The pioneer

Ira Lubert, half of the Philadelphia private equity real estate firm Lubert-Adler Real Estate Funds, has described his partner, Dean Adler, as the real estate brains behind the operation. Another fund manager told PERE that Adler stood out as “a pioneer in bridging the capital markets and real estate.”

Both statements are backed up by the success Lubert-Adler has demonstrated in the real estate markets and on the fundraising trail. In less than a decade, the firm has invested more than $10 billion in US property and Lubert-Adler's fifth and most recent vehicle closed on $1.7 billion earlier this year.

Prior to co-founding Lubert-Adler in 1997, Adler spent 12 years working as a principal at Philly investment and advisory firm CMS Companies, where he honed both his real estate and private equity skills, acquiring both properties and operating companies. Perhaps it's not surprising then that Adler's firm has been involved in a number of deals involving real estate-intensive retail properties, oftentimes acting as the property expert alongside LBO shops and hedge funds: Lubert-Adler worked with Cerberus and Sun Capital on the deals for both Mervyns and ShopKo, as well as with the Cerberus-led consortium on the takeover of Albertsons, one of the largest private equity deals of all time.