Two Sigma, a New York-based hedge fund known for employing artificial intelligence, machine learning and other aspects of data science as part of its investment strategy, has launched Two Sigma Real Estate, which will focus on commercial real estate investments.
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The hedge fund has recruited Rich Gomel, former head of WeWork’s real estate investment arm, to be managing director and chief investment officer of the new entity. Two Sigma Real Estate will be headed by Tom Hill, chairman of Two Sigma's private investment business.
Two Sigma Real Estate will take a "human-led, machine-supported approach" to investing, according to the company, making use of such information as geolocation data, or patterns generated by how cellphones move around, and credit card usage to help make investment determinations.
The investment platform will initially focus on North American real estate assets, but it didn't specify any property types nor its initial capitalization.
“We’re focused on where we think the data and technology give us the most competitive advantage,” Gomel told The Real Deal, adding that growing property types, such as industrial and multifamily, and value opportunities like retail and hotels might be within the purview of Two Sigma Real Estate.
Two Sigma, founded 20 years ago by a computer scientist and a mathematician, has about $58B of assets under management.
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