DFX Intelligence
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What capital do they manage?
- Real estate GAV
- $14B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
- Vehicles
- 39 current, 52 ever, 13 dropped25 feeders, 1 funds of funds
- First on the tape
- 2012the extract starts in 2011; an earlier history is not visible
- Latest filing
- Apr 29, 2024registered adviser
- Adviser RAUM
- $14Bthe whole adviser, all strategies; used for the quarantine test only
- Fund types on the latest filing
- Real Estate Fund 39
- Latest vintage
- 2024from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
stated by the manager
- Strategy
- Opportunistic
- Operator model
- Fund managerbasis: stated
- Property types
- Office, Industrial, Multifamily, Single-family rental, Hotelbasis: stated
- Markets
- United States, New York Metro Area, S•••• Florida, Central Florida, Greater Boston, Phoenix Metro Area, S••••ern California, The Carolinasbasis: stated
- Business kind (site)
- REAL_ESTATE_MANAGER
- AUM in its own words
- $13bn Net Assets Under Managementthe manager's statement, not a DFX figure
In the manager’s own words
- Opportunistic: “Our opportunistic program targets investments where inefficient pricing or proactive asset management can create the potential for enhanced value.”
- Core plus: “Our growth and income platform focuses on assets with lower risk profiles, where minor operational or physical improvements foster incremental yield.”
- Office: “A 904,779 square foot, 36-story, class A office building, located on P••• A••••• in the Grand Central submarket of New York City”
- Industrial: “The planned development of 1.5 million square feet of Class A industrial product across eight buildings, located on 88 acres of land in the P•••••• Beach submarket of S••••east Florida”
- Multifamily: “R•••••••• has a longstanding history investing in the residential sector, with a current focus on multifamily and single-family rentals.”
- Single-family rental: “15k Single-Family Rental Homes”
- Hotel: “Equity interest in M••••••••• Holdings LLC, an owner and licensor of lifestyle brands centered around lodging, leisure, and residential properties, with an established presence throughout the U.S.”
- United States: “We target high-quality, well-located assets and portfolios across select property types and markets throughout the United States, with identifiable opportunities to enhance value.”
- New York Metro Area: “New York Metro Area”
- S•••• Florida: “S•••• Florida”
- Central Florida: “Central Florida”
- Greater Boston: “Greater Boston”
- Phoenix Metro Area: “Phoenix Metro Area”
- S••••ern California: “S••••ern California”
- The Carolinas: “The Carolinas”
- Various U.S.: “Various U.S.”
Vehicles
52 on Form ADV
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|---|
| R•••••••• R••• E••••• P••••••• F••• V••• L••• 805-7991308647 | feeder | $1.6B GAV 2024 | 23 | 2022 to 2024 | 2022 | Investing | |||
| R•••••••• R••• E••••• P••••••• F••• V•• L••• 805-6013859140 | feeder | $1.5B GAV 2024 | 27 | 2019 to 2024 | 2019 | Harvesting | |||
| R•••••••• R••• E••••• F••• V•• L••• 805-7770265348 | fund | $1.4B GAV 2024 | 64 | 2019 to 2024 | 2019 | Harvesting | 1 | ||
| R•••••••• R••• E••••• F••• V• L••• 805-6988760605 | fund | $985M GAV 2024 | 81 | 2015 to 2024 | 2015 | Harvesting | 1 | ||
| R•••••••• G••••• a•• I••••• R••• E••••• P••••••• F••• I••••••••• L••• 805-8713409626 | feeder | $882M GAV 2024 | 7 | 2019 to 2024 | 2019 | Harvesting | Core | ||
