Perseus hires Fidelity exec as managing director

Washington-based real estate investment firm Perseus Realty Capital appoints former Fidelity Management senior investment officer Loren Balsam to its investment team.

Washington, DC-based real estate investment firm Perseus Realty Capital has added a new property professional to its roster with the addition of Loren Balsam.

Balsam was hired by Perseus president Paul Dougherty to source investments for the firm’s opportunistic vehicles. He was appointed as managing director and a senior member of the investment team.

A former senior investment officer with Fidelity Management’s private equity real estate group for 12 years, Balsam was previously a real estate workout consultant at E&Y Kenneth Leventhal Real Estate Group.

In a statement, Dougherty said Balsam had established himself as an “innovative and successful real estate investor.” Balsam added: “Paul and the PRP team have built a terrific reputation and track record. I hope to build upon the tremendous job he and his team has done.”

Earlier this year, Perseus acquired a fully leased 273,000-square-foot distribution facility in Columbia, in South Carolina, in a JV with Charlotte, North Carolina-based Ferncroft Capital. The firm, associated with the Washington-based merchant bank and private equity firm Perseus, manages Perseus Capital City Fund, a $150 million US diversified fund, and last year launched PRP II LP, a middle-market opportunity fund seeking to raise up to $250 million in equity commitments.