After fully investing its debut fund, Clairvue Capital Partners has expanded its team by promoting one executive out of its San Francisco office and making a new hire out of its New York location.
Waters initially joined Clairvue in March 2011 as an associate. Prior to joining Clairvue, Waters was an acquisitions associate at Starwood Capital Group, where he participated in the closing of more than $1 billion of investments. Prior to Starwood, Waters was with Banc of America Securities in the real estate investment banking group.
“John has made a big contribution to our team and was an important part of executing our investments in Clairvue I,” said Brendan MacDonald, a Clairvue partner who manages the acquisitions team.
In his role as acquisitions associate, Sharma will support the underwriting and execution of Clairvue’s investment opportunities. He joins Josh Cleveland, a partner, and Jeffrey Granoff, a principal, in Clairvue’s New York office. Prior to joining Clairvue, Sharma was an investments associate at real estate and infrastructure investment firm CIM Group, where he was responsible for completing more than $500 million in stabilised and opportunistic real estate investments and financings.
“We are seeing a growing need for liquidity within commercial real estate funds and investment vehicles,” MacDonald added. “Debt maturities, slow economic growth and new financial regulations are each contributing to a growing need for recapitalisations and secondary sales of real estate funds and investment vehicles. Akash’s experience underwriting and managing direct property investments will be useful as we look to identify and unlock value in real estate investment vehicles.”
Clairvue anticipates making additional hires in both its San Francisco and New York offices over the coming year.
These executive moves follow the firm fully investing Clairvue Capital Partners Fund I, a $200 million vehicle launched in April 2010. According to Clairvue’s co-founder chief investment officer Jeff Giller, the firm has invested in seven assets on behalf of Clairvue I.
“The preponderance of Clairvue I’s capital was invested in real estate vehicle recapitalisations where the proceeds advanced by Clairvue were used to help resolve debt maturity issues and other capital needs,” he added. The investments in the recapitalisation fund’s portfolio give the firm exposure to office, retail, industrial, hotel and multifamily assets throughout the US and Europe and to various vehicle risk-return categories including opportunity funds, value-added funds, debt funds, mezzanine funds and real estate operating platforms.
Although representatives from Clairvue declined to comment, PERE understands that the firm is currently raising funds for a follow-up vehicle.