Trends in Capital Flows

Sourcing Debt & Equity in 2017

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  Bryan Thornton

  Mr. Thornton joined PCCP in 1999 and oversees the management of PCCP’s equity business, including the implementation of fund and individual client strategies and portfolio management. Prior to joining PCCP, Mr. Thornton was a Real Estate Finance Officer at Nomura, where he was responsible for construction loan origination and balance sheet asset dispositions. His experience also includes work as an Associate with Capital Trust, where he underwrote and closed mezzanine investment opportunities as well as managed distressed loan workout pools including the restructuring of the firm’s equity and mezzanine holdings. Mr. Thornton earned his bachelor’s degree in Economics from the Wharton School at the University of Pennsylvania. He is a member of the Urban Land Institute, the University of Pennsylvania Swim Team Board and Lambda Alpha International. In connection with Urban Land Institute, Mr. Thornton is the current chairman of the national curriculum for ULI’s UrbanPlan program which works with high school seniors on the challenges of communities and developing a built environment.

  PCCP

  Partner

  Bryan Thornton

  Partner

  PCCP

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  Tripp Johnson

  Tripp Johnson is a Partner based in San Francisco at TPG Real Estate, the real estate platform of TPG Capital. Prior to joining TPGRE in 2011, Mr. Johnson was a Vice President with Fortress Investment Group in the real estate group of the Fortress Credit Funds. Mr. Johnson has been directly involved in the closing of over $10 billion of real estate investments. Prior to Fortress, Mr. Johnson was an analyst with SL Green Realty Corp in the acquisitions group. He holds a B.S. in Finance and Marketing, with Distinction, from the McIntire School of Commerce at the University of Virginia. Mr. Johnson serves on the Board of Directors of Enlivant (formerly, Assisted Living Concepts, Inc.), Parkway, Inc (NYSE: PKY), Evergreen Industrial Properties, Strategic Office Partners and the Bay Area Division of the March of Dimes.

  Partner

  TPG Capital

  Tripp Johnson

  TPG Capital

  Partner

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  Bob Gray

  Mr. Gray, based in San Francisco, is a Partner and one of the founders of Rockwood. Mr. Gray has 28 years of experience in the real estate industry. Mr. Gray serves on various portfolio management and investment committees as well as on Rockwood's Investment Strategy and Research committee (as chairman) and Human Capital Committee. Mr. Gray has overall responsibility for managing Rockwood's acquisition activities, including personnel located in the firm's three offices. Mr. Gray's specific responsibilities include overseeing the selection of markets, projects and partners, and the negotiation and structuring of transactions. As chairman of Rockwood's investment strategy and research committee, Mr. Gray plays in key role in the development of the firm's real estate investment strategy. Prior to the formation of Rockwood, Mr. Gray worked with Bechtel Investments (now known as the Fremont Group) where he was responsible for originating and underwriting new real estate investment opportunities in the western United States and handling general asset management of Bechtel's real estate portfolio. He also spent time with Standard Realty and Development (a subsidiary of Union Pacific Realty), where his responsibilities included management of industrial and land development projects and portfolio management of the western U.S. region. Mr. Gray received a Master of Business Administration from Southern Methodist University in Dallas, TX and a Bachelor of Arts from the University of California in Berkeley, CA. Mr. Gray is a member of the Urban Land Institute, Pension Real Estate Association, the International Council of Shopping Centers, Fisher Center at U.C. Berkeley, Stanford Real Estate Council, Lambda Alpha International, as well as various other industry organizations.

  Rockwood Capital

  Partner

  Bob Gray

  Partner

  Rockwood Capital

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  Vernon Chin

  Vernon Chin, Senior Director, is responsible for the acquisition and asset management of equity investments related to the Canyon Catalyst Fund, a CalPERS separate account focused on the real estate emerging manager space. His responsibilities also include the sourcing and oversight of emerging manager candidates. Prior to joining Canyon, Mr. Chin was an asset manager for OneWest Bank Group working on investments acquired from the FDIC. Prior to OneWest, Mr. Chin was an Associate with The Carlyle Group focused on investment opportunities in North America. Additionally, Mr. Chin has held positions with Buchanan Street Partners and City National Bank. Mr. Chin is a graduate of the University of Washington (B.A., Business Administration).

