Tag: PERE 50

PERE 50 and SEC Registration

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.

1 Registered Blackstone
2 Registered Brookfield
3 Registered Starwood Capital Group
4 Registered Lone Star Funds
5 Registered The Carlyle Group
6 Exempt Reporting GLP
7 Registered Pacific Investment Management Co.
8 Registered AEW Global
9 Registered GreenOak Real Estate
10 Registered Tishman Speyer
11 Registered Oaktree Capital Management
12 Registered CBRE Global Investors
13 Registered Angelo Gordon
14 Registered Ares Management
15 Registered Rockpoint Group
16 Registered CIM Group
17 Registered Crow Holdings Capital Partners
18 Registered Rialto Capital
19 Registered Cerberus Capital Management
20 Registered Morgan Stanley Real Estate Investing
21 Registered LaSalle Investment Management
22 Registered Westbrook Partners
23 Exempt Reporting Gaw Capital Partners
24 Registered Harrison Street Real Estate Capital
25 Registered Walton Street Capital
26 Registered KKR
27 Registered Bridge Investment Group
28 Registered Colony Northstar
29  Exempt Reporting ESR
30 Overseas Meyer Bergman
31 Overseas Kildare Partners
32 Registered  Invesco Real Estate
33 Exempt Reporting Partners Group
34 Registered KSL Capital Partners
35 Registered Exeter Property Group
36 Registered Orion Capital Managers
37 Registered PGIM Real Estate
38 Registered DRA Advisors
39 Overseas Keppel Capital
40 Exempt Reporting Aermont Capital
41 Registered DivcoWest
42 Exempt Reporting PAG
43 Registered Kayne Anderson Capital Advisors
44 Overseas Patrizia (including Rockspring Property Investment Managers)
45 Overseas Tristan Capital Partners
46 Registered  GTIS Partners New York
47 Registered Almanac Realty Investors
48 Registered Fortress Investment Group
49 Registered BlackRock Real Estate
50 Registered Northwood Investors

It’s a full boat this year. All 50 are (1) registered with the SEC as an investment adviser, (2) registered as an exempt reporting adviser, or (3) operate completely overseas outside of SEC jurisdiction.

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.

It looks like the “register” side of the debate has overwhelming won for the largest firms.

PERE Methodology

The PERE 50 ranking “measures private equity real estate firms by equity raised over the last five-year period. For this year’s ranking, the relevant period runs from January 1, 2013, to end of March 2018. Qualifying equity is raised for direct real estate investment through closed-ended, commingled real estate funds and co-investment vehicles that sit alongside those funds. The firm must have discretion over the fund’s capital, meaning club funds, separate accounts and joint ventures are excluded from the ranking. Further, as a ranking of private equity real estate firms, only funds with value-added and opportunistic investment strategies qualify. Strategies such as core and core-plus, as well as those not focused on direct real estate, like fund of funds, debt funds, and funds where the primary strategy is not real estate focused, such as general private equity, are excluded.”

Sources:

Private Equity Real Estate Top 50 – 2016 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.

