and investment kept apart
Deployment fees are paid in cash and buy no equity. Investment capital buys no services. The holding company's strategic investment in the platform company is on most-favored-nation terms and is disclosed in full in the related-party schedule of the Summary of Indicative Terms. It is funded from Close 1 proceeds ($0.22M) on most-favored-nation terms, with the minimum completed within 180 days from Close 2.
A declining license, at founding-customer pricing
Each new city licenses the platform on a declining per-market fee schedule. Expansion means switching on proven infrastructure instead of building it again.
Built to outlive any vendor
Each market's license is perpetual once that market is live, while its license fees are current, and survives any change of control, financing or winding down of the platform company. The terms place source code and deployment materials in escrow, released on insolvency or a sustained failure of support.
The partnership is recorded in a memorandum of understanding executed September 2026, with definitive agreements in progress. Commercial terms, including the related-party investment, appear in the Summary of Indicative Terms.
Open the Technology brief →05 · Returns
Underwritten at a discount to the category.
Seven-year hold, pre-tax, through the documented waterfall. The exit is struck at 12 times operating EBITDA, a deliberate discount to the roughly 16 times paid for Soho House, with 14 times reserved for the proven multi-market case.
On $8.0M invested. Operating EBITDA is the club plus the residence hospitality layer. Capital and the preferred are substantially returned by 2031; the exit distribution on the retained stake is the larger part of the base return.
Net of structure, the base IRR is about 25 to 26% after VAT, corporate tax and cross-border leakage through the Singapore holding company. All figures are forward-looking management estimates from the monthly cash-flow model of record.
The exit route is in the terms. Drag-along from Year 6 with a founder right of first offer gives investors the power to bring a sale. The multiple is set at 12 times against the roughly 16 times paid for Soho House, and market two from 2031 widens the buyer set from a single club to a licensed platform, with co-investment priority for this round's investors.
06 · The Path
Gated capital. Nothing is built before it is funded.
Two closings and three gates govern the capital, and each releases it only when the step before it is done: the Land Gate before the second tranche and the Development Round, pre-sales at threshold and a fixed-price contract before groundbreaking. Residence tranches build only against confirmed sales.
- Nov 30, 2026 Close 1Pre-Development Round, $1.75MLead investor term sheet in October. Funds escrowed; 40% released at closing for the land LOI deposit, title diligence and the independent assessment.
- Q1 2027 Gate 1Land GateSigned LOI at or below IDR 1.3B per are with the deposit paid, Mantra Legal title opinion, PKKPR conformity, independent assessment engaged. Second tranche released; design through schematic and planning approval; platform company investment funded.
- Q1 2027Residence pre-sales launchSales gallery live with the Land Gate. Founders Reserve and founding members hold first refusal.
- Q2 2027 Close 2Development Round, up to $6.25MAt a step-up set by the board with lead investor consent. Land purchase completes in Q2 to Q3 2027; detailed design, AMDAL and building permits; architect engaged.
- Q3 2027 Gate 2GroundbreakingReleased on the pre-sale threshold, the building permit, and a fixed-price construction contract.
- 2027 to 2028 Gate 3Phased constructionResidence tranches mobilise against confirmed sales only. Milestone collections fund the build.
- Q1 2029The Line opensFounding and Charter cohorts seated on day one.
- Q4 2029Residences hand overHandover balances collected, standby facility repaid. Return of capital and the preferred begin.
- 2030 to 2032Stabilization and distributionsClub passes 1,000 members. Capital substantially returned.
- 2031 onwardMarket twoSeparately capitalized, on the licensed platform, with co-investment priority for this round's investors.
07 · The Documents
Everything a committee needs, in the order it needs it.
The memorandum is the document of record. The teaser is the one to forward. The round summary and the terms carry the deal mechanics, and the rest is the evidence behind the memorandum's claims. Each document is confidential and intended solely for the named recipient.
Start here · The deal
Hosted on DocSend
The evidence
Behind the memorandum's claims
The club
What members will experience, and who builds it
The data room, with the monthly cash-flow model of record, the investor financial summary workbook, and the land and counsel materials, opens under NDA on request.
08 · The People
Built by operators who have run rooms like these.
A founder and two chefs with Michelin and elite-sport pedigrees. Behind them, operating leadership from members-club general management to Olympic sport.
Ian Chadsey
More than twenty years in institutional real estate and capital markets, at CBRE, JLL and Halliburton, and a former Olympic-level athlete. $0.35M of his own capital is already spent on diligence, the PT PMA and legal groundwork, credited as founder shares.
David Myers
Michelin-starred chef and founder of ADRIFT, with 21 restaurants across three continents.
Sergio Perera
Trained at elBulli and ARZAK. Chef to elite athletes, building nutrition into the club's daily rhythm.
Also on the operating team: Danny Gonzales (Creative Director), Justin Malcolm (Hospitality Operations & GM), Tsoler Jekalian (Members Club General Manager), Inge de Bruijn (Athletic Programming Director) and Justin Fallon (Head Coach). Advisors Richard D'Silva, Rainer Frey and Chris Neff cover members-club hospitality, capital structure and global luxury partnerships.
Full profiles →09 · Next Step
The round is open. The founder is available.
Close 1, the Pre-Development Round, targets November 30, 2026. For data-room access under NDA, or a working session on the model, reach Ian Chadsey directly. Every conversation starts with the founder.