Real Estate Alert’S 22Nd Annual Review of Closed- End Commingled Funds That Seek Yields of at Least 10% by Investing in Com- Mercial Real Estate
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Sangeeta Bhatia, Retirement Plan Manager Subject: Board Agenda Item
CITY OF LOS ANGELES DEPARTMENT OF WATER AND POWER INTERDEPARTMENTAL CORRESPONDENCE Date: August 18, 2010 To: Retirement Board Members From4?Sangeeta Bhatia, Retirement Plan Manager Subject: Board Agenda Item No.9: Presentation of New Investment Opportunities by Courtland Partners; Discussion and Possible Action (August 25, 2010, Regular Retirement Board Meeting) Representatives from Courtland Partners, the Plan's real estate consultant, are presenting two investment opportunities for the Retirement Fund and the Retiree Health Benefits Fund. Presentation material from Courtland and from Lone Star Funds is enclosed. Also enclosed are two resolutions to approve the investments, should the Board decide to do so. SB:jae 9.1 RESOLUTION NO. 11-16 RESOLUTION TO INVEST IN LONE STAR FUND VII WHEREAS, the Board of Administration (Board) for the Water and Power Employees' Retirement Plan (Plan) previouslyadopted a 5% allocation to the Real Estate asset class for the Retirement Fund (RF) and the Retiree Health Benefits Fund (RHBF) at the regular Board meeting held on January 16, 2008 (Board Resolution No. 08-49); and WHEREAS, representatives from Courtland Partners, the Plan's real estate consultant, recommend a total commitment of up to $10 million ($9 million from the RF and $1 million from the RHBF) to Lone Star Fund VII (Lone Star VII), a closed end commingled fund focused on opportunistic real estate and debt/loan investments; and WHEREAS, the final closing for Lone Star VII is anticipated to be in the Fall of 2010. NOW, THEREFORE, BE IT RESOLVED, the Retirement Plan Manager is hereby authorized to prepare and submit subscription documents for Lone Star VII pending legal review, and if the subscription documents are accepted by Lone Star, to proceed with the implementation of funding a commitment up to $10 million ($9 million from the RF and $1 million from the RHBF). -
Crowdfunding Monitor Switzerland 2021
Institute of Financial Services Zug IFZ Crowdfunding Monitor Switzerland 2021 hslu.ch/crowdfunding Prof Dr Andreas Dietrich, Dr. Simon Amrein We are grateful to the following platforms for supporting this study by providing data: Summary of key results In 2020 CHF 606.6 million (+2%) was raised in Switzerland. CHF 2.29 billion has been raised through crowdfunding since the launch of the first crowd- funding platform in Switzerland thirteen years ago. The highest growth from 2019 to 2020 was posted by reward-based crowdfunding / crowddonating (+82%, to CHF 44.6 million). Crowdlending posted growth (+7%, to CHF 448 m), but crowdinvesting declined in value compared to 2019 (-26%, to CHF 114 m). Some 270,000 people backed crowdfunding projects in Switzerland in 2020. 38 crowdfunding platforms were operating in Switzerland at the end of April 2021 (domiciled in Switzerland). That said, 2020 saw active funding campaigns recorded on only 28 Swiss platforms. Foreword Crowdfunding Monitor 2021 Foreword Crowdfunding is a means of raising finance via online platforms for a wide variety of projects. These can include loans for companies, participating in a business start-up, co-acquiring a property or fi- nancing social projects. Crowdfunding projects thus cover a range of areas. Nevertheless, they all have one thing in common: typically, a large number of people provide an amount that is often small, enabling the project to be realised. Direct, internet-based communication between those providing funds and those seeking funds is a key element of all types of crowdfunding. 38 active platforms are currently operating in Switzerland. The volumes reported by these crowdfund- ing platforms have again exhibited a positive trend in 2020: 2020 saw some CHF 607 million raised. -
3/9/2016 Regular Meeting