  Canyon Partners

  Senior Director

  Vernon Chin

  Senior Director

  Canyon Partners

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  Steven Golubchik

  Steven Golubchik is Vice Chairman and Head of Capital Markets with Newmark, and leads the Office, Industrial and Life Science Capital Markets Practice Group for Northern California. Previously he was a senior managing director and co-office head for the San Francisco office of HFF, where he was responsible for managing the growth of all the capital markets service lines throughout Northern California in conjunction with overseeing the sale of institutional-grade investment property sales concentrating on office, industrial and life science assets located throughout the western United States. Steven has closed more than $25 billion in transactions encompassing more than 50 million square feet throughout the West Coast during his career.

  Newmark

  Executive Vice Chairman & President, Western Region

  Moderator

  Steven Golubchik

  Executive Vice Chairman & President, Western Region

  Newmark

Attracting and Managing Capital

GP to LP Dynamics: Strategies For Building Stronger Partnerships

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  Tracey Luke

  Tracey Luke – Senior Director, Product Manager Ms. Luke joined Invesco in 2012 and currently serves as a Product Manager responsible for developing and managing real estate products and strategies with a focus on Invesco’s core open-ended commingled funds across the globe. In addition to her product management responsibilities, Ms. Luke shares responsibility for the coverage of select institutional capital sources and partners globally. Prior to her current role, Ms. Luke served as a Portfolio Manager for Invesco Core Real Estate – U.S.A., Invesco’s U.S. open-end commingled fund. Prior to joining Invesco, Ms. Luke was with Liquid Realty Partners, a $1.2 billion global real estate secondaries firm where she served as the Director of Portfolio Management. Prior to Liquid Realty Partners, Ms. Luke held various positions including Experienced Manager in the Global Real Estate Consulting Group at Andersen, Asset Manager at J.E. Robert Companies and Director of Marketing and Corporate Development for a $2.5 billion financial services firm, Chela Education Financing. Ms. Luke holds a Masters of Business Administration degree from London Business School and a Bachelor of Business Administration degree from the University of Texas at Austin. Ms. Luke has 23 years of professional experience including 16 years of real estate experience.

  Invesco

  Senior Director

  Tracey Luke

  Senior Director

  Invesco

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  Alison Hill

  Ms. Alison M. Hill serves as Managing Director of Global Fund Management at Prologis, Inc. Ms. Hill served as the President and Chief Executive Officer of International Aviation Terminals Inc. (IAT) since May 1, 2007. She served as Managing Director of Global Fund Development & Operations at ProLogis European Properties Fund. She serves as President of AMB Property Canada Ltd., the administrator of the Fund. She also serves as Chief Operating Officer for AMB Capital Partners, LLC. She has been with AMB since November 1999, and has led its portfolio management operation as well as its new product development. She served as Managing Director of Global Fund Management at AMB Property Corporation since September 2009. She served as Senior Vice President, private capital at AMB Property Corporation. Prior to joining AMB, she was an Attorney with Morrison & Foerster, where she counseled real estate clients.

  Prologis

  Managing Director

  Alison Hill

  Managing Director

  Prologis

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  Brendan MacDonald

  Mr. MacDonald focuses on real estate investments. Prior to StepStone, Mr. MacDonald was a founding partner of Clairvue Capital Partners, a real estate investment manager which integrated with StepStone to establish StepStone Real Estate. At Clairvue, he was an investment committee member and focused on sourcing, underwriting and managing investments in the U.S., Europe and Latin America. Before Clairvue, he was a Director at Liquid Realty Partners, an investment manager focused on real estate private equity secondaries and held an acquisitions role at Babcock and Brown. Earlier in his career he completed GE Capital’s Financial Management Program and was part of GE’s Global Sponsor Finance business. Mr. MacDonald received an MBA from Harvard Business School and a BS from Indiana University

  StepStone Global

  Partner

  Brendan MacDonald

  Partner

  StepStone Global

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  Alex Robinson

  Alex is the Co-founder and CEO of Juniper Square, the leading investment management solution for the real estate industry. Alex previously served as a founding executive of New Energy Risk (acquired by XL Capital), and started his career at Microsoft, where he held a variety of product leadership roles. Alex holds an MBA from Stanford University and a BA from the University of Washington. A native of Seattle, Alex now resides in San Francisco with his wife and two children.

