Belveron Real Estate Partners, a secondary investor targeting investments in all types of private equity real estate funds, single asset partnerships, as well as secured and unsecured mezzanine debt, has been launched.
The firm, headed by former Concierge Asset Management chief Paul Odland, has a reportedly hopes to raise $100 million to $200 million for its first fund and will seek transactions worth a minimum of $250,000.
Belveron will also have a strategic partnership with venture capital and private equity secondary Industry Ventures, which both firms hope to use to provide investors a single resource to exit portfolios that include investments in all three sectors.
The new firm follows in the footsteps of Liquid Realty, the only other firm solely dedicated to secondary investment and, Landmark Partners and Credit Suisse, which have secondary operations.
Liquid Realty, in particular, has been ramping up its operations as the private equity asset class grows and the need for liquidity in the sector intensifies. In May, it purchased a UK portfolio of assets for £435 million ($775 million, €615 million). The firm bought interests in ten different Jersey Property Unit Trusts comprising 200 retail, office and industrial properties in a transaction that is believed to be the largest secondary real estate acquisition ever completed.
Belveron managing director Odland comes to Belveron after serving as chief executive of Tiburon, California-based Concierge Asset Management, which formed three investment funds. The first focused on primarily on acquiring shares of REITs. The second, which included individual and institutional investors, made direct investments in multi-family assets. Prior to his tenure at Concierge, Odland was head of acquisitions at Walnut Creek, California-based Bridge Partners, which specialized in repositioning federally financed affordable housing as market rate rentals.
Vice President Grant Sisler also comes to Belveron from stints at Concierge and Bridge Partners. Before that, he worked as an analyst in the Goldman Sachs’ private wealth management division.