| R•••••••• R••••••••• I••••••••• H••••••••• L••• 805-9006489025 | fund of funds | $731M GAV 2024 | 2 | 2022 to 2024 | 2022 | Investing | |||
| R•••••••• S• H•••••••• L••• 805-1202224412 | fund | $710M GAV 2024 | 10 | 2022 to 2024 | 2022 | Investing | |||
| R•••••••• R••• E••••• P••••••• F••• V• F•• L••• 805-5618990102 | feeder | $538M GAV 2024 | 22 | 2020 to 2024 | 2020 | Harvesting | |||
| H••••••• F••••• C•••••• C••••••••• M•••••• L••••• 805-2101920772 | co-investment | $503M GAV 2024 | 5 | 2012* to 2024 | unknown | Mature | |||
| R•••••••• I••••••••• I••••••••• H••••••••• L••• 805-2061472884 | feeder | $503M GAV 2024 | 3 | 2023 to 2024 | 2023 | Deploying | |||
| R•••••••• G••••• a•• I••••• R••• E••••• P••••••• F••• I•••••••• L••• 805-7588432552 | feeder | $446M GAV 2024 | 4 | 2019 to 2024 | 2019 | Harvesting | Core | ||
| R•••••••• R••• E••••• P••••••• F••• V•• F•• L••• 805-1509761533 | feeder | $426M GAV 2024 | 11 | 2022 to 2024 | 2022 | Investing | |||
| R•••••••• R••• E••••• F••• V••• L••• 805-8156386835 | fund | $421M GAV 2024 | 37 | 2022 to 2024 | 2022 | Investing | |||
| R•••••••• R••• E••••• S••• C•• F••• V•••••• L••• 805-4610175229 | fund | $419M GAV 2024 | 5 | 2023 to 2024 | 2023 | Investing | |||
| R•••••••• R••• E••••• F••• V• O•••••••• L••• 805-2702403717 | feeder | $342M GAV 2024 | 9 | 2015 to 2024 | 2015 | Harvesting | |||
| R•••••••• S• H••••••• P•••••••• L••• 805-6146276020 | feeder | $339M GAV 2024 | 2 | 2022 to 2024 | 2022 | Investing | |||
| R•••••••• G••••• a•• I••••• R••• E••••• F••• I••• L••• 805-8684497468 | fund | $315M GAV 2024 | 17 | 2019 to 2024 | 2019 | Mature | Core | ||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••••• L••• 805-7901684662 | fund | $290M GAV 2024 | 5 | 2023 to 2024 | 2023 | Investing | |||
| R•••••••• G••••• a•• I••••• R••• E••••• F••• I• L••• 805-8316598844 | fund | $254M GAV 2024 | 8 | 2015 to 2024 | 2015 | Harvesting | Core | ||
| R•••••••• G••••• a•• I••••• R••• E••••• F••• I•• L••• 805-4971559043 | fund | $164M GAV 2024 | 11 | 2017 to 2024 | 2017 | Harvesting | Core | ||
| R•••••••• G••••• a•• I••••• R••• E••••• P••••••• F••• I•• L••• 805-7079078723 | feeder | $138M GAV 2024 | 3 | 2017 to 2024 | 2017 | Harvesting | Core | ||
| R•••••••• G••••• a•• I••••• R••• E••••• P••••••• F••• I•••••••• L••• 805-5201815439 | feeder | $105M GAV 2024 | 6 | 2017 to 2024 | 2017 | Harvesting | Core | ||
| R•••••••• G••••• a•• I••••• R••• E••••• P••••••• F••• I• L••• 805-7039652275 | feeder | $95M GAV 2024 | 2 | 2015 to 2024 | 2015 | Harvesting | Core | ||
| R•••••••• G••••• a•• I••••• L•••• R••• S••• C•• F••• I•••• L••• 805-2129426773 | feeder | $79M GAV 2024 | 3 | 2018 to 2024 | 2018 | Harvesting | REIT sponsor | ||
| R•••••••• R••• E••••• F••• I•• L••• 805-5329508974 | fund | $70M GAV 2024 | 58 | 2012* to 2024 | unknown | Winding down | 1 | ||
| R•••••••• R••• E••••• F••• I••• L••• 805-8990992526 | fund | $54M GAV 2024 | 119 | 2012* to 2024 | unknown | Winding down | 1 | ||
| R•••••••• R••• E••••• S••• C•• P••••••• F••• V•• F•• L••• 805-3562171273 | feeder | $54M GAV 2024 | 3 | 2023 to 2024 | 2023 | Investing | |||
| R•••••••• G••••• a•• I••••• U•••• R••• S••• C•• F••• I•••• L••• 805-2300033240 | feeder | $46M GAV 2024 | 4 | 2018 to 2024 | 2018 | Harvesting | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••• L••• 805-9154583597 | fund | $31M GAV 2024 | 3 | 2016 to 2024 | 2016 | Harvesting | |||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••••• L••• 805-7020722884 | fund | $28M GAV 2024 | 4 | 2024 to 2024 | 2024 | Unknown | |||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••• L••• 805-2918890319 | feeder | $27M GAV 2024 | 3 | 2015 to 2024 | 2015 | Harvesting | |||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••• L••• 805-5387617521 | fund | $25M GAV 2024 | 2 | 2018 to 2024 | 2018 | Harvesting | |||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••• L••• 805-8312030365 | feeder | $23M GAV 2024 | 3 | 2015 to 2024 | 2015 | Harvesting | |||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••• L••• 805-1077594489 | fund | $20M GAV 2024 | 2 | 2016 to 2024 | 2016 | Harvesting | |||
