Private Equity Real Estate Tips

Private Equity Real Estate Tips for Success

One of the most common requests I receive from readers is to cover private equity real estate in more detail. There is a great deal of information on real estate and private equity but very little on private equity real estate funds. I am working to fill this void so if you have any white papers, articles, videos or personal insight please contact me at Theo@peblogger.com I came across this document on private equity real estate funds. The author, Deloitte, prescribes five areas to focus on to achieve success in private equity real estate.

Attracting capital

• Build and sustain an exceptional investment yield track record.
• Build and maintain an eminent and well-regarded team of advisors, including bankers, accountants, lawyers, and other specialists.
• Obtain access to qualified investors.
• Make sure that satisfied and loyal investors receive timely and effective communications, including financial and tax reports.
• Establish, promote, and protect a brand that exudes quality, skill, and integrity.

Sourcing and qualifying investment opportunities

• Do the right things to make people want to do business with you: Demonstrate that you understand the important issues, you conduct due diligence effectively and efficiently, and you have credibility to close.
• Build an extensive network of joint venture partners who are trustworthy and skillful.

Fund and investment structuring

• Structure investments that are suitable, attractive, and efficient for domestic individuals, tax exempt institutions, and a variety of foreign investor profiles.
• Establish best practice fee structures that align your interests with those of your investors.
• Determine the right degree of leverage on investments and for the fund overall.
• Structure investments to minimize federal, state, and foreign income, and asset & transfer tax costs, thereby providing optimal after-tax yield to investors and you.

Investor reporting and operational excellence

• Develop and operate properties efficiently and effectively.
• Build and retain a skilled team at the advisor level.
• Comply with all financial and tax regulatory matters in a timely fashion.

Exit strategies

• If desired, effectively recycle capital within a fund.
• Correctly gauge ideal timing for closing a fund and starting a new one with the same investor group.

Source

The preceding advice is from Deloitte and is not necessarily suggestions from this website, please see a qualified legal consultant.

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Tags: private equity, real estate, private equity real estate, private equity real estate funds, firms, buyout real estate, private equity funds, real estate funds

Socialist Hedge Funds

I am not here as a political commentator but I do take note of the daily battering of the industry in the mainstream news outlets. Late last week and early this week I published a few posts on Obama and his blasting of hedge funds for looking out for their investors. You may read these posts here and here and here.

Today we have a hedge fund professional standing up for hedge funds in the same way I have tried to here on this blog, here is an excerpt:

Asness of AQR Capital (who says he is speaking for himself and not his company) says the hedge funds are acting as they should act. “It is the job and obligation of all investment managers, including hedge fund managers, to get their clients the most return they can. They are allowed to be charitable with their own money–and many are spectacularly so–but if they give away their clients’ money to share in the “sacrifice,” they are stealing,” he says in the letter.

Hedge funds haven’t received a bailout, Asness notes, and haven’t asked for one. “The hedge funds were singled out only because they are unpopular, not because they behaved any differently from any other ethical manager of other people’s money.” source

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FamilyOfficesGroup.com Re-Launch

Our team has just re-launched FamilyOfficesGroup.com. The site now has an upgraded appearance, more free-to-access articles on family offices and many resources related to both UHNW philanthropy and alternative investments.

To learn more about family offices or to see our new site please visit http://FamilyOfficesGroup.com. Here are the most popular articles from this site:

• Family Office Jobs
• Single Family Office Investment Performance
• Philanthropic Giving
• Financial Advisor Marketing
• Family Office Services
• Family Office Wealth Management
• Single Family Office
• Family Office Resources

Tags: family offices, family office, alternative investments, private equity, philanthropy, philanthropic, wealth management, investments, hedge fund, hedge funds, real estate

FamilyOfficesGroup.com Re-Launch

Our team has just re-launched FamilyOfficesGroup.com. The site now has an upgraded appearance, more free-to-access articles on family offices and many resources related to both UHNW philanthropy and alternative investments.

To learn more about family offices or to see our new site please visit http://FamilyOfficesGroup.com. Here are the most popular articles from this site:

• Family Office Jobs
• Single Family Office Investment Performance
• Philanthropic Giving
• Financial Advisor Marketing
• Family Office Services
• Family Office Wealth Management
• Single Family Office
• Family Office Resources

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Tags: family offices, family office, alternative investments, private equity, philanthropy, philanthropic, wealth management, investments, hedge fund, hedge funds, real estate

Hard Money | ABL

Hard Money | Asset Based Lending Event

The Alliance for Alternative Asset Professionals is holding an event on February 26th, 2009 from 6-8PM EST within the Club Room at the Credit Suisse Building in Manhattan. Please view full details by clicking on the image to the left.

