DFX Intelligence
Real Estate Fund Intelligence
The manager graph behind U.S. private real estate capital. Which vehicles a manager swears to, what each reports year by year, what the manager says it does, and, where the evidence holds, which owner entities, properties, loans, lenders and pensions stand behind it. GAV is gross asset value on a filing date, never fund size, and every manager-to-property link carries its evidence class.
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What capital do they manage?
- Real estate GAV
- $3.5B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
- Vehicles
- 5 current, 10 ever, 0 dropped1 feeders, 0 funds of funds
- First on the tape
- 2012the extract starts in 2011; an earlier history is not visible
- Latest filing
- Mar 29, 2024registered adviser
- Adviser RAUM
- $2.0Bthe whole adviser, all strategies; used for the quarantine test only
- Fund types on the latest filing
- Real Estate Fund 5
- Latest vintage
- 2017from 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
- Hybridbasis: stated
- Property types
- Multifamily, Office, Healthcare, Hotel, Retail, Industrialbasis: stated
- Markets
- United States, 33 statesbasis: stated
- Business kind (site)
- REAL_ESTATE_MANAGER
- AUM in its own words
- $9.7 billion+the manager's statement, not a DFX figure
In the manager’s own words
- Core: “V••••••••'s expertise spans opportunistic, value-add, core-plus, and core investment strategies in the multifamily, office, medical office, hospitality, and retail sectors.”
- Core plus: “V••••••••'s expertise spans opportunistic, value-add, core-plus, and core investment strategies in the multifamily, office, medical office, hospitality, and retail sectors.”
- Value add: “V••••••••'s expertise spans opportunistic, value-add, core-plus, and core investment strategies in the multifamily, office, medical office, hospitality, and retail sectors.”
- Opportunistic: “V••••••••'s expertise spans opportunistic, value-add, core-plus, and core investment strategies in the multifamily, office, medical office, hospitality, and retail sectors.”
- Development: “V•••••••• has deep experience in large-scale redevelopments, repositionings, and ground-up development.”
- Debt: “the Firm has deep experience in the acquisition/origination of senior mortgages, junior participations, mezzanine debt, preferred equity, and securitized debt.”
- Multifamily: “invests in credit and equity strategies across multifamily, office, medical office, hospitality, and retail investments in the U.S.”
- Office: “invests in credit and equity strategies across multifamily, office, medical office, hospitality, and retail investments in the U.S.”
- Healthcare: “invests in credit and equity strategies across multifamily, office, medical office, hospitality, and retail investments in the U.S.”
- Hotel: “invests in credit and equity strategies across multifamily, office, medical office, hospitality, and retail investments in the U.S.”
- Retail: “invests in credit and equity strategies across multifamily, office, medical office, hospitality, and retail investments in the U.S.”
- Industrial: “Specialized Industrial”
- United States: “invests in credit and equity strategies across multifamily, office, medical office, hospitality, and retail investments in the U.S.”
- 33 states: “an investment history across 33 states as both an owner and a lender”
Vehicles
10 on Form ADV
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|---|
| E• H••••••• L•• a•• S••••••••• 805-5721742760 | fund | $1.8B GAV 2024 | 1 | 2014 to 2024 | 2014 | Investing | |||
| V•• S•••••• S••••••••• F••• L•• 805-1243651836 | fund | $636M GAV 2024 | 2 | 2017 to 2024 | 2017 | Mature | Distressed | ||
| V•••••••• • U• S•••••••• V•••••• L••• 805-5548576289 | fund | $544M GAV 2024 | 4 | 2014 to 2024 | 2014 | Harvesting | |||
| V•••••••• V•• F••• I• L•• 805-3062359592 | fund | $311M GAV 2024 | 2 | 2016 to 2024 | 2016 | Harvesting | |||
| N•• V•••••••• I••••••••• F••• L•• 805-5819972007 | fund | $178M GAV 2024 | 6 | 2014 to 2024 | 2014 | Harvesting |
5 dropped, re-typed or historical vehicles
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|---|
| N•• R••• A•••• P••••••• L••• 805-3237772620 | fund | $227M GAV 2014 | 6 | 2014 to 2014 | 2014 | Unknown | |||
| M•••••• A••••••• F•• t•• R•••••• o• t•• U••••••••• o• C••••••••• 805-9201407816 | fund | $162M GAV 2014 | 4 | 2014 to 2014 | 2014 | Unknown | |||
| M•••••• A••••••• F•• L•• A•••••• C••••• E•••••••• R••••••••• A••••••••• 805-7998574854 | feeder | $79M GAV 2020 | 1 | 2014 to 2020 | 2014 | Harvesting | |||
| M•••••• A••••••• F•• T•••• B••••••• C•• L••• ••• 805-8049305621 | fund | $16M GAV 2014 | 1 | 2014 to 2014 | 2014 | Unknown | |||
| E•• L••• P••••••• L••• 805-8744884452 | fund | $2M GAV 2014 | 5 | 2014 to 2014 | 2014 | Unknown | Land |
What do they actually own?
9 trusted of 9 candidate bindings
| Owner entity | Vehicle | Properties held | Loans | Evidence |
|---|---|---|---|---|
| E•• R•••••••• C••••••• NY, retail | manager only | 2 | 1 ($67.0M) | Corporate filing dos_process_name_manager |
| E• 1•• W•••• L•• NY, multifamily | manager only | 2 | 1 ($99.6M) | Corporate filing dos_process_name_manager |
| V••• P••• P•••• F•• NY | manager only | 1 | Corporate filing dos_process_name_manager | |
| E•• S••••• S••••• NY | manager only | 1 | Corporate filing dos_process_name_manager | |
| V•• 9•• A•• L•• NY, multifamily | manager only | 1 | 2 ($177M) | Corporate filing dos_process_name_manager |
| 8• W•••••• S••••• P••••••• O•••• L•• NY, multifamily | manager only | 1 | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| H•• K•• 3••• S••••• O•••• L•• NY, multifamily | manager only | 1 | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| V••• S• A•••••••• F• L•• FL, professional building | manager only | 1 assessed $7.8M | Address and agent mailing_hq_building_suited | |
| V••• P••• C•••••••• F• L•• FL, professional building | manager only | 1 assessed $3.1M | Address and agent mailing_hq_building_suited |
What are they buying, selling and financing?