| R•••••••• G••••• a•• I••••• L•••• R••• S••• C•• F••• I•••• L••• 805-6755182076 | REIT | $11M GAV 2024 | 3 | 2019 to 2024 | 2019 | Winding down | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• U•••• R••• S••• C•• F••• I•••• L••• 805-5978076710 | REIT | $10M GAV 2024 | 3 | 2019 to 2024 | 2019 | Winding down | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••••• L••• 805-7028205029 | feeder | $10M GAV 2024 | 4 | 2020 to 2024 | 2020 | Winding down | |||
| R•••••••• R••• E••••• I••••••••• a•• C••• L••• 805-9340192817 | feeder | $9M GAV 2024 | 4 | 2014 to 2024 | 2014 | Winding down | |||
| R•••••••• G••••• a•• I••••• S••• C•• F••• I••• L••• 805-9158633391 | fund | $7M GAV 2024 | 2 | 2016 to 2024 | 2016 | Harvesting |
13 dropped, re-typed or historical vehicles
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|---|
| R•••••••• G••••• a•• I••••• L•••• R••• S••• C•• F••• I•••• L••• 805-7119849042, dropped 2024 | feeder | $166M GAV 2023 | 4 | 2018 to 2023 | 2018 | Dropped from ADV | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• L•••• R••• U••••• F••• I•••• L••• 805-2795298722, dropped 2024 | feeder | $105M GAV 2023 | 4 | 2020 to 2023 | 2020 | Dropped from ADV | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• U•••• R••• S••• C•• F••• I•••• L••• 805-7453334012, dropped 2024 | feeder | $34M GAV 2023 | 2 | 2018 to 2023 | 2018 | Dropped from ADV | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• U•••• R••• S••• C•• F••• A•••• I•••• L••• 805-9353109854, dropped 2024 | feeder | $26M GAV 2023 | 2 | 2018 to 2023 | 2018 | Dropped from ADV | REIT sponsor | ||
| R•••••••• R••• E••••• F••• I•• L••• 805-1616666176, dropped 2024 | fund | $17M GAV 2023 | 99 | 2012* to 2023 | unknown | Dropped from ADV | |||
| R• D••••••••• J•• L• 805-9177121158, dropped 2013 | fund | $11M GAV 2012 | 2 | 2012* to 2012 | unknown | Dropped from ADV | |||
| R•••••••• R••• E••••• F••• I• L••• 805-7474673297, dropped 2018 | fund | $3M GAV 2017 | 72 | 2012* to 2017 | unknown | Dropped from ADV | |||
| R•••••••• G••••• a•• I••••• U•••• R••• U••••• F••• I•••• L••• 805-2014963192, dropped 2024 | feeder | $3M GAV 2023 | 2 | 2020 to 2023 | 2020 | Dropped from ADV | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• U•••• R••• U••••• F••• A•••• I•••• L••• 805-2181347542, dropped 2024 | feeder | $3M GAV 2023 | 2 | 2020 to 2023 | 2020 | Dropped from ADV | REIT sponsor | ||
| R•••••••• F•••••• F••• I• L••• 805-2376356956, dropped 2023 | fund | $3M GAV 2022 | 15 | 2012* to 2022 | unknown | Dropped from ADV | Debt | ||
| R• N•• C•• I••••••••• L••• 805-5489706065, dropped 2018 | fund | $111,000 GAV 2017 | 8 | 2014 to 2017 | 2014 | Dropped from ADV | |||
| R•••••••• G••••• a•• I••••• U•••• R••• S••• C•• F••• I•••• L••• 805-8245355090, dropped 2023 | REIT | $0 GAV 2022 | 5 | 2019 to 2022 | 2019 | Dropped from ADV | REIT sponsor | ||
| R•••••••• G••••• a•• I••••• L•••• R••• S••• C•• F••• I•••• L••• 805-7638198220, dropped 2023 | REIT | $0 GAV 2022 | 6 | 2019 to 2022 | 2019 | Dropped from ADV | REIT sponsor |
What do they actually own?
