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GoldenTree Sets up New JV

NEW YORK CITY-Locally based GoldenTree Asset Management is exiting one business focus and forming a joint venture to concentrate on real estate investments.

By Barbara Jarvie | Updated on March 17, 2005

NEW YORK CITY-Locally based GoldenTree Asset Management, which was founded five years ago specializing in the management of leveraged financial assets, is exiting the long only separate account business and returning $1.2 billion to investors. The firm is placing a focus on the real estate arena.

To move forward, the firm formed GoldenTree InSite Real Estate Partners, a joint venture with Tishman Speyer veteran Tom Shapiro. The new venture will partner with small to mid-size entrepreneurial real estate operators where it believes there is a current gap in the capital markets. Shapiro tells GlobeSt.com that the firm will explore all property types. It will also look to opportunistically invest in value added real estate transactions through both direct and indirect equity investments, including illiquid real estate partnerships. Also, Todd Eagle has joined GoldenTree Asset Management as a portfolio manager and director of real estate fixed income to spearhead the firm’s entry into the real estate mezzanine investing arena He will work directly with GoldenTree president and CIO Steve Tananbaum and Shapiro. A London office is next on the horizon.

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