The fee at the door is $20 and you may RSVP by completing the form below or emailing mkosara@taaaps.org. The room will hold 150 professionals, the first 150 to complete the form below or register directly with TAAAP will be able to attend this event.

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Hedge Fund Trend

Hedge Fund Industry & The Markets

I just had a comment on a past blog post related to how the current markets have changed the current hedge fund strategies being offered right now.

Here was my response:

While many strategies have struggled in 2008 and 2009 global macro and shorting strategies have done well. I’ve also heard of many managers who are shifting their strategies to more short term vol trading instead of long term holding for obvious reasons. Managers who used to do 80% long term holding and 20% short term trading have now flipped those stats on their head. Lots of new commercial financing and distressed asset funds are coming out right now as well.

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Tags: hedge fund, hedge funds, private equity, investments, stock market, real estate, depression 2009, stock markets, investment, hedge fund trends, hedge fund strategy changes

Video on Hedge Funds

What to Know About Hedge Funds

Here is a short video on hedge funds, the attention they are getting in the media and on short selling. What is nice about this movie is that in plain English it explains why most of what is going on is not new and how short selling is not evil. To view this video via my daily hedge fund newsletter please click here, otherwise please see below.

View over 50 additional Free Online Hedge Fund Videos.

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Tags: What to Know About Hedge Funds, Hedge Fund Basics, A Short History of Hedge Funds, Hedge Fund, hedge funds, stock market, stock markets, investment, investments, real estate

Hedge Fund Maguire

Hedge Fund Maguire | Letter to Hedge Funds

(http://HedgeFundBlogger.com) Below is a short excerpt from the NY Post and their comments on a letter which Sandra Manzke sent out earlier this week regarding the recent actions of many desperate hedge fund managers. If anyone has the full version of this letter please shoot it over or post it below. For now here is an excerpt of the review article:

Fed up with misbehavior in the hedge-fund industry, respected hedge fund investor Sandra Manzke is fighting back.

A pioneer in hedge-fund investing and best known for founding Tremont Capital Management, Manzke sent an angry missive to hundreds of her peers earlier this week, calling on them to join together to push for reform in the $1.5 trillion industry.

“I am appalled and disgusted by the activities of a number of hedge-fund managers,” said the letter, which raises a fist against what Manzke sees as a general degradation of ethics in the industry.

The letter, reminiscent of the way in which Tom Cruise’s Hollywood agent character penned a manifesto blasting his cutthroat industry in the hit movie “Jerry Maguire,” comes amid a historic shakeout of this once-lucrative business. Hedge funds are battling the double blows of poor performance – down an average of 20 percent so far this year – and billions in investor withdrawals, known as redemptions. Read more…

Here is the actual letter:

MAXAM Capital Management LLC
RE: AN IMPORTANT LETTER TO HEDGE FUND INVESTORS
Dear Sir/Madam:

I was one of the earliest investors in hedge funds. I made my first investment in 1985 when the industry was exclusive to the United States and there were only 68 funds in existence. As such, I have watched the industry grow from a small private investment club to its current state managing in excess of a trillion dollars with more than 10,000 funds. I was an early proponent of the fund of funds business which enabled smaller investors the ability to access the talent pool, and gain diversification with lower minimum investment. I once was proud of the industry, now I am concerned.

While we all recognize the difficulties of the current market environment, I am appalled and disgusted by the activities of a number of hedge fund managers. The increased use of gating, side pocketing, suspension of redemptions, failure to post an NAV, fund liquidations that favor management are just a few of activities that are giving this industry a bad name. Worse, there are managers who are attempting to get their money out ahead of investors, attempts to eliminate high water marks, asking investors to increase fees to pay for fund expenses, receiving fees on liquidating funds, receiving fees on illiquid securities, and mispricing their books.

We have seen funds which claimed to have no leverage, in fact, facing margin calls that wipe out capital. And managers who have received millions of dollars in incentive fees, walking away and leaving investors with nothing. Further, management fees have crept up to outrageous levels and hedge fund organizations are paying employees lucrative wages, while investors are bearing these costs, unjustified by mounting losses.

I was in favor of SEC registration and oversight and 2008 is certainly a poster child for the need for better regulation. Now, I feel that investors need to form an organization to protect against the egregious hedge fund manager. Hedge fund managers do not disclose their investors and we are each operating in a vacuum. We should be able to unite to change how this industry operates. I am proposing that we form the “Hedge Fund Investors United Forum” to propose reform in the industry that would protect our clients’ and our own interests.

