Real Estate Fund Intelligence

An adviser whose Form ADV Schedule D 7.B.(1) swears to at least one private fund of type Real Estate Fund, on any filing in the SEC extract from November 2011 to December 2024. The label is the adviser’s own; no name match and no website claim admits anyone. A manager is current when its latest filing is 2024-dated and still carries such a vehicle. 1,633 advisers qualify over the period, 960 are current. A manager that files its real estate vehicles as Other Private Fund (TA Realty, Harrison Street, UBS Realty do) is not admitted yet; that is a named gap, not an oversight.

Gross asset value is the number the adviser reports for the vehicle on the filing date. It includes leverage, it moves with valuations, and it is not the fund’s size, its commitments or its dry powder. Those live in separate columns and are empty until a source states them. A manager’s GAV is the sum over its non-feeder Real Estate Fund vehicles on its latest filing, and is a scale proxy for banding only.

Readings the tape carries as filed but that cannot be right: a registered adviser’s single vehicle above 1.5 times the adviser’s whole regulatory AUM (one Luxembourg vehicle filed $417.8B, a quarter of the tape), an exempt adviser’s vehicle above $25B, one year’s reading above twenty times the median of the vehicle’s other years. A quarantined reading stays visible with its flag and enters no sum, band or statistic. Feeders are excluded from a manager’s sum when the same filing carries a master.

Three layers, each labelled. Vehicle names on the tape give a hint (a fund called Real Estate Debt IV is a debt vehicle by its own name); a hint alone is a candidate. The manager’s own website is read by a model that must return a verbatim quote for every item, and every quote is checked against the page text; an item without a verifiable quote is dropped. A stated class is probable, and stated and hinted agreeing is confirmed. Property types and markets follow the same rule. A wealth manager or hedge fund whose real estate vehicles are under a fifth of its fund mix is classed Not a real estate manager and stays on the graph so the universe count is honest. The agreement gate is a blind sample of 50 managers per dimension at or above 0.85.

By a named rule under an evidence class: identifier, corporate filing, recorded instrument, manager disclosure, address and agent, name pattern plus a second signal, name only. The rules that bind today: the owner entity’s own corporate filing names the manager as the party served with process (New York) or as an officer, manager or registered agent (Florida); the filing’s service-of-process or principal address is the manager’s ADV headquarters to the suite or floor, and the filing names nobody else (a third party, a lawyer or a registered agent named on the filing refuses the row; a suite shared by managers of different houses binds nothing on the address; managers of one house at one suite bind once); the owner’s own registered business address (HPD) or tax-bill address (an assessor) is the manager’s headquarters to the suite; the owner name opens with the manager’s distinctive brand in single-purpose-vehicle form and a second signal agrees; the owner name carries a vehicle’s family stem and series numeral (the one rule that names a vehicle). A name in common is never enough on its own: a name-only binding is written as held and can never be validated or published. Every binding stores the rule, the matched strings, the source row, the effective date and a confidence.

Each rule’s bindings are sampled blind and put to an independent reader that sees only the owner entity, the property and the manager, never the rule, and must find a public document (the manager’s site, a press release, a news report, a registry) that confirms or refutes control. Precision is yes over yes plus no; unknowns are reported beside it. A rule publishes when it has at least 40 labels, precision at or above 0.90 and a Wilson lower bound at or above 0.80. The reader is a model working the open web, not a person, and the cycle report says so with the sample. Coverage is reported by manager size band, especially under $1B.

The DFX real estate core: Massachusetts statewide assessor rolls and deeds, New York City deeds and ACRIS mortgage, modification and assignment recordings since 2024, HUD owner participants on FHA-insured and assisted multifamily nationally, CMBS collateral. Beside it, the registers read directly: every NYC multiple dwelling’s registered corporate owner (HPD, city-wide) and Florida’s statewide assessment roll (every county’s owner of record on multifamily, commercial and industrial parcels, with the owner’s own mailing address and the last two recorded sales). On the entity side, the New York Department of State and the Florida Division of Corporations are read in reverse: every entity that filed the manager’s headquarters as its address, or the manager as the party it is served through. Owners of record exist at scale for Massachusetts, New York City and Florida today; an owner outside those markets is not yet in the pool, so an absence there is an absence from the tape, not from the manager’s book.

A deed with the bound entity as buyer or seller, a recorded mortgage, modification or assignment, a scheduled maturity, dated on the recorder’s date. An event reaches a page only through a validated binding. A distress flag on one property is one property’s; the graph counts, it never says a fund is distressed. A vehicle’s first report is a filing fact, never a close; on the tape’s first two years it is the tape starting, and is marked so.

Public pension disclosures (NY Common’s asset listing real estate section, the plans on the venture lane’s tape), Form 5500 Schedule D pooled vehicles and IRS 990 partnership schedules, resolved to a vehicle by exact name or stem and numeral, or to a manager by name or brand, basis printed. A commitment amount is the plan’s; a row with book and fair value only is a disclosed holding.

It does not widen it. A firm that runs PE funds and real estate funds is one institution bridged by CRD, CIK or SEC fund id, with its portfolio companies on the private equity graph and its properties here. Names bridge nothing.