DFX Intelligence
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S••••••••• C•••••• G••••• L••
Multi-strategy real estate managerSEC-registered adviser$5B to $25B· San Francisco, California
Multi-strategy real estate manager, based in San Francisco, California, reporting $5.7B of real estate gross assets across 15 vehicles.
Composed from this manager's Form ADV filings and classification.
As of · the latest Form ADV filing; property activity carries its own dates
- Real estate GAV
- $5.7B
- Current vehicles
- 15
- Institutional LPs
- 1
Form ADV, Schedule D, real estate vehicles summed
Form ADV, Schedule D 7.B.(1)
Pension and endowment disclosures
As of · the latest Form ADV filing; property activity carries its own dates
Why this matters
- Institutional LPs 1
- Graphs 1
Identifiers, size band and strategyCRD 149002 · SEC 801-69793ShowHide
What capital do they manage?
- Real estate GAV
- $5.7B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
- Vehicles
- 15 current, 26 ever, 11 dropped8 feeders, 1 funds of funds
How the GAV is measured, and the filing detailShowHide
- First on the tape
- 2012the extract starts in 2011; an earlier history is not visible
- Latest filing
- Aug 26, 2024registered adviser
- Adviser RAUM
- $20Bthe whole adviser, all strategies; used for the quarantine test only
- Fund types on the latest filing
- Real Estate Fund 15
- Latest vintage
- 2022from 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
- Multi-strategy
- Operator model
- Fund managerbasis: stated
- Property types
- Multifamily, Industrial, Manufactured housing, Single-family rentalbasis: stated
- Markets
- United Statesbasis: stated
- Business kind (site)
- Real estate manager
- AUM in its own words
- approximately $37 billionthe manager's statement, not a DFX figure
In the manager's own words9 quotesShowHide
- Opportunistic: “Launched series of opportunistic Fund vehicles”
- Core: “Expanded offerings to include core and value-add strategies”
- Value add: “Expanded offerings to include core and value-add strategies”
- Core plus: “Launched open-end core-plus logistics fund and fourth fund of the closed-end, value add series”
- Multifamily: “with an emphasis on residential and industrial space throughout the United States.”
- Industrial: “with an emphasis on residential and industrial space throughout the United States.”
- Manufactured housing: “Seed investment in YES! Communities manufactured housing platform”
- Single-family rental: “Launched large scale SFR venture”
- United States: “with an emphasis on residential and industrial space throughout the United States.”
Vehicles
26 on Form ADV
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| S••••••••• M••• C••••••••• L•• 805-1909511076 | fund | $1.4B GAV 2024 | 4 | 2022 to 2024 | 2022 | Deploying | ||
| P•••• Y•• H•••••••• L• 805-1485818804 | feeder | $1.1B GAV 2024 | 2 | 2014 to 2024 | 2014 | Mature | ||
| S••••••••• R••• E••••• F••• I••••• L• 805-2875997320 | feeder | $977M GAV 2024 | 8 | 2012* to 2024 | unknown | Harvesting | 1 | |
| S••••••••• U••• L••••••••• L• 805-4181234371 | feeder | $569M GAV 2024 | 2 | 2021 to 2024 | 2021 | Investing | ||
| S••••••••• U••• S•• I•••••••• L• 805-3086190013 | fund of funds | $504M GAV 2024 | 2 | 2022 to 2024 | 2022 | Investing |
All 15 current vehiclesShow fewerlargest GAV first
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| S••••••••• H•••• I•••••••• L• 805-7332929433 | fund | $356M GAV 2024 | 2 | 2021 to 2024 | 2021 | Investing | ||
| S••••••••• M••• C••••••••• I•• L•• 805-1673078610 | fund | $309M GAV 2024 | 3 | 2022 to 2024 | 2022 | Deploying | ||
| N•• I•••••••• L• 805-8600255637 | feeder | $258M GAV 2024 | 2 | 2020 to 2024 | 2020 | Investing | ||
| S••••••••• R••• E••••• F••• I••••• L• 805-1623864611 | feeder | $237M GAV 2024 | 1 | 2012* to 2024 | unknown | Harvesting | ||
| S••••••••• R••• E••••• F••• I•••• L• 805-8449321923 | feeder | $5M GAV 2024 | 2 | 2012* to 2024 | unknown | Winding down | ||
| S••••••••• R••• E••••• F••• I•••• L• 805-3958333219 | feeder | $3M GAV 2024 | 2 | 2012* to 2024 | unknown | Winding down | ||
| S••••••••• R••• E••••• F••• I•••• L• 805-3004185470 | feeder | $3M GAV 2024 | 6 | 2012* to 2024 | unknown | Winding down | ||
| S••••••••• R••• E••••• F••• I•••• L• 805-8420301644 | fund | $2M GAV 2024 | 2 | 2012* to 2024 | unknown | Winding down | 1 | |