Carl Icahn has started his shareholders group to change the behavior of corporate America. I urge everyone to go to his blog and join, because corporate America has lost its way. Corporate management needs to get back to running companies to make money for shareholders, not for personal gain. We need to get hedge fund managers to work for their investors and not for their personal gain.

As a group we can influence the future of the industry. We can start to define neutrally beneficial terms, not punitive investor terms. If we want to survive, we have to restore confidence and reshape the industry. I am not saying everyone out there is a bad apple, but there are too many bad apples for my taste and it only takes a few to bring the industry to its knees.

If you are interested in joining with me to bring reform to this industry, please email me and together we can start the process.

With great concern,
Sandra L. Manzke
Chief Executive Officer

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HedgeFundBlogger.com

HedgeFundBlogger.com | Kaizen

First off thank you for the support from everything, the emails, story submissions, linked resources and offers of help are appreciated. We hope to continue to build out our unique hedge fund tools, tracking services, marketing resources and career tips each week over the next few years. We will publish a hedge fund horse races post sometime in the next week showing how much traffic our site gets compared to others in the industry.

We are making several changes to HedgeFundBlogger.com. Once thing that many visitors have asked for in the past are comment forms available below posts such as this. We have tried this in the past and have received too many spam submissions. We are now trying it out again with a new spam filter.

Please feel free to post comments on any of the articles you now read on the site and we will do our best to publish anything value-adding to the conversation. Your own opinion, insight and resources are all encouraged.

For example do you have any feedback for us? How could we improve the site? Please comment below. If you are viewing this post on the front page of HedgeFundBlogger.com you may have to click on the title of the blog post to view this entry as a single post before being able to post your comment. – Thank you in advance.

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Spain Hedge Fund Guide

1 Page Guide to Hedge Funds in Spain

Here is a short collection of articles on the hedge fund industry in Spain. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone’s benefit.

• Spain will authorize domestic sales of hedge funds this year, provided they publish trading prices at least every six months and meet other requirements, the Economy Ministry said Wednesday. A ministry spokeswoman, who declined to be identified, said an initial investment of at least $50,000 or $60,000 will also be mandatory and fund managers must be based in one of the 30 nations in the Organization for Economic Cooperation and Development, a group of market-oriented countries.
• With the approval of Circular by the Spanish regulator, the CNMV, the regulation on hedge funds has been finalized after prior approval of the Regulation on Collective Investment Institutions. Once this regulation is approved, Spanish management companies would be able to file for the license to manage hedge funds, which would be the prior step for the first product to be launched.
• As Spain’s Comisión Nacional del Mercado de Valores becomes the latest European regulator to implement a regime for fund of hedge fund managers looking to tap retail interest, market participants are divided over its impact on the market for hedge fund-linked products
• Vulture funds are finally saying debt from Spanish retailer Cortefiel is now cheap enough to buy, after waiting for months to see prices of the struggling company’s debt fall further. The funds, which have raised billions of dollars to invest on the hopes that a worsening global economy will depress debt prices, are closely monitoring the Spanish group whose debt trades at about 42 percent of its face value.
• Great introduction article about hedge funds and other assets in Spain.
• Very in depth and thorough Hedge Week guide to everything hedge fund related in Spain.
• Regulation governing Spain’s hedge fund market is set to be finalized this month, following more than a year of uncertainty. The rules, expected to be approved by the Spanish parliament within the next few weeks, will provide a massive boost to the country’s hedge fund industry, say market participants.
• Overcoming Spain’s natural conservatism headline
• Rarely has the approval of a financial product in Spain generated such controversy as the decision to allow sales of domestic hedge funds. After lengthy and intense discussion involving politicians, regulators and those working in the financial sector, the first such fund was registered with the stock market commission on November 8, 2006. But one year on, demand for hedge funds has fallen short of expectations.
• U.S. retail investors have had a growing appetite for hedge funds, and now European investors will get the chance to test the waters in these high-return, sometimes risky investments, as Spain is the first European country to introduce retail investors to hedge funds, according to Boston-based consultancy firm Aite Group.
• Madrid, Spain-based Altex Partners Group has won approval from Spanish regulators for a new fund of hedge funds promoted in partnership with GLG Partners. Altex GLG becomes the 35th fund of hedge fund authorized by Spain. Altex GLG Fund will only invest in funds managed by U.K.-based GLG Partners, one of the biggest hedge fund managers in the world, with over US$26 billion of asset under management.
• Great must read article about regulations in the Spanish hedge fund market.
• Sometimes it’s the most innocuous-looking headlines that spell the most trouble. With most papers leading on “here comes the recession”-type stories, it would be very easy to overlook the report on page five of yesterday’s FT that the “ECB is to tackle abuse of liquidity aid”. And no wonder. The story sounds either a) very technical or b) something about the financial equivalent of binge drinking. But there’s a bombshell being delivered here – the European Central Bank is about to stop bailing out eurozone commercial banks. And that could mean another big lender going ‘bust’.
• The failure of the Spanish property firm, Martinsa Fadesa, is a sign that hedge funds are stepping up efforts to wring profit out of ailing companies, in moves that might prompt more Spanish insolvencies. Hedge funds which bought Martinsa Fadesa debt at discounts of as much as 50 percent of its value could now profit from its administration process because an expected sale of assets might pay them back at a price closer to face value.
• Spanish finance lawyers have been busy working on the launch early in 2007 of the country’s first domiciled Hedge Funds, amid debate over which law firms are best placed to advise on these new investment vehicles. The stock exchange regulator, CNMV, has already approved for trading the first fund managers, and a rapid buildup in the number of authorizations and products is expected as “H-day” approaches.
• Another great in depth guide to regulations of hedge funds in Spain and Europe.
• Spanish hedge funds move closer to reality.
• Spain’s newly-approved hedge funds must now prove they have what it takes to attract business. At the end of 2006 and after months of anticipation, the first Spanish-registered hedge funds were launched with the approval of the Comisión Nacional del Mercado de Valores (CNMV), the country’s securities market regulator.
• Valorica Global FIL, one of Spain’s first onshore hedge funds, has implemented Insight, a sophisticated portfolio management and accounting system developed by specialist hedge fund technology provider, Tradar. Valorica Global FIL, which was launched on 28th September 2007, following approval from the Comisión Nacional del Mercado de Valores (CNMV), manages three investment vehicles.
• The Swiss banking group SYZ & CO and the Madrid-based asset management company A&G Fondos, Asesores y Gestores Financieros Fondos have announced the imminent launch of two Spanish-regulated funds of hedge funds. SYZ & CO and A&G are thus among the first institutions to benefit from new Spanish legislation authorizing the marketing of alternative investment funds.
• Some background and introductory material taken from the Hedge Funds World Espana 2007 Event

