After looking at whether a fund manager is an investment adviser and whether real estate is a security, I looked at the Private Equity Real Estate News list of the 30 biggest private equity real estate firms in the world (.pdf). (Disclosure: my company is on the list.)
How many of them are already registered with the SEC.
|1||The Blackstone Group||Yes|
|2||Morgan Stanley Real Estate Investing||Yes|
|4||Goldman Sachs Real Estate Principal Investment Area||Yes|
|6||LaSalle Investment Management||Yes|
|7||Beacon Capital Partners|
|8||The Carlyle Group||Yes|
|10||Lehman Brothers Real Estate Private Equity||Yes|
|11||CB Richard Ellis Investors||Yes|
|13||Starwood Capital Group||Yes|
|14||AREA Property Partners|
|15||Prudential Real Estate Investors||Yes|
|18||Grove International Partners|
|20||Lubert-Adler Real Estate||Yes|
|21||RREEF Alternative Investments||Yes|
|22||Walton Street Capital||Yes|
|23||Citi Property Investors||Yes|
|24||Angelo, Gordon & Co||Yes|
|25||Bank of America Merrill Lynch Global Principal Investments||Yes|
|27||Lone Star Funds||Yes (Hudson Advisers)|
If you do the math, 19 of the top 30 are already registered with the SEC as Investment Advisers. I expect to see several more in the “yes” column before July 21, 2011, the registration deadline under Dodd-Frank.
The PERE 30 measures capital raised for direct real estate investment through commingled vehicles, together with co-investment capital, over the past five years.