Are Real Estate Fund Managers Registered with the SEC?

Last year, I looked a the top 30 real estate private equity fund managers to see which are already registered with the SEC. The 2011 version of the PERE 30 just came out, so I decided to look at the list again.   (Disclosure: my company is on the list.)

It was mostly re-shuffling, but three new names were added to the list. One is registered as an investment adviser and the other two are not. Of the three that fell off the list, two were registered.

1 The Blackstone Group Yes
2 Morgan Stanley Real Estate Investing Yes
3 Tishman Speyer
4 Colony Capital Yes
5 Goldman Sachs Real Estate Principal Investment Area Yes
6 Beacon Capital Partners
7 LaSalle Investment Management Yes
8 The Carlyle Group Yes
9 Prudential Real Estate Investors Yes
10 Lone Star Funds Yes (Hudson Advisers)
11 Westbrook Partners
12 AREA Property Partners
14 KK daVinci Advisors
15 CB Richard Ellis Investors Yes
16 Shorenstein Properties
17 Rockpoint Group
18 Lubert-Adler Real Estate Yes
19 Citi Property Investors Yes
20 Walton Street Capital Yes
21 Starwood Capital Group Yes
22 Bank of America Merrill Lynch Global Principal Investments Yes
23 (new) TA Associates Realty Yes
24 (new) GI Partners
25 Lehman Brothers Real Estate Private Equity Yes
26 (new) KSL Capital
27 Aetos Capital Yes
28 Angelo, Gordon & Co Yes
29 Hines
30 Grove International Partners
x -off the list Heitman Yes
x-off the list Rockwood Capital
x-off the list RREEF Alternative Investments Yes


If you do the math, now 18 of the top 30 are already registered with the SEC as Investment Advisers. I expect to see several more in the “yes” column before the registration deadline under Dodd-Frank. The question is whether that deadline will be July 21, 2011 or sometime in the first quarter of 2012.

The PERE 30 measures capital raised for direct real estate investment through commingled vehicles, together with co-investment capital, over the past five years.


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