World actual property funding agency Greystar has launched its personal personal wealth division. The staff will concentrate on high-net-worth buyers with certified purchaser standing, RIAs and household places of work and allocate buyers’ cash to Greystar funds alongside institutional capital.
Greystar appointed Stephen Mullin as managing director, personal wealth, to steer the brand new staff. Mullin has 20 years of expertise within the personal wealth channel. He beforehand labored as principal, investor relations, at personal markets funding agency HarbourVest Companions, the place he centered on elevating cash from high-net-worth buyers and household places of work on the West Coast. Mullin might be primarily based within the agency’s Los Angeles workplace, reporting to Christie Wootton, Greystar’s managing director and head of Americas Investor Relations and World Strategic Partnerships.
Greystar holds $78 billion in AUM throughout roughly 160 world markets. It’s most closely invested within the multifamily sector, along with scholar housing, lively grownup communities, logistics services and life sciences properties. Its funding methods span throughout core, core plus, develop-to-core and credit score.
Based on Greystar CIO Wes Fuller, the corporate has seen elevated curiosity from HNW buyers in funds devoted to actual property funding methods.
“We now have noticed that the personal wealth channel is quickly changing into extra refined and centered on long-term worth creation, which we imagine will result in accelerating curiosity in sector specialists with vertically built-in enterprise fashions. By launching a devoted personal wealth staff, we’re broadening our platform to assist this investor phase,” Fuller stated in a press release.
Different asset managers have been more and more creating or increasing their personal wealth divisions as extra personal buyers allocate cash to non-public markets, together with personal actual property property. Personal wealth cash is then invested via specialised automobiles, amongst them interval funds, tender provide funds, traded and non-traded BDCs, that present these buyers with higher liquidity than is important for institutional cash sources. A current State Road survey forecasts that inside two years’ time, over half of fundraising for personal market property would possibly come from retail buyers.
Nonetheless, in accordance with an organization spokesman, Greystar has no present plans to create funds particularly focused at personal wealth buyers.
“We’re taking a considerate strategy to increasing entry for personal buyers by striving to construct on the expertise and capabilities Greystar has developed over many years working with establishments,” he stated in a press release. “This is a crucial step in our aim to interact a rising phase of buyers who’re searching for publicity to professionally managed actual property methods.”
