News & Analysis

Even though investments into Asian, non-listed real estate funds have dipped markedly in the short-term, allocations to the sector will increase over the next three to five years.

The two powerful California pensions have announced huge write-downs in private equity and real estate over the fiscal year ending in March. Both pensions have implemented measures to counter the losses, including moving allocations and negotiating for lower fees.

David Hodes and Doug Weill have left the investment bank's real estate placement group to create their own firm, Hodes Weill & Associates. The pair co-founded the real estate placement agent in 2000 with Bill Thompson, who remains at Credit Suisse along with other senior management.

The sovereign fund, which already owns a portion of Blackstone's management company, will reportedly pay $258m for new shares in the Hong Kong-based alternative investment firm.

Former Fannie Mae CEO Daniel Mudd will relieve Edens of day-to-day duties for the NYSE-listed private equity, real estate and hedge fund manager. It is part of a main board reshuffle aimed at enabling senior executives to focus more intently on the group’s existing and new investments.

The acquisition of Neff in 2005 by the New York buyout firm was preceded by insider trading by people connected to Neff, the SEC is charging. No Odyssey employees have been accused of wrongdoing.

The Association of Real Estate Funds (AREF), which represents UK unlisted vehicles, and the Property Industry Alliance (PIA), made up of various UK property associations, have fired off letters to the Treasury in London and the UK’s Financial Services Authority amid concerns about a European Union draft directive that has huge implications for private equity real estate funds operating in Europe.

The US lobbying group for a dozen or so mega-firms is keen to support new regulations in the States, but warns the bulk of the US private equity industry - thousands of lower mid-market firms - may be adversely affected by proposed registration requirements.

As well as selling the management of its Asian Real Estate Opportunity Fund, the bank is also offering for sale the management of all the remaining assets in the region on its balance sheet.

The Salt Lake City, Utah-based private equity firm has hired Gary Crittenden - former chairmen of Citi Holdings - as a managing director. The firm has collected $1.2bn for its debut fund.