The Clear Story
To request a copy of Clerestory's Think Pieces and research, please contact us at 212.584.2020 or info@clerestorycapital.com.
Think Pieces
- Think Piece 1
Fair Trade: The Wisdom of Setting Equal Terms - Think Piece 2
Market Stress Will Test GP/LP Relationship - Think Piece 3
Coming soon: Real Estate Private Equity—a new map for a new world
Clear Views
- Suggested Format for Advisory Committee Disclosures Template
This document provides a guideline as to the type of information to disclose to the Advisory Board. - Suggested Template for the “Magic Page”
This Excel spreadsheet presents deal-by-deal information in a summary format that allows for a holistic view of fund performance.
Things aren't always as clear as one would like them to be, especially in real estate private equity where complicated documents govern the manager–investor relationship. In this forum, Clerestory is pleased to share ideas or suggestions – either our own or from others – that can help improve the overall approach to real estate private equity investing. We consider clear views for the private equity real estate industry to be an important goal and will continue to add similar suggestions or guidelines to this space.
Research
- December 2010
Snapshot of real estate opportunity funds in the market as of December 31, 2010. There were 82 SC-Opportunistic™ Funds in the market seeking US$32 billion of equity commitments and 12 LC-Opportunistic™ Funds in the market seeking US$28 billion of equity commitments. - June 2010
Snapshot of real estate opportunity funds in the market as of June 30, 2010. There were 71 SC-Opportunistic™ Funds in the market seeking US$27 billion of equity commitments and 9 LC-Opportunistic™ Funds in the market seeking US$17 billion of equity commitments. - December 2009
Snapshot of real estate opportunity funds in the market as of December 31, 2009. There were 72 SC-Opportunistic™ Funds in the market seeking US$29 billion of equity commitments and 19 LC-Opportunistic™ Funds in the market seeking US$43 billion of equity commitments.
Clerestory currently segments the opportunity universe into Small Cap Funds (“SC-Opportunistic™ Funds”) and Large Cap Funds (“LC-Opportunistic™ Funds”), which are funds seeking to raise less than US$1 billion or greater than US$1 billion, respectively.
Clerestory's summary of opportunity funds in the market does not contain, and does not purport to contain, a full description of the real estate opportunity funds in the market seeking to raise capital. Information has been obtained directly from underlying fund managers or sources deemed to be reliable, but Clerestory does not warrant its completeness or accuracy. No representation or warranty of any sort, express or implied, is made in this summary and no liability whatsoever is accepted by Clerestory or any other person, in relation thereto. Further, this summary does not constitute an offer to sell securities or the solicitation of an offer to purchase securities.
Clerestory in the Press
- February 2012: Let the Games Begin
Investors and fund managers shift focus to high-yield opportunities. - December 2010: Understanding and Identifying Risk
- December 2010: Fee Structures Compared
- October 2010: Brisk Business on Boutique Street
- July 2010: 10 Most Influential Women in Private Real Estate Investing
Clerestory Capital is pleased to announce that Joanne Douvas was recognized as one of the 10 most influential women in private real estate investing by PERE magazine in their June 2010 issue. - February 2010: The End of Closed-End?*
- December 2009: Focus and discipline
- January - February 2009: Emerge Stronger
- September 2008: Communication Magic
- July 2008: Equitable Terms*
- November 2007: Investors Pursue Total Return Approach*
- September 2007: Real estate and capital markets strategies seen converging
- November 2006: Under the Influence
* Copyright © 2012 by Institutional Real Estate, Inc. Material may not be reproduced in whole or in part without the express written permission of the publisher.