After looking at whether a fund manager is an investment adviser and whether real estate is a security, I looked at the Private Equity Real Estate News list of the 30 biggest private equity real estate firms in the world (.pdf). (Disclosure: my company is on the list.)
How many of them are already registered with the SEC.
| 1 | The Blackstone Group | Yes |
| 2 | Morgan Stanley Real Estate Investing | Yes |
| 3 | Tishman Speyer | |
| 4 | Goldman Sachs Real Estate Principal Investment Area | Yes |
| 5 | Colony Capital | Yes |
| 6 | LaSalle Investment Management | Yes |
| 7 | Beacon Capital Partners | |
| 8 | The Carlyle Group | Yes |
| 9 | MGPA | |
| 10 | Lehman Brothers Real Estate Private Equity | Yes |
| 11 | CB Richard Ellis Investors | Yes |
| 12 | Westbrook Partners | |
| 13 | Starwood Capital Group | Yes |
| 14 | AREA Property Partners | |
| 15 | Prudential Real Estate Investors | Yes |
| 16 | Rockpoint Group | |
| 17 | daVinci Advisors | |
| 18 | Grove International Partners | |
| 19 | Hines | |
| 20 | Lubert-Adler Real Estate | Yes |
| 21 | RREEF Alternative Investments | Yes |
| 22 | Walton Street Capital | Yes |
| 23 | Citi Property Investors | Yes |
| 24 | Angelo, Gordon & Co | Yes |
| 25 | Bank of America Merrill Lynch Global Principal Investments | Yes |
| 26 | Shorenstein Properties | |
| 27 | Lone Star Funds | Yes (Hudson Advisers) |
| 28 | Heitman | Yes |
| 29 | Aetos Capital | Yes |
| 30 | Rockwood Capital |
If you do the math, 19 of the top 30 are already registered with the SEC as Investment Advisers. I expect to see several more in the “yes” column before July 21, 2011, the registration deadline under Dodd-Frank.
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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