Last year, I looked a the top 30 real estate private equity fund managers to see which are already registered with the SEC. The 2011 version of the PERE 30 just came out, so I decided to look at the list again. (Disclosure: my company is on the list.)
It was mostly re-shuffling, but three new names were added to the list. One is registered as an investment adviser and the other two are not. Of the three that fell off the list, two were registered.
| 1 | The Blackstone Group | Yes |
| 2 | Morgan Stanley Real Estate Investing | Yes |
| 3 | Tishman Speyer | |
| 4 | Colony Capital | Yes |
| 5 | Goldman Sachs Real Estate Principal Investment Area | Yes |
| 6 | Beacon Capital Partners | |
| 7 | LaSalle Investment Management | Yes |
| 8 | The Carlyle Group | Yes |
| 9 | Prudential Real Estate Investors | Yes |
| 10 | Lone Star Funds | Yes (Hudson Advisers) |
| 11 | Westbrook Partners | |
| 12 | AREA Property Partners | |
| 13 | MGPA | |
| 14 | KK daVinci Advisors | |
| 15 | CB Richard Ellis Investors | Yes |
| 16 | Shorenstein Properties | |
| 17 | Rockpoint Group | |
| 18 | Lubert-Adler Real Estate | Yes |
| 19 | Citi Property Investors | Yes |
| 20 | Walton Street Capital | Yes |
| 21 | Starwood Capital Group | Yes |
| 22 | Bank of America Merrill Lynch Global Principal Investments | Yes |
| 23 (new) | TA Associates Realty | Yes |
| 24 (new) | GI Partners | |
| 25 | Lehman Brothers Real Estate Private Equity | Yes |
| 26 (new) | KSL Capital | |
| 27 | Aetos Capital | Yes |
| 28 | Angelo, Gordon & Co | Yes |
| 29 | Hines | |
| 30 | Grove International Partners | |
| x -off the list | Heitman | Yes |
| x-off the list | Rockwood Capital | |
| x-off the list | RREEF Alternative Investments | Yes |
If you do the math, now 18 of the top 30 are already registered with the SEC as Investment Advisers. I expect to see several more in the “yes” column before the registration deadline under Dodd-Frank. The question is whether that deadline will be July 21, 2011 or sometime in the first quarter of 2012.
The PERE 30 measures capital raised for direct real estate investment through commingled vehicles, together with co-investment capital, over the past five years.
Sources:
- PERE 30 (.pdf) PERE’s Ranking of the 30 largest private equity firms in the world
- Which Real Estate Fund Managers are Registered with the SEC?
- Is a fund manager is an investment adviser? – prior post on Compliance Building
- Is real estate is a security? – prior post on Compliance Building
I think that it is a good thing that these funds now must register with the SEC. I will provide more oversight and control. Is there a source that discloses how much these individual funds have in investments?