June 14, 2016 - Capri Capital Partners
CHICAGO, IL – Capri Capital Partners, LLC (“Capri”), a Capri Investment Group company, is pleased to announce that the board of the Los Angeles County Employees Retirement Association (“LACERA”) has unanimously approved Capri for graduation from Emerging Manager status to a full Core Manager. Capri is the first Real Estate Emerging Manager of LACERA’s to officially graduate to Core Manager.
Capri has been a separate account manager for LACERA since 2002 and currently manages over $500 million in net equity real estate assets, primarily through its separate account and a fund investment. As an Emerging Manager, Capri has operated under an investment cap of 10% of LACERA’s total real estate portfolio of approximately $5 billion in net equity. By becoming a Core Manager, Capri’s cap will increase to 35% of total real estate assets, or potentially up to $1.8 billion of LACERA’s current portfolio. Although Capri’s cap has significantly increased, LACERA’s normal process by which capital is made available to separate account managers would suggest that net assets managed by Capri may grow by $50 to $100 million annually.
“LACERA has been a valued client of Capri for 14 years, and we are extremely pleased the board has voted unanimously to graduate Capri to Core Manager,” said Quintin E. Primo III, Chairman and Chief Executive Officer of Capri Capital Partners. “Capri’s investment performance as a multifamily specialist for LACERA was likely an important factor in their decision. We greatly appreciate their continued commitment to our strategy and firm.”
In addition to Capri’s graduation, LACERA approved $800 million for real estate equity investment as part of its 2016-17 investment plan. LACERA will invest the capital through existing separate account managers.
About Capri Investment Group
Capri Investment Group is a group of affiliated, SEC-registered companies involved in real estate investment management. Through Capri Capital Partners, LLC, it has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt solutions to its clients through separate account, commingled fund and joint venture formats. Over its 23-year history, Capri has demonstrated experience investing in multifamily residential and commercial investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $3.6 billion as of March 31, 2016. Capri is headquartered in Chicago, with additional offices in Los Angeles, New York, Nairobi and Accra. For more information, visit the company’s website at www.capri.global.
For more information, please contact Elisa Reyes at (312) 573-5272 or firstname.lastname@example.org.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy any security relating to Capri Investment Group or any of its entities’ funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.