Private Equity Real Estate Top 50 – 2014 Edition of Who Is Registered

PERE 50 long

Private Equity Real Estate has released its ranking of the top 50 real estate private equity fund managers. As I have done in the past, I parsed the list to see which managers are registered with the Securities and Exchange Commission as investment advisers. (Disclosure: my company is on the list.)

Rank Name of institution SEC Registered?
1 The Blackstone Group Registered
2 Lone Star Funds (Hudson Advisors) Registered
3 Starwood Capital Group Registered
4 Colony Capital Registered
5 Brookfield Asset Management Registered
6 Tishman Speyer Registered
7 Angelo Gordon Registered
8 Westbrook Partners Registered
9 Oaktree Capital Management Registered
10 Global Logistic Properties  Overseas
11 Walton Street Capital Registered
12 GI Partners Registered
13 Orion Capital Managers Registered (overseas)
14 The Carlyle Group Registered
15 Fortress Investment Group Registered
16 TA Associates Realty Registered
17 CapitaLand  Overseas
18 Cerberus Capital Management Registered
19 LaSalle Investment Management Registered
20 Beacon Capital Partners Registered
21 Hines Registered
22 Northwood Investors Registered
23 Rockpoint Group Registered
24 Prudential Real Estate Investors Registered
25 GTIS Partners Registered
26 Ares Management (formerly AREA Property) Registered
27 KSL Capital Partners Registered
28 Secured Capital (Exempt Reporting)
29 Rialto Capital Management Registered
30 DRA Advisors LLC Registered
31 Merlone Geier Partners
32 Paramount Group Registered
33 CBRE Group Registered
34 Perella Weinberg Partners Registered
35 Hemisferio Sul Investimentos Overseas
36 Alpha Investment Partners Exempt Reporting
37 Gaw Capital Partners Exempt Reporting
38 Harrison Street Real Estate Capital Registered
39 Kayne Anderson Capital Advisors Registered
40 Phoenix Property Investors Registered
41 Kildare Partners Registered
42 DivcoWest Registered
43 Patron Capital Exempt Reporting
44 Mapletree Investments Overseas
45 GreenOak Real Estate (TFG) Registered
46 Heitman Registered
47 GE Capital Real Estate
48 The JBG Companies
49 Related Companies Registered
50 Tristan Capital Partners Overseas

 

Last year, PERE expanded the list from 30 to 50.  On this year’s list, 38 of the top 50 are registered with the SEC as investment advisers. Of those not registered, 9 are overseas, some of which filed as exempt reporting advisers and the rest are likely to be outside the scope of SEC registration requirements. That leaves 3 firms that are not registered or overseas.

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 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 50 measures capital raised for direct real estate investment through commingled vehicles, together with co-investment capital, over the past five years. This edition measures from January 1, 2009 to March 2014 for direct investment through closed-end commingled real estate funds. It excludes core and core-plus funds.

Sources:

 

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