Overview
The Adviser is an investment adviser with its principal place of business in New York, New York.
The Adviser commenced operations on September 30, 2014. The principals of the Adviser are
John Illuzzi and Van Nguyen.
The Adviser provides real estate-related investment advisory services on a discretionary basis to
pooled investment vehicles and separately managed accounts and serves as discretionary sub-
adviser to an insurance dedicated fund, managed by SALI Fund Services (referred to herein as
“Clients.” collectively, and each a “Client”). The Clients were established to invest primarily in,
(i) real estate credit, which includes performing, sub-performing, re-performing or non-performing
loans and other private credit assets, comprised of commercial and residential mortgage loans,
and/or servicing or similar rights relating to such loans and other assets; and/or securitizations and
other asset-backed securities backed by real estate assets, including commercial mortgage-backed
securities and/or collateralized loan obligations; or (ii) real estate equity, which includes acquiring,
developing, redeveloping, repositioning, owning, operating, managing, financing and disposing of
commercial real estate and multifamily assets. The insurance dedicated fund invests a substantial
portion of its assets into the pooled investment vehicles sponsored by the Adviser (or an affiliate
of the Adviser).
The Adviser provides
investment advice directly to each Client pursuant to discretionary
investment management agreements or operating agreements, subject to the direction and control
of the general partner or managing member of the Client, which is affiliated with the Advisor. Any
restrictions on the types of investments that the Adviser makes for a Client are established by its
general partner or managing member and are set forth in the Client’s confidential offering
memorandum, limited partnership agreement, operating agreement or similar. Once an investor
has invested in a Client, the investor is not permitted to impose restrictions on the types of
investments in which the Client may invest. However, in accordance with common industry
practice, a Client or its general partner or managing member may from time to time enter into a
“side letter” or similar agreement with an investor pursuant to which the Client or its general
partner or managing member grants the investor specific rights, benefits, or privileges that are not
generally made available to all investors. See “Item 8 – Methods of Analysis, Investment
Strategies and Risk of Loss” below for more details.
The Adviser does not participate in wrap fee programs.
As of December 31, 2023, the Adviser had approximately $ 2,790,088,308 of regulatory assets
under management, all of which were managed on a discretionary basis.