Oregon Investment Council March 9, 2016 - 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Katy Durant Chair John Skjervem Chief Investment Officer Ted Wheeler State Treasurer OREGON INVESTMENT COUNCIL Agenda March 9, 2016 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Time A. Action Items Presenter Tab 9:00-9:05 1. Review & Approval of Minutes Katy Durant 1 February 3, 2016 OIC Chair Committee Reports John Skjervem Chief Investment Officer 9:05-9:50 2. Lone Star Real Estate Fund V Tony Breault 2 OPERF Real Estate Portfolio Senior Investment Officer Austin Carmichael Investment Officer John Grayken CEO and Founder Nick Beevers Managing Director Christy Fields Pension Consulting Alliance 9:50-10:35 3. Brookfield Infrastructure Fund III, LP Ben Mahon 3 OPERF Alternatives Portfolio Senior Investment Officer Sam Pollock Senior Managing Partner & CEO, Infrastructure Group Chris Harris Senior Vice President, Client Relations Tom Martin TorreyCove 10:35-10:45 -------------------- BREAK -------------------- Katy Durant Rukaiyah Adams Rex Kim John Russell Ted Wheeler Steve Rodeman Chair Vice Chair Member Member State Treasurer PERS Director OIC Meeting Agenda March 9, 2016 Page 2 10:45-10:55 4. OPERF Real Estate Portfolio Tony Breault 4 Policy and Benchmark Update Christy Fields David Glickman Pension Consulting Alliance 10:55-11:05 5. Oregon Local Government Intermediate Fund Tom Lofton 5 Policy Update Investment Officer Kristin Dennis OST Legislative Director B. Information Items 11:05-11:25 6. OPERF Q4 2015 Performance & Risk Report Karl Cheng 6 Investment Officer Janet Becker-Wold Callan Uvan Tseng Callan Alan McKenzie Blackrock Tony Vorlicek Blackrock 11:25-11:45 7. -
Queensgate Acquires Generator Hostels from Patron Capital in €450M Transaction
Embargoed until: 13 March 2017 at 0700hrs GMT Queensgate acquires Generator Hostels from Patron Capital in €450m transaction Queensgate Investments Fund II LP, which is managed by Queensgate Investments, a private equity real estate fund manager, has agreed to purchase design-led hostel owner and operator Generator Hostels from Patron Capital, the pan-European institutional investor focused on property backed investments, and its co-investment partner, Invesco Real Estate, a global real estate manager. The transaction has an enterprise value of circa €450m and is expected to complete in May. Generator Hostels, which was held in Patron Capital’s Fund III, owns 14 predominantly freehold assets (12 operational and two under development), totalling 8,639 beds, located in London, Paris, Copenhagen, Amsterdam, Miami, Dublin, Hamburg, Barcelona, Berlin Mitte, Stockholm, Madrid, Venice, Berlin Prenzlauer Berg and Rome. Earning current revenues of over €70m, Generator Hostels targets the fast-growing sector of millennial customers, focusing on the best capital city addresses, design-led interiors, a safe environment and, most of all, attractive shared social spaces. Queensgate Investments intends to own the portfolio for the long term, enhance operations for customers, and invest in excess of €300m into adding more hostel assets. Keith Breslauer, Managing Director of Patron, said: “Generator has performed strongly under Patron’s ownership, during which time we have expanded the business significantly from just two hostels to 14, and have redefined the hostel concept into the design-led hospitality experience that today’s guests want. We are very pleased to have sold Generator to Queensgate, and are confident that the business will continue to grow and thrive under their stewardship.” Jason Kow, CEO of Queensgate Investments, said: “Generator Hostels represents high-quality freehold assets, robust revenues, an attractive lifestyle brand, and material scalability opportunities. -
Marketing Presentation Feb2020.Pdf