pere 50

Rank Firm Headquarters Registration
1 The Blackstone Group New York  Registered
2 Lone Star Funds Dallas  Registered
3 Brookfield Asset Management Toronto  Registered
4 Global Logistic Properties (GLP) Singapore  Exempt Reporting
5 Starwood Capital Group Greenwich  Registered
6 Tishman Speyer New York  Registered
7 The Carlyle Group Washington DC  Registered
8 Oaktree Capital Management Los Angeles  Registered
9 Westbrook Partners New York  Registered
10 Rockpoint Group Boston  Registered
11 KSL Capital Partners Denver  Registered
12 Ares Management Los Angeles  Registered
13 Angelo Gordon New York  Registered
14 LaSalle Investment Management Chicago  Registered
15 Fortress Investment Group New York  Registered
16 Invesco Real Estate Dallas  Registered
17 Colony Capital Santa Monica  Registered
18 GreenOak Real Estate New York  Registered
19 CBRE Group Los Angeles  Registered
20 CIM Group Los Angeles  Registered
21 Northwood Investors New York  Registered
22 Walton Street Capital Chicago  Registered
23 PW Real Assets London  Exempt Reporting
24 Crow Holdings Capital Partners Dallas  Registered
25 Meyer Bergman London  Exempt Reporting
26 Tristan Capital Partners London  Overseas
27 Hines Houston  Registered
28 GTIS Partners New York  Registered
29 Partners Group Baar-Zug, Switzerland  Exempt Reporting
30 Almanac Realty Investors New York  Registered
31 Harrison Street Real Estate Capital Chicago  Registered
32 Carmel Partners San Francisco  Registered
33 Pramerica Real Estate Investors Madison, NJ  Registered
(Prudential)
34 Rialto Capital Management Miami  Registered
35 Hemisferio Sul Investimentos São Paulo, Brazil  Overseas
36 Shorenstein Properties San Francisco
37 Square Mile Capital Management New York  Registered
38 Kayne Anderson Capital Advisors Boca Raton  Registered
39 Greystar Real Estate Partners Charleston
40 DRA Advisors LLC New York  Registered
41 Och-Ziff Capital Management New York  Registered
42 Related Companies New York  Registered
43 KingSett Capital Toronto  Overseas
44 Gaw Capital Partners Hong Kong  Exempt Reporting
45 Tricon Capital Group Inc. Toronto  Registered
46 TA Realty Boston  Registered
47 Fir Tree Partners New York  Registered
48 Bridge Investment Group Partners Salt Lake City  Registered
49 AEW Boston Registered
50 ECE Real Estate Partners Hamburg, Germany  Overseas

 

On this year’s list, 39 of the top 50 are registered with the SEC as investment advisers. Of those not registered, four are overseas, likely outside the scope of SEC registration requirements. Five overseas firms filed as exempt reporting advisers. That leaves two 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, 2011 to March 2016 for direct investment through closed-end commingled real estate funds. It excludes core and core-plus funds.

Sources:

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.

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:

 

Private Equity Real Estate 50: Which are Registered with the SEC?

pere 50

Private Equity Real Estate just 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.)

1 The Blackstone Group Registered
2 Starwood Capital Group Registered
3 Lone Star Funds (Hudson Advisors) Registered
4 Colony Capital Registered
5 LaSalle Investment Management Registered
6 Tishman Speyer Registered
7 The Carlyle Group Registered
8 Goldman Sachs Real Estate Principal Investment Area Registered
9 Brookfield Asset Management Registered
10 MGPA Registered
11 Morgan Stanley Real Estate Investing Registered
12 CBRE Global Investors Registered
13 Westbrook Partners Registered
14 AREA Property Partners Registered
15 Angelo, Gordon & Co Registered
16 Prudential Real Estate Investors Registered
17 Shorenstein Properties
18 CapitaLand Overseas
19 Fortress Investment Registered
20 TA Associates Realty Registered
21 Oaktree Registered
22 Bank of America Merrill Lynch Global Principal Investments Registered
23 Walton Street Capital Registered
24 Northwood Investors Registered
25 Perella Weinberg Partners Registered
26 Lubert-Adler Real Estate Registered
27 AEW Global Registered
28 Beacon Capital Partners Registered
29 Orion Capital Registered (overseas)
30 Alpha Investment Partners Overseas
31 DRA Advisors Registered
32 KSL Capital Registered
33 ARA Asset Management Overseas
34 Rockpoint Group Registered
35 Niam Overseas
36 Hemisferio Sul Investimentos Overseas
37 Hines Registered
38 GI Partners Registered
39 Cerberus Capital Registered
40 GTIS Partners Registered
41 Invesco Real Estate Registered
42 Crow Family Registered
43 CIM Group
44 Rockwood Capital Registered
45 Berkshire Property Advisors Registered
46 Harrison Street Real Estate Capital Registered
47 GE Capital Real Estate
48 Kayne Anderson Real Estate Registered
49 Spear Street Capital
50 Stockbridge Capital Registered

 

PERE expanded the list this year from 30 to 50.  On the list, 41 of the top 50 are registered with the SEC as investment advisers. Of those not registered, 5 are overseas and likely are outside the scope of SEC registration requirements.

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.

Sources: