Which 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 were registered with the Securities and Exchange Commission. Given that we just passed the March 30, 2012 registration deadline, I thought I would update the list. (Disclosure: my company is on the list.)

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


If you do the math, now 28 of the top 30 are now registered with the SEC as Investment Advisers.

There are good arguments to be made on both sides of the registration debate for real estate funds. The core requirement under the Investment Advisers Act is that the manager is giving investment advice about securities. Most of these real estate fund managers are truly focused on real estate and not securities. However, the discussion between what is and is not a real estate security may be fun for the first week of your securities law class in law school. It’s not a fun discussion when trying to comply with regulatory requirements.

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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