Summary Overview February 2020 Patron Capital Overview • Established European property investor over 20 years ➢ Operations across Europe with advisory offices in the UK, Luxembourg and Spain with major operating partners in most markets including in Germany, France and Portugal ➢ Experienced 73-person team including 30 investment professionals, supported by 11 advisers, with regional and product focused expertise o Average of 19 years experience across the investment team ➢ Hybrid owner operator model supporting local partners across Europe C. £62,000,000 $109,700,000 €303,000,000 €895,000,000 €1,100,000,000 €948,632,391 (including €100,000,000 dedicated (including €143,000,000 of (with GP commitment of (C. €96,000,000) discretionary co-investment pool and co-investment capital ) up to €45,000,000) apx. €220,000,000 of co-investment capital within investments) PATRON CAPITAL PATRON CAPITAL L.P., I PATRON CAPITAL L.P., II PATRON CAPITAL L.P., III PATRON CAPITAL L.P., IV PATRON CAPITAL, V L.P. CAPTIVE FUND EDICATED FUND RAISE D TARGETING OPPORTUNISTIC OR THE ACQUISITION OF Pan-European value Pan-European value-oriented Pan-European value-oriented Pan-European opportunistic F DISTRESSED AND UNDERVALUED OCWEN RENAMED oriented property and asset property and asset-based property and asset-based distressed property and asset UK ( PROPERTY AND PROPERTY IGROUP A LEADING based corporate investments corporate investments corporate investments based corporate investments ) RELATED INVESTMENTS ACROSS PLAYER IN THE SUB PRIME - EUROPE MORTGAGE MARKET October 1999 October 2002 October 2004 March 2007 July 2012 July 2016 2 Deep Value Investment Strategy • Identify granular and/or complex Value opportunities and properties within Indicator Classic Investment Path corporates Multiple/IRR Net Margin • Value-add through asset management, 2.2x/20-25% improved strategy and introduction of clear +50% Opportunistic Zone focus, sell into domestic market once asset stabilised 1.8x/17-20% +35% • Drive net equity multiple of 1.6x+ over 3-5 years 1.5x/17-20% +20% ➢ Target unlevered p.a. -
Trinity Capital Annual Report
Trinity Capital PLC | 2007 Annual Report Period ended 31 march 2007 Managed By Trikona Capital TrinityTrinity CapitalCapital PLCPLC 20072007 ‘We have made excellent progress, built up a strong portfolio, and are well positioned to take advantage of the partnerships we have established.’ Michael Cassidy, Chairman of Trinity Capital PLC, said: “We have made excellent progress with the fund being fully invested well ahead of our original timetable. We have built up a strong portfolio of diversified investments, across a range of key growth sectors and geographies, and are well positioned to take advantage of the partnerships we have established. Our focus has now switched from the successful deployment of the investment capital to management of the development projects as well as selective partial realization and redeployment of capital to investments with higher expected returns.” Highlights } Admitted to AIM on 21 April 2006, raising gross proceeds of £250m (net £238m) % } 56% of net funds utilised at 31 March 2007 92 valuation uplift on development projects – a further 33% of net funds committed since period end } Currently, the Company’s portfolio consists of 12 investments, comprising a total development potential of 72 p nav/share 161excluding impact of performance fees and uninvested cash million square feet } As of 31 March 2007, the investment portfolio was valued at £216 million, an increase of 74% against capital committed of £124 million million sq ft in development 72 as of 2 september 2007 . } Net Asset Value (“NAV”) per -
Proptech 3.0: the Future of Real Estate
University of Oxford Research PropTech 3.0: the future of real estate PROPTECH 3.0: THE FUTURE OF REAL ESTATE WWW.SBS.OXFORD.EDU PROPTECH 3.0: THE FUTURE OF REAL ESTATE PropTech 3.0: the future of real estate Right now, thousands of extremely clever people backed by billions of dollars of often expert investment are working very hard to change the way real estate is traded, used and operated. It would be surprising, to say the least, if this burst of activity – let’s call it PropTech 2.0 - does not lead to some significant change. No doubt many PropTech firms will fail and a lot of money will be lost, but there will be some very successful survivors who will in time have a radical impact on what has been a slow-moving, conservative industry. How, and where, will this happen? Underlying this huge capitalist and social endeavour is a clash of generations. Many of the startups are driven by, and aimed at, millennials, but they often look to babyboomers for money - and sometimes for advice. PropTech 2.0 is also engineering a much-needed boost to property market diversity. Unlike many traditional real estate businesses, PropTech is attracting a diversified pool of talent that has a strong female component, representation from different regions of the world and entrepreneurs from a highly diverse career and education background. Given the difference in background between the establishment and the drivers of the PropTech wave, it is not surprising that there is some disagreement about the level of disruption that PropTech 2.0 will create. -