0 acquisitions, 0 sales, 1 financings in 12 months
- Mortgage assignedNov 10, 2025$165MIncref Investments BMO Seller980 Avenue Of The Amer, NY (multifamily) through V•• 9•• A•• L•• with I••••• I••••••••• B•• S•••••• L••Public records apps.dos.ny.gov
- Loan modified or extendedOct 16, 2025$67.0MT•• N••••••••• M••••• L••• I•••••••• C••••••184 West 237 Street, NY (retail) through E•• R•••••••• C••••••• with T•• N••••••••• M••••• L••• I•••••••• C••••••Public records apps.dos.ny.gov
- Mortgage assignedOct 1, 2025$99.6ME•••••••• F•••••• L••• I•••••••• C•••••• o• A•••••160 W•••• Street, NY (multifamily) through E• 1•• W•••• L•• with E•••••••• F•••••• L••• I•••••••• C•••••• O• A•••••Public records apps.dos.ny.gov
- Loan modified or extendedMar 20, 2024$11.8MParlex 3A Finco70 West 37TH Street, NY (multifamily) through V•• 9•• A•• L•• with P••••• 3• F••••• L••Public records apps.dos.ny.gov
- p••••••• acquiredJan 11, 2018$31.0Mthrough V••• P••• P•••• F•• with 1•• W••• 3••• S••••• R•••••Public records apps.dos.ny.gov
- p••••••• acquiredOct 8, 2015$133Mthrough E•• R•••••••• C••••••• with A• M••••••••• R•••••••• C•••••••Public records apps.dos.ny.gov
- p••••••• acquiredJun 6, 2014$29.2Mthrough E•• S••••• S••••• with S••• 3••• S•Public records apps.dos.ny.gov
- p••••••• acquiredApr 30, 2014$165Mthrough E• 1•• W•••• L•• with 1•• W•••• S••••• A•••••••••Public records apps.dos.ny.gov
Who finances them?
4 loans, 4 lender groups
- Incref Investments BMO Seller single1 loans, $165M, Nov 10, 2025 to Nov 10, 2025
- E•••••••• F•••••• L••• I•••••••• C•••••• o• A••••• single1 loans, $99.6M, Oct 1, 2025 to Oct 1, 2025
- T•• N••••••••• M••••• L••• I•••••••• C•••••• single1 loans, $67.0M, Oct 16, 2025 to Oct 16, 2025
- Parlex 3A Finco single1 loans, $11.8M, Mar 20, 2024 to Mar 20, 2024
Who backs them?
0 allocators, 0 rows
No institutional LP disclosure resolved to this manager.
People
Form ADV Schedule A, latest filing
- D•••••• M•••••• B•••• Chief Financial Officer since 2014-03
- G••• M••••• T••••••• Member since 2015-06
- R•••••• A••• C•••• Member since 2015-06
- B••••••••• M••••• Chief Compliance Officer since 2021-01 also on vc
What is changing?
- vehicle first rep•••ed Mar 30, 2017 (observed) V•• S•••••• S••••••••• F••• L•• first reported on Form ADV by V•••••••• G•••• L••, GAV $88,278,573
- vehicle first rep•••ed Mar 29, 2016 (observed) V•••••••• V•• F••• I• L•• first reported on Form ADV by V•••••••• G•••• L••
- vehicle first rep•••ed Mar 31, 2014 (observed) N•• V•••••••• I••••••••• F••• L•• first reported on Form ADV by V•••••••• G•••• L••, GAV $68,390,000
- vehicle first rep•••ed Mar 31, 2014 (observed) M•••••• A••••••• F•• L•• A•••••• C••••• E•••••••• R••••••••• A••••••••• first reported on Form ADV by V•••••••• G•••• L••, GAV $316,380,000
- vehicle first rep•••ed Mar 31, 2014 (observed) E• H••••••• L•• a•• S••••••••• first reported on Form ADV by V•••••••• G•••• L••, GAV $411,910,000
- vehicle first rep•••ed Mar 31, 2014 (observed) V•••••••• • U• S•••••••• V•••••• L••• first reported on Form ADV by V•••••••• G•••• L••, GAV $192,310,000
- vehicle first rep•••ed Mar 31, 2014 (observed) M•••••• A••••••• F•• T•••• B••••••• C•• L••• ••• first reported on Form ADV by V•••••••• G•••• L••, GAV $16,051,000
- vehicle first rep•••ed Mar 31, 2014 (observed) N•• R••• A•••• P••••••• L••• first reported on Form ADV by V•••••••• G•••• L••, GAV $226,500,000
- vehicle first rep•••ed Mar 31, 2014 (observed) E•• L••• P••••••• L••• first reported on Form ADV by V•••••••• G•••• L••, GAV $2,000,000
- vehicle first rep•••ed Mar 31, 2014 (observed) M•••••• A••••••• F•• t•• R•••••• o• t•• U••••••••• o• C••••••••• first reported on Form ADV by V•••••••• G•••• L••, GAV $162,289,000
- First ADV filing on the tape Mar 29, 2012 (observed) V•••••••• G•••• L•• first filed Form ADV in the extract (IA)
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.