ROBERT-JAN TEL

The “billion euro man” controls Europe's largest real estate fund of funds having reached the landmark equity at TKP Pensioen Real Estate Fonds (TREF) this year after seven years of operation. That's significant cash and Robert-Jan Tel decides which fund managers to invest in. As one investor puts it, Tel is a “tough negotiator, but very supportive long term and a fair fund manager.” Recent vehicles with the Tel stamp of approval include PBW II, a Central European fund managed by AEW Europe and Orco's Endurance Office II. In total he watches over investments in 39 funds and joint ventures. The fund allocates 20 percent to opportunity funds. In an interview with PERE in February, he said the fund was under-allocated to opportunity vehicles with an 11 percent weighting, but that he would reach his target following draw downs after commitments made this year. As the biggest real estate fund of funds manager in Europe, he is giving institutions exposure to retail, residential, and industrial real estate markets as well as to alternative real estate assets such as hotels and parking. In the past year he has added the “undervalued” Nordic region as well as Central and Eastern Europe to its investment platform. He is described by one investor as “very important.” He was one of the special guests at Credit Suisse's private dinner at the MIPIM property show in the south of France in March where he rubbed shoulders with Apollo's European head Bill Benjamin and another individual on PERE's Most Influential LPs list, Patrick Kanters of ABP.