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Tags: Hedge Funds in Spain, Hedge Fund, hedge fund, hedge funds, stock market, investments, stock markets, real estate, Spain Hedge Fund, Spain Hedge Funds, Madrid, Barcelona

REO Properties

Real Estate Owned (REO) Properties and Listings

Many of you in the hedge fund industry who read my blog also frequently visit Hedge Fund Message Board.com or other online forums. You may remember 9-12 months ago a large set of REO brokers and sales agents practically taking over a few online forum in the online hedge fund community trying to connect with hedge fund managers looking for REOs. They were quickly banned and considered spam but I do get emails from many of them – usually 2-3/week.

Upfront, I want to be clear that I do not want to get into the business of brokering or helping as a sales agent for banks or REO firms. I would like to identify a reputable broker who does work with hedge funds or private investment groups in this area simply because at this point I’m just having to delete emails from these REO agents as I have no way to help them. I’ve never worked with REO related investments so hopefully I’ll connect with a reputable related group this blog.

Here’s an example of a recent email I received on this topic:

Hello and good day Mr. Wilson. I was doing some research on the topic and I came across your blog. I have several potential customers who are looking to buy Bulk REO and / or Notes portfolios , from $10M and up and up. The thing is, it is difficult for me to find any true portfolio providers who can actually perform and do what they say they can do, especially without a lot of hassle and headache. I’m continuously running into a middleman parade, which always kills the deal. It is my understanding that the majority of Bulk REO and / or Notes portfolios are controlled by either asset managers at banks, or hedge funds. I see that you are the founder of Hedge Fund Group (HFG), so i say let me contact you to see if you could help me out. I have what seems like a new potential customer coming my way daily asking me if can fill their Bulk REO and / or Note orders. If you could help me out or point me in the right direction as to who to talk to, i would most gladly appreciate it. Thank you for your time Mr. Wilson, looking to speak to you soon. Enjoy your weekend.

Anyone have any great resources? websites? white papers? or networking groups I could be referring these people to? Thanks in advance for the help, much appreciated.

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Real Estate ETF

Real Estate ETF

Content coming soon on Real Estate ETF please check back soon for more details.

Permanent Link: Real Estate ETF

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