| S••••••••• R••• E••••• F••• I•••• L• 805-6417640059 | fund | $9,959 GAV 2024 | 6 | 2012* to 2024 | unknown | Winding down | ||
| S••••••••• R••• E••••• F••• I•••• L• 805-6814196802 | fund | $0 GAV 2024 | 7 | 2012* to 2024 | unknown | Winding down |
11 dropped, re-typed or historical vehicles
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| Y•• C••••••••• L•• 805-6904771476, dropped 2024 | master | $9.8B GAV 2023 | 7 | 2017 to 2023 | 2017 | Dropped from ADV | ||
| S••••••••• N••• L•• 805-6168145607, dropped 2024 | master | $3.0B GAV 2023 | 7 | 2020 to 2023 | 2020 | Dropped from ADV | ||
| S••••••••• R••• E••••• F•••• L• 805-9463636909, dropped 2024 | fund | $1.7B GAV 2023 | 2 | 2012* to 2023 | unknown | Dropped from ADV | ||
| S••••••••• S•••••••• I••••••••• V••••••• L•• 805-9582975623, dropped 2024 | fund | $1.0B GAV 2023 | 4 | 2020 to 2023 | 2020 | Dropped from ADV | ||
| S••••••••• Y•• F•••• L• 805-7258525310, dropped 2024 | fund | $372M GAV 2023 | 7 | 2019 to 2023 | 2019 | Dropped from ADV | ||
| S••••••••• T• F•••• L• 805-6738221820, dropped 2024 | fund | $263M GAV 2023 | 2 | 2017 to 2023 | 2017 | Dropped from ADV | ||
| S••••••••• S•• R•••• L•• 805-5100463423, dropped 2024 | fund | $239M GAV 2023 | 2 | 2020 to 2023 | 2020 | Dropped from ADV | ||
| S••••••••• T• S••••• 3• F•••• L• 805-6994198564, dropped 2024 | fund | $28M GAV 2023 | 2 | 2022 to 2023 | 2022 | Dropped from ADV | ||
| S••••••••• T• S••••• 2• F•••• L• 805-6788184358, dropped 2024 | fund | $21M GAV 2023 | 2 | 2021 to 2023 | 2021 | Dropped from ADV | ||
| S••••••••• H•••••••• P••• C••••••••• L• 805-5645129590, dropped 2024 | co-investment | $2M GAV 2023 | 1 | 2012* to 2023 | unknown | Dropped from ADV | ||
| S••••••••• R••• E••••• F••• I• C••••••••• L•• L• 805-9109942914, dropped 2021 | co-investment | $210,102 GAV 2020 | 1 | 2012* to 2020 | unknown | Dropped from ADV |
What do they actually own?
0 trusted of 0 candidate bindings
No validated holdings yet. Candidate bindings stay off this page until their rule passes the blind-label gate.
Properties the manager names on its site
- T•• W•••••••••, Alameda, CA “••• Locked”
- I•• N• 7•••, Miami, FL (industrial) “••• Locked”
- S••••••••• 6•••, Phoenix, AZ “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
No attributed events yet. An event reaches this page only through a validated holding binding.
Who finances them?
0 loans, 0 lender groups
No recorded loans through trusted holdings.
Who backs them?
1 allocators, 2 rows
- N•• Y••• S•••• C••••• R••••••••• F••• in S••••••••• R••• E••••• F••• I• • D• exact_name$1.7M fair value, as of Mar 31, 2025 osc.ny.gov
- N•• Y••• S•••• C••••• R••••••••• F••• in S••••••••• R••• E••••• F••• I•• • A• exact_name$185M fair value, as of Mar 31, 2025 osc.ny.gov
People
Form ADV Schedule A, latest filing
- A••••• P•••• R•••••• Limited Partner since 2002-01 also on pe, vc
- T••••••• E• F•••••• Chief Executive Officer since 2003-04
- D••••• N••••• Chief Compliance Officer And Chief Administrative Officer since 2012-08
- K•••••• H••• R••••••• Chief Financial Officer since 2016-03
- S•••••• J•••• P•••• Managing Director And Head Of S••••••••• Platform Business since 2024-07
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
Full timeline · 30 eventsShow fewer
- 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 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 30, 2021 (observed) ••• Locked
- Vehicle dropped from ADV Mar 30, 2021 (observed) ••• Locked
- Vehicle first reported Mar 30, 2021 (observed) ••• Locked
- Vehicle first reported Mar 30, 2021 (observed) ••• Locked
- Vehicle first reported Mar 30, 2020 (observed) ••• Locked
- Vehicle first reported Mar 30, 2020 (observed) ••• Locked
- Vehicle first reported Mar 30, 2020 (observed) ••• Locked
- Vehicle first reported Mar 30, 2020 (observed) ••• Locked
- Vehicle first reported Mar 30, 2019 (observed) ••• Locked
- Vehicle first reported Feb 24, 2017 (observed) ••• Locked
- Vehicle first reported Feb 24, 2017 (observed) ••• Locked
- Vehicle first reported Mar 26, 2014 (observed) ••• Locked
- First ADV filing on the tape Mar 28, 2012 (observed) ••• Locked
- Vehicle first reported Mar 28, 2012 (observed) ••• Locked
- Vehicle first reported Mar 28, 2012 (observed) ••• Locked
- Vehicle first reported Mar 28, 2012 (observed) ••• Locked
Across DFXHow records are bridgedBridged 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.
Not yet on record: properties held.