2 trusted of 5 candidate bindings
| Owner entity | Vehicle | Properties held | Loans | Evidence |
|---|---|---|---|---|
| S•• 1•• P••• L•• NY, office | manager only | 1 | 1 ($63.0M) | Manager disclosure the manager's own website names the property, and the recorder shows this entity at that address today |
Properties the manager names on its site
- S••••• C•••• T•••••, New York Metro Area (residential) “••• Locked”
- P•••••• I•••••••••, P•••••• Beach, FL (i•••••••••) “••• Locked”
- M•••••••••, Various U.S. (hospitality) “••• Locked”
- 1•• P••• A•••••, 1•• P••• A•••••, New York City, NY (office) “••• Locked”
- B•• H•••••• C••••• (residential) “••• Locked”
- R•••••••• I• (residential) “••• Locked”
- P••• N••••••, S••••ern California (residential) “••• Locked”
- L•••••• H••••, Hawaii (hospitality) “••• Locked”
- A••••••• A••••••••• (residential) “••• Locked”
- P••• I••••••• S•••• (residential) “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
- Mortgage recordedDec 9, 2024$63.0MA••••• C••••••1•• P••• A•••••, NY (office) through S•• 1•• P••• L•• with A••••• C•••••• C•••••••••Public records a836-acris.nyc.gov
- DispositionMar 27, 2014$64.0Mthrough R• H• M•••••• P•••• R••••• to T••• M•••••• R•••••Public records apps.dos.ny.gov
Who finances them?
1 loans, 1 lender groups
- A••••• C•••••• single1 loans, $63.0M, Dec 9, 2024 to Dec 9, 2024
Who backs them?
2 allocators, 4 rows
- M•••••••• S•••• B•••• o• I••••••••• in R•••••••• R••• E••••• F••• V• L••• exact_name$100M committed, as of Jun 30, 2026 msbi.us
- M•••••••• S•••• B•••• o• I••••••••• in R•••••••• R••• E••••• F••• V•• L••• exact_name$100M committed, as of Jun 30, 2026 msbi.us
- N•• Y••• S•••• C••••• R••••••••• F••• in R•••••••• R••• E••••• F••• I•• exact_name$4.5M fair value, as of Mar 31, 2025 osc.ny.gov
- N•• Y••• S•••• C••••• R••••••••• F••• in R•••••••• R••• E••••• F••• I• exact_name$1.3M fair value, as of Mar 31, 2025 osc.ny.gov
People
Form ADV Schedule A, latest filing
- W•••••• H•••••• W••••• Managing M••••• (Executive Officer) since 2003-08
- K•••• B••••• G••• Managing M••••• (Executive Officer) since 2003-08
- R••••• J•• H••• General Counsel & Chief Compliance Officer since 2007-04
- T••••• F•••••• G•••••• Managing M••••• (Executive Officer) since 2011-01
- A••• M••• S••••• Managing M••••• (Executive Officer) since 2011-01
- S•••••• R•••••• Chief Financial Officer since 2014-10 also on vc
- D••••• J••••• D••• Managing M••••• (Executive Officer) since 2019-06
- H•••• C•••• M•••••• I• Managing M••••• (Executive Officer) since 2019-06
What is changing?
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
- Vehicle first reported Mar 29, 2024 (observed) ••• Locked
- Vehicle dropped from ADV Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 31, 2023 (observed) ••• Locked
- Vehicle dropped from ADV Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 31, 2023 (observed) ••• Locked
- Vehicle dropped from ADV Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 31, 2022 (observed) ••• Locked
- Vehicle first reported Mar 31, 2022 (observed) ••• Locked
- Vehicle first reported Mar 31, 2022 (observed) ••• Locked
- Vehicle first reported Mar 31, 2022 (observed) ••• Locked
- Vehicle first reported Mar 31, 2022 (observed) ••• Locked
- Vehicle first reported Mar 31, 2022 (observed) ••• Locked
- Vehicle first reported Mar 26, 2020 (observed) ••• Locked
- Vehicle first reported Mar 26, 2020 (observed) ••• Locked
- Vehicle first reported Mar 26, 2020 (observed) ••• Locked
- Vehicle first reported Mar 26, 2020 (observed) ••• Locked
- Vehicle first reported Mar 26, 2020 (observed) ••• Locked
- Vehicle first reported Mar 21, 2019 (observed) ••• Locked
- Vehicle first reported Mar 21, 2019 (observed) ••• Locked
- Vehicle first reported Mar 21, 2019 (observed) ••• Locked
- Vehicle first reported Mar 21, 2019 (observed) ••• Locked
Across DFX
Bridged by shared CRD, CIK or SEC fund id only; the same institution’s PE portfolio companies and its real estate holdings stay on their own graphs.