Did Lone Star Funds Buy a Loan Shark?*
December 2014 A report by UNITE HERE Contact: Elliott Mallen [email protected] 312-656-5807 Did Lone Star Funds buy a Loan Shark?* As institutional capital flows into private debt at a record pace, is Lone Star Funds’ acquisition of payday lender DFC Global outside of investors’ comfort zones? As banks and other traditional fnancial institutions globally have been required to strengthen their balance sheets following the fnancial crisis and subsequent regulatory changes, a growing number of fund managers and a wave of institutional capital have sought to fll the gap. Data provider Preqin Ltd. reported that private debt funds had raised a total of $77 billion in 2013.1 At the same time, an improving economy and a decline in corporate defaults has meant that distressed debt managers have had to search harder for deals.2 Lone Star Funds, a Texas-based institutional investment manager, has pursued a strategy of buying up distressed residential and corporate debt.3 As of September 2014, Lone Star topped the PDI 30 ranking of private debt investors.4 In July 2014, Lone Star closed its Lone Star Fund IX at $7.3 billion.5 But as Lone Star looks to deploy this capital as well as its $7 billion Lone Star Real Estate Fund III (closed October 2013), the manager’s April 2014 $1.3 billion acquisition of payday lender and pawnshop operator DFC Global raises questions about whether the current scarcity of distressed deals has forced Lone Star to look for deals in places outside of some of its LPs’ comfort zones. -
Private Equity
Kuwait Financial Centre “Markaz” P R I V A T E E Q U I T Y U P D A T E Private Equity Month End February, 2008 Market Trends Private Equity update: Compiled from various public - The Private Equity market in 2008 has started off slow, with no sources expectation to pick up quickly. The sluggish start was expected for 2008, so this doesn’t come as a surprise to investors. Total leveraged buy-out volume so far in 2008 is down to $34 billion, two-thirds of the volume at this time the previous year. A single mega-deal from 2007 eclipses the total buy-out volume for 2008. While the level of activity has been slow-moving, the industry is still sitting on $820 billion of uncalled capital from investors. The average size of buy-outs this year, $120 million, is the lowest since 2001. - For the average private equity firm, about 38 individuals are employed for every $1 billion of assets under management, and this number decreases to 15 or less at many of the larger firms. With this type of a work force, it will prove influential since $10 billion buy-outs occur daily. However, if the investors deploy the funds across an array of smaller deals, it will result in longer waiting periods, as well as smaller returns. - Investors in the real estate market in 2008 are the most optimistic, due to predictions of higher or the same returns for this year. Investors intend on using the same type of strategy for deals in 2008. -
Summary Overview March 2021 Patron Capital Overview
