Private Equity Real Estate Top 50 – 2015 Edition of Who is Registered

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.)

PERE top 50 2015

Name of institution SEC Registered?
1 The Blackstone Group Registered
2 Starwood Capital Group Registered
3 Lone Star Funds (Hudson Advisors) Registered
4 Global Logistic Properties   Overseas
5 Brookfield Asset Management Registered
6 Tishman Speyer Registered
7 Colony Capital Registered
8 The Carlyle Group Registered
9 Fortress Investment Group Registered
10 Oaktree Capital Management Registered
11 Ares Management  Registered
12 Rockpoint Group Registered
13 KSL Capital Partners Registered
14 LaSalle Investment Management Registered
15 Westbrook Partners
16 CBRE Group Registered
17 Invesco Real Estate Registered
18 Greystar Real Estate Partners Registered
19 GreenOak Real Estate Registered
20 Northwood Investors Registered
21 Beacon Capital Partners Registered
22 TA Realty Registered
23 Angelo Gordon Registered
24 Hines Registered
25 Cerberus Capital Management Registered
26 GTIS Partners Registered
27 Och-Ziff Capital Management Registered
28 Harrison Street Real Estate Capital Registered
29 Shorenstein Properties
30 CIM Group
31 Walton Street Capital Registered
32 Almanac Realty Investors Registered
33 DRA Advisors LLC Registered
34 Kayne Anderson Capital Advisors Registered
35 Rialto Capital Management Registered
36 AEW Global Registered
37 USAA Real Estate Company (Square Mile) Registered (Registered)
38 The JBG Companies
39 GI Partners Registered
40 Mapletree Investments  Overseas
41 Kildare Partners Registered
42 ECE Real Estate Partners  Overseas
43 Fir Tree Partners Registered
44 PAG/ Secured Capital  Exempt Reporting
45 Merlone Geier Partners
46 Paramount Group Registered
47 Tricon Capital Group Inc. Registered
48 DivcoWest Registered
49 Carmel Partners Registered
50 Gaw Capital Partners Exempt Reporting

 

On this year’s list, 40 of the top 50 are registered with the SEC as investment advisers. Of those not registered, five are overseas, likely outside the scope of SEC registration requirements. Two of those overseas firms filed as exempt reporting advisers. That leaves five firms that are not registered 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 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, 2010 to March 2015 for direct investment through closed-end commingled real estate funds. It excludes core and core-plus funds.

Sources:

UPDATED to delete a reference to a firm that is not registered.

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