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Square Mile names new CEO – Exclusive

Jeff Citrin is moving into a senior advisory role as the firm’s other co-founder, Craig Solomon, steps up to the top post.

Square Mile Capital Management is promoting one of its co-founders and managing principals to chief executive, PERE has learned.

The New York-based investment manager was founded in 2006 by Jeff Citrin and Craig Solomon, who will be CEO starting July 1. Citrin is stepping away from his day-to-day duties and will become a senior advisor and vice chairman of the board of directors. He will also continue to sit on the firm’s investment committees.

A spokesman for the firm declined to comment.

Square Mile is currently raising its fifth opportunistic fund. The firm launched Square Mile Partners V last fall with a $750 million target, PERE previously reported. The Teacher Retirement System of Texas is the lead investor in the fund, earmarking a total of $200 million to split equally between Square Mile Partners V and its accompanying sidecar vehicle.

Similar to the previous funds in the series, Square Mile’s latest opportunistic vehicle will have a focus on distressed debt backed by all real estate property types across the US, and the firm also plans to target preferred equity, recapitalizations and special situations.

Square Mile is also in the market with its second real estate debt fund, Square Mile Credit Partners II. The firm is expected to raise more capital for that vehicle than its predecessor, a 2014-vintage fund that closed on $865 million, according to PERE data.

In March 2012, USAA Real Estate, the real estate arm of the San Antonio, Texas-based financial services firm USAA, acquired an approximately 49 percent stake in Square Mile for an undisclosed sum and committed to invest in Square Mile’s future vehicles.

As part of Square Mile’s leadership transition, Len O’Donnell, USAA Realco’s chief executive, is becoming non-executive board chairman of the firm. He previously was a board member of Square Mile.

Square Mile manages about $4 billion in assets.