Funds of funds should look ‘holistically’ at real estate

Siguler Guff’s new managing director of real estate James Corl warns investors have to take a macro view of the asset class to take advantage of distressed opportunities. It comes as the firm hires Anthony Corriggio to help Corl build the real estate platform.

Private equity funds of funds should look at a more expanded “menu of options” when investing in real estate rather than just at direct property investment funds.

In an exclusive interview in PERE’s September issue, James Corl, former Cohen & Steers’ chief investment officer and now managing director of real estate investments at Siguler Guff, argues the traditional funds of funds real estate strategy can be unnecessarily limiting.

He said funds of funds managers should look to access a more expanded “menu of options”, including public, private, domestic and international real estate and debt as well as equity.

The different formats of real estate investment should be considered “substitutes to each other, not compliments to one another. Real estate is one asset class, but many markets,” he added.

Since his appointment at Siguler Guff in March, Corl has developed the firm’s real estate platform recently hiring Anthony Corriggio, former executive at hedge fund Coeus Capital Management and ex-chief financial officer of residential and commercial land developer The St. Joe Company, to the team.

To read more of the interview, see the September issue of PERE.