Purse joins new firm

The former co-head of Park Hill Real Estate will be charged with expanding a Cleveland, Ohio-based company’s fund of funds business.

Charles Purse, formerly one of the top placement agents in the private equity real estate, is an in-house capital raiser once again. He joined Investors Diversified Realty (IDR), a Cleveland, Ohio-based real estate investment manager, earlier this month. Purse will be based in New Hampshire.

At IDR, Purse will serve as principal and be responsible for building IDR’s multimanager investment platform in private equity real estate. In particular, he will be raising capital for a new product on behalf of the company, according to multiple sources familiar with the matter. IDR declined to comment.

Purse is assuming his new position after more than eight years at Park Hill Real Estate, which he co-founded with Frank Schmitz in October 2005 through a joint venture with Blackstone. While at Park Hill, now considered one of the top advisory firms in private equity real estate, Purse became one of the best-known names in the real estate placement business.

He left the firm at the end of March, marking the end of 13 years as a placement agent, which began at Credit Suisse First Boston, which he joined in 2001 and served as a managing director of the real estate private fund group. Before Credit Suisse, Purse, however, was raising capital in-house at firms such as DRA Advisors, where he was a managing director of marketing and portfolio management, and, earlier, senior vice president of marketing at The Yarmouth Group.

Investors Diversified Realty was founded in 2006 by managing director Gary Zdolshek. The firm, which now has eight employees, raised its first multimanager fund, Investors Diversified Realty Fund, in 2010. The vehicle attracted approximately $150 million in capital.