Ex-Liquid execs launch Clairvue Capital

Jeff Giller and Brendan MacDonald have formed the San Francisco-based firm with the backing of Goldman Sachs’ private equity group. It will focus on fund, asset and investor recapitalisations.

Former Liquid Realty Partners executives Jeff Giller and Brendan MacDonald have launched their own firm with funding from Goldman Sachs’ private equity funds.

Giller and MacDonald have created Clairvue Capital Partners to target recapitalisation opportunities in real estate funds, operating companies, property portfolios as well as among LPs and GPs.

We are thrilled to be in partnership with Goldman Sachs.

Clairvue has been backed by Goldman Sachs’ private equity group, providing capital to the firm’s first fund, Clairvue Capital Partners I, and management entity, Clairvue Realty Advisors, according to an email announcing the news, and seen by PERE.

“We are thrilled to be in partnership with Goldman Sachs,” the pair said in the email, adding: “Clairvue is a new business formed to manage funds that are focused on recapitalizing real estate funds, real estate operating companies, institutionally managed property portfolios, joint ventures, investors’ balance sheets and other types of real estate platforms that would benefit from restructuring.”

Last October, Giller departed Liquid Realty Partners after more than four years as the firm’s chief investment officer, and one month after Liquid’s director of acquisitions Brendan MacDonald and director of business development Josh Cleveland both left the firm. Cleveland is not believed to have joined Clairvue.

Giller’s departure from Liquid triggered a key-man clause in Liquid’s $572.3 million LRP Fund IV. Liquid is currently trying to raise Liquid Realty Partners V, targeting $800 million. The fund, if successful, would be the largest private equity real estate secondaries fund ever raised.