  Juniper Square

  CEO & Co-Founder

  Moderator

  Alex Robinson

  CEO & Co-Founder

  Juniper Square

Debt Market Update

Consequences of Rising Interest Rates on Values & Returns

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  Bruce Burkard

  Mr. Burkard has extensive experience in real estate investment, financing, asset management and development. Prior to founding Four Corners Properties in 2005, Mr. Burkard was an Acquisitions Director with Broadreach Capital Partners, where he was responsible for the acquisition of approximately 1 million square feet of office and R&D investments in Northern California and Denver with a total investment value of approximately $80 million. Formerly a Vice President of Leasing at Equity Office Properties Trust (“EOP”), Mr. Burkard was the senior leasing executive for the Silicon Valley region. He was responsible for a team managing and leasing approximately 11.3 million square feet of office, R&D, retail, and industrial space located throughout the greater San Jose area. Prior to EOP’s acquisition of Spieker Properties (“SPK”), Mr. Burkard served as a Project Director at Spieker Properties where he acquired, disposed of, leased and managed a portfolio of office, R&D and industrial properties in the Silicon Valley totaling 3.5 million square feet with a total value of $600 million. Prior to joining Spieker in 1998, Mr. Burkard held numerous positions with Bank of America N.T. & S.A. During nearly six years at Bank of America, he worked in its Real Estate REO Group, Real Estate Project Finance Group, National Accounts Group and Special Assets Group. These positions involved asset management, analysis and disposition, loan sourcing and evaluations of project finance opportunities with Northern California-based real estate developers, underwriting for residential, multi-family, retail, office and industrial properties, loan restructuring, workouts, and credit analysis. Mr. Burkard currently serves as a ULI council member and is a past president of NAOIP Silicon Valley. A graduate of Silicon Valley Leadership Group, he is also actively involved with a number of volunteer organizations in the Silicon Valley. Mr Burkard graduated Bucknell University with a Bachelor of Science in Business Administration and a second major in European History.

  Four Corners Properties

  Founder

  Bruce Burkard

  Founder

  Four Corners Properties

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  Eric Newberg

  Responsible for direct acquisitions, programmatic and single transaction joint ventures for Southern California. Additionally, responsible for new and existing Fund investments. Active participant in investment committee. Responsible for the oversight of two funds, including acting as a lead in the conversion of one from an open to a closed end fund. Additional duties involve assisting with asset management and initiator and project leader for "Greening" (LEED-EBOM) of STRS' 15 million SF office portfolio. First person in STRS' history to be promoted to Acquisition Director. STRS Ohio's real estate portfolio is valued at approximately $7 billion and one of the only US pension funds that invests directly instead of through advisors.

  STRS Ohio

  Acquisition Director

  Eric Newberg

  Acquisition Director

  STRS Ohio

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  Peter Smyslowski

  Mr. Smyslowski is a Managing Director in HFF’s San Francisco office. He was a cofounder of the location when HFF San Francisco officially opened its doors in 2006. He has more than 20 years of experience in commercial real estate finance and is primarily responsible for the origination and placement of both debt and equity transactions for all property types throughout the western United States. During the course of his career, he has completed in excess of $4 billion in commercial real estate transactions. He has extensive background in complex equity placement transactions. Mr. Smyslowski joined HFF in December 2003 as a Director in the firm’s Los Angeles office, and later relocated to San Francisco in 2006. Prior to HFF, he was a Vice President at George Smith Partners where he was responsible for new originations, loan placement and closings. He also held a number of senior management positions, most notably with the San Francisco based Kimpton Group, in the hotel and restaurant industry prior to his start in the mortgage banking field.

  Managing Director

  HFF

  Peter Smyslowski

  HFF

  Managing Director

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  Jay Grenfell

  Mr. Grenfell has over 17 years of experience in the environmental and transactional due diligence consulting industry and has worked in various disciplines, including regulatory compliance, EH&S, asbestos abatement and air monitoring, Tier II reporting, in addition to his core competency in environmental and physical due diligence practices, including Phase I ESAs, Phase II ESAs, Property Condition Assessments (PCAs), and Seismic Risk Assessments (SRAs). Mr. Grenfell’s primary area of expertise is in the environmental due diligence field, where he has performed and/or managed thousands of Phase I ESAs and physical diligence projects, including multiple large multi-site due diligence portfolios. Mr. Grenfell currently works as a relationship manager providing consulting services and transactional due diligence solutions to a variety of client types, including banks, insurance lenders, brokers, developers, individual investors, and equity/institutional investors. Mr. Grenfell’s experience allows him to provide risk-based solutions with a keen understanding of environmental and physical due diligence risk as it relates to specific stakeholders within a particular transaction. Mr. Grenfell enjoys assisting his clients in meeting their goals by providing well documented reports and risk-based solutions that allow his clients to make sound risk management decisions and close deals.

  Partner Engineering and Science

  National Client Manager

  Moderator

  Jay Grenfell

  National Client Manager

  Partner Engineering and Science