The 10 Youngest Private Equity Real Estate Firms With Over $1B In Assets
Bisnow is a young company—not even old enough for a bar mitzvah—so we love to see other youths running with the big dogs. Here's 10 of the youngest PERE firms in the biz with over $1B in assets under management, via Wall Street Oasis' PERE 50. ("Capital raised" amounts reflect between Jan 2010 to March 2015)
1. Kildare Partners
Capital Raised Over Time Period: $1.907B
Founded by Ellis Short (pictured), this London-based firm has been swooping up distressed real estate assets since 2013. Look for them to have a bunch more business if Sam Zell's ominous predictions come true. Things move fast at Kildare—they unloaded their whole $2B European fund in a little over a year.
2. GreenOak Real Estate
Capital Raised Over Time Period: $3.1B
HQ: NYC, London & Tokyo
Green Oak Partners just snagged the former Playboy Club (although now its just an office building off Fifth Avenue) in a JV with Capstone Equities in April. Next stop, the Playboy Mansion?
3. Global Logistic Properties
Capital Raised Over Time Period: $9B
After snagging 200 US warehouses in June for $4.6B, the Singapore-based private equity firm is the second-largest logistics properties owner in the states. That deal was also the second-largest real estate purchase year-to-date.
4. Rialto Capital Management
Capital Raised Over Time Period: $2.12B
Lennar subsidiary Rialto Capital has been buying out distressed and undermanaged real estate since the recession, and won't be stopping soon. Just this year it flipped one of those properties to North American Properties for $170M.
5. Northwood Investors
Capital Raised Over Time Period: $3.10B
This NYC-savvy firm sold the 909-key New York Palace Hotel this year to the South Korean Lotte Group for $805M—after buying it in 2011 for $400M and throwing down $160M for renovations. That kind of dealmaking is how it amassed $3B in capital in the last five years.
6. KSL Capital Partners
Capital Raised Over Time Period: $4.11B
KSL partners just sold two UK hotel chains—29 hotels total—for a nice $571M, or 200% (yeah, you read that right) of what the company paid for them. The "mile high" in Mile High City must refer to profits.
7. GAW Capital Partners
Capital Raised Over Time Period: $1.7B
HQ: Hong Kong
GAW Capital started in Hong Kong but expanded to the US in 2013, making it new to the states, and showing how quickly it's eating up market share. The company just bought the InterContinental Hotel back in its hometown for $938M.
8. GTIS Partners
Capital Raised Over Time Period: $2.59B
The company rebranded itself from GoldenTree InSite Partners back in 2010, but is still running full throttle. Its stateside location doesn't stop major overseas investments, like the recent purchase of a 70% stake in Brazil's largest hotel owner, Brazilian Hospitality Group.
9. Harrison Street Real Estate
Capital Raised Over Time Period: $2.46B
Harrison Street Real Estate broke records earlier this year with its $61.4M buyout of Oregon Medical Campus—working out to $500/SF. It followed that up with a 771-bed dorm in Chi-town for a cool $105M, keeping its presence strong in the Windy City.
10. Rockpoint Group
Capital Raised Over Time Period: $4.19B
The old man on this list of youths barely gets into its pre-teens, but that didn't stop the company from collecting over $12B in cash since its startup. It headquarters in the imposing 500 Boylston St in Boston—from which it just orchestrated one of the biggest multifamily deals of the year, the $410M deal for One Rincon Hill Tower 2 in S.F.