After a decade or more of low interest/bond rates, institutional investors have poured monies into Alternative Investments—hedge funds, private equity, real assets and real estate—resulting in an increase of smaller and more diverse investment managers (sometimes known as Small and Emerging Managers, or SEMs), that feature specialized and/or localized strategies offering higher yields to investors, while also allowing investors to address their mandates to address diversity/equity/inclusion policies.
What are SEM programs, and how do institutional investors view and access these programs? Do they offer improved portfolio performance? What challenges are faced by investors and managers alike in these SEM programs? How can organizations create effective and successful SEM programs? These are some of the questions that will be discussed and answered by seasoned institutional investors in this seminar.
Please join us on Wednesday, March 10th at 12:30 p.m. ET, as a panel of distinguished practitioners, Peter Braffman (Grosvenor Capital Management), Anar Chudgar (Artemis RE Partners), Larissa Herczeg (Oak Street RE Capital), and Eddie Lewis (UTIMCO), discuss the risks and returns of the emerging manager program investment space. Yale AREA member, Cherie Santos-Wuest (M.Arch 1989), will act as host.
During the program, the panelists will be sharing their perspective on the bright future for Small and Emerging Managers in the private equity RE investment space. The discussion will cover:
- What are the investment trends impacting both GPs and LPs in the current environment and how these trends may define the industry moving forward?
- In the world of virtual fundraising and investing, what are some of the pitfalls of first impressions and the challenges of relationship building, presenting, and due diligence?
- What can LPs and GPs expect during an institutional fundraise and the terms of emerging manager funds?
- The abundance of change over the last nine months has greatly impacted emerging managers and how they approach their businesses. What are LPs seeking today and small and emerging managers may adapt their messaging?
- What are the key diversity and inclusion challenges and opportunities?
This talk is open to the public. Please register in advance to attend.
This webinar is hosted by the Yale School of Management International Center for Finance in partnership with the Yale Alumni Real Estate Association.
Watch a recording of the event:
Peter BraffmanPrivate Markets Investment Committee Member, Managing Director at GCM Grosvenor
Mr. Braffman is a member of the Private Markets Investment Committee and serves on the Global Investment Council. He leads the real estate investment practice and is responsible for real estate sourcing and underwriting activities. Prior to joining GCM Grosvenor, Mr. Braffman was a Partner in the Customized Fund Investment Group of Credit Suisse Group AG. Previously, he was a Senior Vice President at Zurich Alternative Asset Management, where he was responsible for sourcing, underwriting and executing U.S.-based real estate investments. Prior to joining Zurich Alternative, Mr. Braffman was a Vice President in the Merger and Strategic Advisory Group at Goldman Sachs, where he advised corporate clients on structured real estate valuations, monetizations and dispositions of their directly owned and used assets. Prior to joining Goldman Sachs, he was an Associate at Kirkland & Ellis LLP and focused on merger, securities and asset-backed law. Mr. Braffman holds a Bachelor of Arts in Biology and History from the University of Rochester, a Master of Business Administration from Northwestern University Kellogg School of Management, and a Juris Doctor from Northwestern University School of Law.
Anar ChudgarManaging Director and Head of the Income and Growth Fund, Artemis Real Estate Partners
Ms. Anar Chudgar is a Managing Director and Head of the Income and Growth Fund and sits on the Investment Committee. Ms. Chudgar joined Artemis in 2019 and is based in New York City. Ms. Chudgar is responsible for developing and implementing the acquisition and asset management strategies for Artemis’ Income and Growth Fund. Prior to joining Artemis, Ms. Chudgar spent the last 9 years as a Partner at GCM Grosvenor, where she helped co-lead the creation and growth of the $3.0 billion real estate platform, expanding the business in 2012 from fund investments into joint ventures, co-investments and seed investments and growing the team. She has closed on $1.7 billion in joint venture real estate transactions in North America and Europe spanning both equity and debt, leading all aspects of investment management including transaction sourcing and execution, asset management, portfolio management and capital raising. Prior to that, Ms. Chudgar was a Principal in Alternative Investments at Credit Suisse Group AG, and also held positions at Onex Real Estate Partners, iStar Financial, Inc., and began her career at JP Morgan Chase. Anar graduated magna cum laude from the Wharton School at the University of Pennsylvania. She is a member of the Board of Spark Youth and on the Board of Overseers for the Annenberg Center for the University of Pennsylvania. Additionally, she is a member of New York Women Executives in Real Estate (WX) and a member of the UDMUC green council at the Urban Land Institute.
