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Founders Table Restaurant Group
Founders Table Restaurant Group was established in 2020 by David Adelman and Stephen Starr.
Founders Table Restaurant Group
Founders Table Restaurant Group was established in 2020 by David Adelman and Stephen Starr. Adelman built his wealth through real estate development and as the founder of Four Corners Property Trust, a publicly traded REIT; Starr built Starr Restaurant Organization, a collection of over 60 restaurants. The firm was formed to combine their respective capabilities in hospitality real estate and restaurant operations. The firm's strategy spans direct investment in restaurant concepts — including acquisition, development, and operation — across a spectrum of price points and cuisines. Key holdings include fast-casual chain "Souvla," modern-American "Starr's Bar & Grill," and a stake in the Nobu Hospitality group (per public filings, 2023). Geographically, the portfolio is concentrated in the United States, with active expansion into markets such as New York, Los Angeles, and Las Vegas. The firm employs a lean team, with Adelman overseeing capital allocation and real estate strategy, while Starr drives concept development and culinary direction. Adjacent philanthropic vehicles include the Adelman Family Foundation, which focuses on education and poverty alleviation (per the foundation's 990 form, 2022). In early 2023, Founders Table Restaurant Group acquired the majority stake in the six-unit fast-casual restaurant brand "Pizzaola" (per the firm, 2023). The firm's structural differentiator is its integrated approach: it operates as a single-family office that simultaneously functions as an operating company — owning both the real estate and the restaurant operations. This dual model reduces friction in site selection, development, and brand rollout, and positions the firm to capture both operating income and real estate appreciation within a unified capital base.
General information
Firm type
Single Family Office
Year founded
2020
AUM
$50M (per the firm, 2020)
Location
Region
North America
Country
United States
City
—
Corporate office
United States
Principals
David Adelman
Founder and Chief Executive Officer
Stephen Starr
Co-Founder and Chief Creative Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Founders Table Restaurant Group?
David Adelman serves as CEO and oversees capital allocation, real estate strategy, and financial decisions. Stephen Starr, as Co-Founder and Chief Creative Officer, directs concept development, culinary operations, and brand strategy. Both are the ultimate decision-makers for investments (public record).
How does Founders Table Restaurant Group source proprietary deal flow?
The firm leverages Adelman's real estate relationships and Starr's industry network to source off-market restaurant properties, distressed concepts, and emerging brands. It also proactively develops concepts internally — such as the fast-casual 'Darby's Market' and 'Good' — rather than relying solely on external acquisitions (public record).
Is Founders Table Restaurant Group structured as a single family office or does it operate more like a venture firm?
It is structured as a single-family office, investing the personal wealth of the Adelman and Starr families. It does not raise outside institutional capital, though it may partner with other family offices or high-net-worth individuals on specific real estate joint ventures. Its operational focus differentiates it from a typical venture firm, as it directly manages restaurant concepts (per the firm).
Does Founders Table Restaurant Group participate in fund commitments or only direct deals?
The firm primarily makes direct investments in restaurant concepts and hospitality real estate. It does not serve as a limited partner in external investment funds. However, it may participate in club deals or joint ventures for larger-scale real estate developments (public record).
What investment stages does Founders Table Restaurant Group typically target?
The firm invests across the lifecycle of restaurant concepts — from early-stage development of new brands to growth-stage scale-up of proven concepts and acquisitions of established chains. Its real estate investments range from ground-up development to the acquisition of operating properties (public record).
Which sectors does Founders Table Restaurant Group explicitly avoid?
The firm does not invest in non-hospitality sectors such as technology, healthcare, or energy. Its focus is exclusively on restaurants, food service, and hospitality-related real estate. No public statements on avoidance of specific sub-sectors within restaurants have been made (public record).
Where does the underlying wealth come from?
David Adelman built his wealth through real estate development and his role as founder of Four Corners Property Trust, a publicly traded restaurant REIT. Stephen Starr built his wealth through the Starr Restaurant Organization, a collection of over 60 restaurants including popular concepts like Buddakan, Morimoto, and The Diner. The firm invests the combined family wealth from these entrepreneurial ventures (public record).
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