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Real Estate Private Equity Fund - Third Quarter 2014


Third Quarter 2014

Capital Investment Roundup: Adapting to the Challenges of Success

As we reach the close of the year, real estate investors are adapting to the predictable consequences of real estate’s success. The days of simply turning around an office building are vanishing. Opportunistic funds, facing a shortage of deal flow, accept as a matter of course that deals worth doing are likely to have some complexity—a seller with a complicated set of tax concerns that need to be factored in, or a partner that needs to be bought out. In the hunt for good returns, some funds are forgoing the usual route of partnering with an operator and simply doing the acquisition themselves, hiring a manager for the day-to-day responsibilities.

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Operational Focus: The Ins and Outs of Outsourcing

Making shrewd decisions regarding the deployment of assets is at the heart of fund management. That imperative applies not only to tangible assets like capital, but intangibles like time and energy. This is why the last half-dozen years has seen a steady uptick in the use of third-party fund administrators to handle everything from tax and accounting to marketing, IT, regulatory compliance, and human resources. But there is no one-size-fits-all solution. For outsourcing to work, the fund must tailor the outsourcing arrangement to its needs, manage the relationship, and have realistic expectations regarding outsourcing’s benefits.

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Regulatory and Compliance Issues: The Calm after the Storm

With new regulatory and compliance requirements becoming effective this year, 2014 was greeted with wariness, if not trepidation, among private equity real estate funds. With the end of the year at hand, however, it can be said that most firms weathered the changes well. The smaller shops wisely turned to fund administration firms, which had expanded their offerings from accounting and back-office to include compliance services. The mid-size and larger firms, of course, had the internal resources to clear the raised bar (which is not to imply that this was accomplished without some effort).

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Demographics Continue to Fuel Mixed Use: Developers Keep Their Eyes on the Big Picture

Mixed-used developments continue to command significant attention from real estate investors. Just before Thanksgiving, David Kessler, partner and Commercial Real Estate Industry Practice National Director, had the privilege of moderating a panel discussion on current mixed-use trends at the Biznow Multifamily Annual Conference in Washington, DC. The panel included Steven Wolf, Senior Partner, Ares Management Real Estate Group; Nicholas Colonna, Principal, Kennedy Wilson, Inc.; and Steve Coyle, Senior Advisor, Bentall Kennedy.

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One on One: From Asia to the Back Office

The private equity real estate arena is undergoing dramatic change in a number of areas, from the development of overseas markets to the level of back-office support investors expect deal teams to have. Recently, George Klenovich, CohnReznick’s Managing Partner for the South/Central United States and a member of the Firm’s Commercial Real Estate Industry Practice, sat down with Mark Maduras, a Managing Director and CFO of Angelo, Gordon & Co.’s real estate, net lease and private equity groups, to get his perspective on a number of key issues.

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This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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