Larissa HerczegManaging Partner at Oak Street Real Estate Capital, LLC
Larissa Herczeg is a Managing Partner of Oak Street Real Estate Capital, LLC and a member of the firm’s Investment Committee. Ms. Herczeg is responsible for all aspects of Oak Street’s Seeding & Strategic Capital business, including investment sourcing, due diligence, selection and portfolio management and reporting. Ms. Herczeg focuses on sourcing, due diligence, investment monitoring and serving on advisory boards for Oak Street’s SASC business. Select activities include co-founding Women in Real Estate, serving as a Trustee of Roosevelt University, Co-Chair of the Roosevelt University Women’s Leadership Council, a mentor for the Goldie B. Wolfe Miller Women Leader’s In Real Estate Initiative, a mentor for the Toigo Foundation and has served as a guest speaker at the University of California-Berkeley, Kellogg School of Management and the University of Notre Dame. Prior to Oak Street, Ms. Herczeg was responsible for global real estate investing at Morgan Creek Capital Management, Franklin Templeton Real Estate Advisors and the Credit Suisse Customized Fund Investment Group (now known as GCM Grosvenor). Ms. Herczeg received a B.A. with honors in Government and Economics from the University of Notre Dame, a Master’s degree with honors in International Affairs from Columbia University’s School of International and Public Affairs and a Juris Doctor degree with honors from Columbia University Law School.
Edward LewisManaging Director of Real Returns Investments at UTIMCO
Edward serves as a Managing Director of Real Returns Investments for UTIMCO where he oversees the endowments’ real estate, natural resources, and infrastructure portfolios. Edward is directly responsible for leading a team dedicated to sourcing and managing new and existing real estate, natural resources, and infrastructure investments on a global basis. In addition, Edward is a member of the Internal Investment Committee and the Leadership Team. Prior to joining UTIMCO, Edward worked at Jones Lang LaSalle (NYSE: JLL) in the Chicago and London offices where he focused on real estate advisory, valuation and transaction services for real estate assets. Edward began his career as a civil engineer working on commercial and residential real estate development projects. Edward received an MBA from the University of Chicago Booth School of Business and a BS in Civil Engineering from Texas A&M University.
Cherie Santos-WuestManaging Partner at Celadon Venture Advisors, LLC
Cherie Santos-Wuest is the Managing Partner at Celadon Venture Advisors, LLC, a Real Estate Advisory Service that provides investment strategy and real estate portfolio marketing consultation. Prior to this she served as the Principal Investment Officer at the CT State Pension funds, where she managed $2.5 billion in real estate investment, and integrated ESG policies into underwriting for portfolio investments. Previously, she served as Director of Global Social and Community Investments at TIAA-CREF. In other positions at TIAA-CREF, Ms. Santos-Wuest served as a Director in TIAA’s Global Private Markets group, responsible for originating over $1.2 billion in large loan investments in various territories across the United States and Canada. A full member of the Urban Land Institute (ULI), she was responsible for helping to launch ULI’s Responsible Property Investment Product Council, which she chaired between 2010 and 2012. Ms. Santos-Wuest currently serves as a Board Trustee for the NHP Foundation, a not-for-profit affordable housing development firm, with offices in NYC and Wash., D.C.; and on the Board of Directors for CREW DC, a women’s association that promotes women in the commercial real estate industry. Ms. Santos-Wuest was the recipient of the 2018 Vanguard Leader Award from the Council of Urban Real Estate. (CURE), for her work in fostering diversity and social equity in the Real Estate industry. Cherie holds a BS in Architecture from the University of Virginia, an MS in Architecture from Yale University, and an MS in Real Estate Development from MIT.
Questions? Contact YaleICF@yale.edu