Panther was formed by Douglas Kincaid and Tommy Pigg, along with Ben Loughry, who left the company in 2018 to pursue other interest. Traci Kane joined Panther in 2014 and Rob Semple in 2019. We typically provide equity for third party real estate limited partnerships with operating sponsors that have been thoroughly screened, have exceptional operating histories, and have similar investment objectives as Panther. These sponsors invest their own equity in each investment, pay for pursuit costs, and provide any debt guaranty that may be required. To date, Panther has participated in 37 investments in which it has provided over $164,000,000 equity. The acquisition value of these investments is over $1,440,000,000. Fourteen of these acquisitions have been sold resulting in an average annual return to our limited partners in excess of 21% with an average hold time of 37.9 months. It is anticipated that several existing investments will be marketed for sale in 2020.


Panther invests in opportunistic and stabilized commercial real estate. We have pooled dollars originating from investors both local and out of state. Target properties require $5,000,000 to $10,000,000 in equity per investment from Panther. Larger transactions that have the potential of exceptional returns will be considered. We typically look for investments that can achieve an average annual return to Panther investors between 15% and 20% within a 3 to 5-year hold period. Our extensive experience includes multiple product classes, from existing and to-be built retail, office, multifamily, land, industrial and infill redevelopment opportunities. We can provide equity for recapitalization and distressed asset purchases. Panther typically targets 4 to 6 acquisitions per year.

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Investment Philosophy

The principals of Panther have over 100 years of combined commercial real estate experience through every stage of the real estate cycle over multiple product classes. Accordingly, we adjust our real estate strategy to take maximum advantage of the current investment environment. We believe that local and regional market expertise greatly improves the likelihood for excellent returns; therefore, we typically focus on investments throughout the state of Texas and other select opportunities nationally. We currently own assets in Texas, Oklahoma, Colorado, and Arizona. Panther places significant emphasis on a disciplined and conservative approach to underwriting, due diligence and evaluating prospective investments. Panther conducts its own, independent due diligence, in addition to the research and analysis provided by our sponsors. This approach means not only recognizing which opportunities have the highest probability of success, but also recognizing those transactions that should be avoided. Our strategy is to execute our business plan and when the financial objectives have been achieved, sell the assets and return equity and profits to our investors.

Targeted Buying Opportunities:

  • Stabilized properties providing current cash flow
  • Discounted Purchases of Cash Flowing Assets
  • Distressed Value Add Asset Purchases
  • Recapitalization
  • Lender Owned

Management & Experience

Douglas Kincaid, Tommy Pigg, Traci Kane and Rob Semple have over 100 years of combined real estate experience in both expanding and contracting market environments.

They have been involved in over $ 3 Billion in aggregate real estate transactions including acquisitions, development, operations, asset management and disposition. Experience is over multiple product classes including existing and to-be-built office, retail, multifamily, land, and infill redevelopment. Kincaid, Pigg, Kane and Semple are the Partners and Managers of Panther FW Investments, LLC.