Eliza Bailey, the former head of private real estate debt at Partners Group, has landed a new employer, PERE has learned. She officially started yesterday as a managing principal at Los Angeles-based AVP Advisors, a private real estate investment firm that advises institutional investors seeking access to emerging managers. She will be based in Portland, Oregon.
Bailey will be one of four partners at AVP, along with Suzanne West, who herself joined the firm on August 1 after eight years as founding partner at Park Madison, a New York-based capital raising and advisory firm; Barry Chase, who is responsible for overseeing the company’s investment activities; Amy Ko, who also serves as chief financial officer and is in charge of the firm’s finance, accounting, reporting and corporate operations.
Bailey will work directly with Chase on sourcing, underwriting and asset management of emerging managers. Additionally, she will focus on capital formation; helping to develop AVP’s overall growth strategy; and actively mentoring emerging managers on institutional best practices. The firm, whose current capital-raising platform includes an existing fund of funds and a co-investment vehicle, is said to have launched a new $500 million fund recently. AVP declined to comment.
Bailey most recently was head of private real estate debt at Partners Group, where she was a member of the firm’s private real estate team in San Francisco and its private real estate investment committee. During her six-and-a-half-year tenure, she led the Zug, Switzerland-based investment company’s real estate debt investment activities and served as portfolio manager for several of the US real estate mandate clients.
Since leaving Partners Group, Bailey had been doing project work for Pension Consulting Alliance, where she previously had worked from 2002 to 2007. At PCA, she had been responsible for real estate research, investment product analysis, investment advisor due diligence and client consulting.
Bailey has known Chase since her days at PCA, where she underwrote and established separate accounts and joint ventures with emerging managers that included AVP. Additionally, she executed direct deals and programmatic joint ventures with rising firms at Partners Group.
Prior to PCA, Bailey founded Property Solutions Enterprises, a private investment business focusing on residential real estate. With that business, she structured investment opportunities, completed property level due diligence, created expansive fee and revenue models and conducted real estate market research.