NEW YORK CITY-As in the rest of life, real estate private equity funds are marked by the haves and have-nots. On the one hand you have your Blackstones and your Colonies and your AREAs. On the other, if you are a new fund manager, well you have a lot of work to do.
Mark Grinis, in an exclusive interview, told us that he sees a slow turning, that while challenges still exist for many of the funds that aren't top-of-mind, that 2013 will indeed prove itself to be “a very good vintage” for private equity funds. We asked Grinis how he delineates the haves from the have-nots, and he said that there are just certain names that an LP director can take to the board “without too many questions.”
“It's pretty much been business as usual for the platinum and premium players,” says the global real estate private equity fund services leader for Ernst & Young. “But once you're out that stratum, it's not business as usual.” There, he notes, LPs are able to place more pressure on mid tier funds on fees and terms. For new funds, it's even more challenging.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