Summary Overview March 2021 Patron Capital Overview • Established European property investor over 21 years ➢ Operations across Europe with advisory offices in the UK, Luxembourg and Spain with major operating partners in most markets including in Germany, France, Poland and Portugal ➢ Experienced 70-person team including 28 investment professionals, supported by 12 advisers, with regional and product focused expertise o Average of 20 years experience across the investment team ➢ Hybrid owner operator model supporting local partners across Europe ➢ 7 Fund Vehicles closed over 21 years, raising ca. €4.3 bn from SWFs, pension plans, endowments, and charities ➢ 87 Investments closed in 16 countries ➢ Strong ESG focus, including lead donors for disabled veterans, teacher development, and recently launched a dedicated housing Fund for women suffering domestic abuse. 2 Patron Capital Fund History • Seven Funds raised over 21 years, with combined capital of over €4.3 billion, including co-invest vehicles C. £62,000,000 $109,700,000 €303,000,000 €895,000,000 €1,100,000,000 €948,632,391 (including €100,000,000 dedicated (including €143,000,000 of (with GP commitment of (C. €96,000,000) discretionary co-investment pool co-investment capital ) up to €45,000,000) and apx. €220,000,000 of co- investment capital within investments) PATRON CAPITAL PATRON CAPITAL I PATRON CAPITAL II PATRON CAPITAL III PATRON CAPITAL IV PATRON CAPITAL V CAPTIVE FUND DEDICATED FUND RAISE Pan-European value Pan-European value-oriented Pan-European value-oriented Pan-European -
Private Equity Fundraising: Other Fund Types
Private Equity Fundraising: Other Fund Types This report is an excerpt from: Preqin Quarterly: Private Equity, Q3 2012. To download the full report please visit: https://www.preqin.com/docs/quarterly/PE/Private_Equity_Quarterly_Q3_2012.pdf Private Equity Fundraising: Other Fund Types n Q3 2012, 77 private equity funds (excluding buyout and Fig. 23: Private Equity Fundraising (Excluding Buyout and Venture Iventure capital) held fi nal closes, raising an aggregate Capital Funds) by Fund Type, Q3 2012 $46.8bn in capital commitments. This total accounted for 68% of all closed private equity funds in this period. 30 26 25 No. of Funds Aggregate capital commitments raised in Q3 2012 have Closed 20 increased by 1.6% from the $46bn in aggregate capital raised 16 by non-buyout and venture capital funds in Q2 2012. The 15 13.4 aggregate capital commitments raised in Q2 2012 represent 11 10 9.0 55.2% of the total amount raised by all private equity funds 7.5 Aggregate 6 5.9 Capital 5 5 closing in that quarter. Raised ($bn) 5 3 33.7 2.7 2 1.9 1.5 1.1 Fig. 23 shows that the fund type with the highest number of fi nal 0 closes during Q3 2012 was real estate, with 26 funds closing Other Funds Fund of of Fund on an aggregate $9bn in capital commitments. This represented Growth Natural Natural Resources Mezzanine Real Estate 19% of the total capital raised by funds closed during this period, Distressed Secondaries Infrastructure Private Equity Private excluding buyout and venture capital vehicles. -
Real Estate Spotlight
Real Estate Spotlight is the monthly newsletter published by Preqin packed full of vital information and Real Estate Spotlight data, all based on our latest research into the private equity real estate May 2011 industry. Real Estate Spotlight combines information from our online products Real Estate Online and Real Estate Capital Sources. Feature Size Matters As the private real estate fund industry went through a period of rapid growth, mega funds came to dominate the industry in the years leading up to 2008. Have these funds produced acceptable returns for investors? This month’s feature article takes May 2011 a look at real estate fund performance and analyzes the impact this will have on Volume 5 - Issue 5 fundraising the structure of the industry going forward. Page 2. FEATURED PUBLICATION: Fund of Funds Special The 2011 Preqin Private Equity Real Estate Fund of Funds Review Fighting Another Day As the real estate industry struggles to recover from the economic downturn, we examine the impact of the crisis on the fund of funds sector. How are fund managers The 2011 Preqin PE Real Estate Fund of Funds Review adapting to meet changing investor demands? What does the future hold for the sector? All this and more in this fund of funds special. Page 4. News Exclusives Industry News More information available at: Each month Preqin’s analysts speak to hundreds of investors and fund managers from around the world, uncovering exclusive intelligence on real estate investment plans. Media Super, Kumho Investment Bank and Kansas University Endowment Association are amongst those featured this month.