ACORE Capital, LP (“ACORE”) is a Delaware limited partnership and a registered
investment adviser that began operations in April 2015. ACORE provides investment advisory
services to its clients with respect to real estate debt and securities investments, which include
separately managed accounts (“Separate Accounts”) and private investment funds (each an
“ACORE Fund”, and together with “Separate Accounts”, each a “Client” and collectively, the
“Clients”).
ACORE is controlled by ACORE Capital GP, LLC, its general partner, which, in turn, is
controlled by a seven-member board of directors (the “Board”). ACORE’s day-to-day investment
management activities are undertaken by its principals (the “Principals”).
ACORE provides discretionary and non-discretionary investment advice to Clients for
which it primarily originates, acquires and manages commercial real estate loans and securities
and other commercial real estate-related debt investments. ACORE’s investment advisory
services to its Clients consist of identifying and evaluating investment opportunities, negotiating,
managing, financing and monitoring investments, and achieving dispositions for such investments.
ACORE’s investment advisory services to each Client are tailored in accordance with such
Client’s investment strategy as set forth in the applicable private placement
memorandum (or other
applicable disclosure documents), partnership agreement or declaration of trust (or similar
governing document) and/or investment management agreement (each a “Governing Document”,
and collectively, the “Governing Documents”). ACORE’s advisory services are further described
below under Item 8 “Methods of Analysis, Investment Strategies and Risk of Loss.”
All investors in the ACORE Funds participate in the overall investment program for the
applicable ACORE Fund, but in certain cases, investors may be excused or excluded from a
particular investment due to legal, regulatory or other applicable constraints. ACORE has entered
into other written agreements (“Side Letters”), subject to any applicable requirements or
limitations in the respective Governing Documents, with certain ACORE Fund investors that have
the effect of establishing, supplementing or altering rights under the applicable Governing
Documents or an investor’s subscription agreement. Separate Account Clients negotiate the terms
of their investments on a case-by-case basis.
As of December 31, 2023, ACORE has $20,108,824,063 in regulatory assets under
management. Regulatory assets under management consist of $6,241,434,920 of discretionary
assets under management and $13,867,389,143of non-discretionary assets under management.