Deploying $100M+ Into Mobile Homes, Mental Health Housing & Diverse Operators with Ryo Ishida of Rainbow Capital Partners

Deploying $100M+ Into Mobile Homes, Mental Health Housing & Diverse Operators with Ryo Ishida of Rainbow Capital Partners

The fifty-fifth episode of Groundbreakers Podcast by Homebase! Listen in for an amazing interview with Ryo Ishida, Managing Partner at Rainbow Capital Partners.

Domingo Valadez

Mar 27, 2025

Podcast

Episode Summary

In this episode of Groundbreakers, Ryo Ishida, Managing Partner at Rainbow Capital Partners, shares how he’s unlocking alpha by backing overlooked operators and investing in underfunded markets. From working construction in high school to deploying over $100M in capital, Ryo’s journey is a masterclass in identifying market inefficiencies and betting on long-term trends.

Ryo breaks down his firm’s investment thesis, how they built a 1,200+ person investor community, and why diverse teams consistently outperform in commercial real estate.

To listen to this episode, follow this link to Groundbreakers on Spotify!

Key Points Discussed

• Backing Underrepresented Operators: Ryo explains how Rainbow Capital focuses on funding diverse sponsors—often people of color, women, and LGBTQ operators—who are driving strong returns but remain undercapitalized by institutional investors.
• Finding Alpha in “Unsexy” Markets: Instead of chasing hot multifamily deals, Rainbow looks for opportunity in mobile homes, self-storage, mental health housing, and overlooked regions like Southeast LA and Baltimore.
• The Power of Community: By reserving 10% of each deal for non-institutional investors, Rainbow has built a community that fuels both capital and deal flow—creating a flywheel effect for sourcing opportunities.
• Lessons from the Downturn: Ryo shares how avoiding mezzanine debt, betting on long-term trends, and sticking to capital-efficient deals has helped Rainbow thrive during market corrections.
• What Makes a Great Operator: Ryo looks for hustle, creativity, and financial fluency. He prefers operators who’ve raised from friends and family and are ready to scale—bringing a startup mindset to real estate.

Guest Information

• Name: Ryo Ishida
• Role: Managing Partner at Rainbow Capital Partners
• LinkedIn: Ryo Ishida
• Website: Rainbow Capital Partners

Conclusion

Ryo Ishida’s story is a powerful reminder that real estate is still full of hidden opportunity—if you’re willing to go where others won’t. His approach to building a values-driven, data-backed investment firm shows how community, diversity, and long-term thinking can outperform the status quo.

Connect with Ryo on LinkedIn or check out Rainbow Capital’s quarterly webinars to learn more about their work funding the next generation of real estate operators.

DOMINGO VALADEZ is the co-founder at Homebase and a former product strategy manager at Google.