Overview
SCIRE Fund III GP, LLC (“the Adviser”) is a Colorado limited liability company formed on January 20, 2021.
The Adviser’s principal office is located in Denver, Colorado.
The Adviser provides discretionary investment advisory services to pooled private investment vehicles, typically
organized as Delaware limited liability companies or limited partnerships (the “Funds”), and potentially special
purpose entities formed to facilitate co-investment relationships (the “Co-Investment Entities” and together with
the Funds, the “Advisory Clients”).
The Funds are organized principally to acquire and develop a portfolio of real estate assets and to invest in equity,
equity-related and debt investments (potentially in some cases as a joint venture or co-equity interest owner) in
various real estate projects located throughout the United States. Each real estate acquisition is made by a wholly
or partially owned subsidiary of a Fund. Only one Fund, Seneca Capital Income Real Estate Fund III, LP (“Fund
III”), a Delaware limited partnership, currently exists.
The Co-Investment Entities are expected to be special purpose entities typically structured as parallel funds or
joint ventures formed to enable one or more third parties to invest alongside a Fund on either a project-based or
programmatic basis. There are currently no Co-Investment Entities.
Rhett Trees is the manager of Seneca Capital Management. Seneca Capital Management is owned by Seneca
Capital Partners LLC and shares certain managers and officers with the Adviser. The Adviser is an Affiliate of
Seneca Capital Management and serves as the general partner or managing member of the Fund(s) and any Co-
Investment Entities. The Adviser is controlled by or under common control with Seneca Capital Management. The
Adviser has full and exclusive management with the same principal office and place of business. In its capacity as
general partner or managing member, the Adviser has ultimate authority over the applicable investment, decisions,
asset dispositions, distributions, and other activities of its Fund(s) and any Co-Investment Entities. While the
Adviser maintains
this ultimate discretionary authority over the Advisory Client’s assets, Seneca Capital
Management has been delegated the role of investment adviser. The Adviser is a “related adviser” of Seneca
Capital Management under applicable SEC rules. For more information, please see Seneca Capital Management’s
Form ADV Part 1 and Part 2A.
Investment Advisory Services
The Adviser offers real estate investment advisory and management services. The Adviser’s investment
advisory business is limited to real estate and real estate related investments. The Adviser’s investment strategy
primarily includes pursuing both current income and longer-term gain for its investors through acquiring and
operating a portfolio of income producing properties, with an emphasis on manufactured housing communities,
self-storage, student housing and medical office buildings (“Portfolio Investments”).
The Advisory Clients’ Portfolio Investments are expected to include, but may not be limited to, manufactured
housing, self-storage, student housing, medical office buildings and other similar forms of income producing
property. Please see response to Item 8 for a description of investment strategies and their associated risks.
The Adviser neither tailors its advisory services to the individual needs of underlying investors in the Advisory
Clients nor accepts investor-imposed investment restrictions.
The investment advice the Adviser provides to Advisory Clients is determined by the investment objectives,
strategies and restrictions set forth in the governing documents (i.e., operating agreement, limited partnership
agreement, confidential offering memorandum or other offering document, joint venture agreement, etc.) of each
Advisory Client (the “Governing Documents”).
The Adviser does not offer wrap fee programs. As of the date of this filing, the Adviser manages
approximately $96,900,000 of Advisory Client assets on a discretionary basis for one Client whose assets do
not qualify as regulatory assets under management under the definition in Form ADV.
The Adviser does not currently manage any assets on a non-discretionary basis.