CBRE Global Investors has changed the name of its CBRE Global Multi Manager arm to CBRE Global Investment Partners (GIP) in order to “better reflect the expanded offering of investment solutions that the business line provides”, according to a statement from the Los Angeles-based firm.
“For many people, the term multi-manager has just meant fund of funds,” said Jeremy Plummer, chief executive officer of CBRE GIP, in a statement. “As our investment approach expanded, we realized we needed a name that conveyed not only our global investment scope but also the breadth of investment vehicles that we utilize. The key point of differentiation from the direct business of CBRE Global Investors is that we always invest with operating partners, so we also reflected this in the name.”
CBRE GIP, which has a team of 66 based in five international offices, has more than $13 billion of assets under management and constructs portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers.
Earlier this week, CBRE GIP managing director Adrian Baker told Secondaries Investor his firm is looking for real estate secondaries deals in Asia. The firm usually completes between 12 and 15 real estate secondaries deals each year, but has only closed two deals in 2014. “We [have] started to see the market become much harder to complete transactions since the beginning of last year,” Baker said.
However, the firm sees more real estate secondaries opportunities globally, particularly in 2006- and 2007-vintage funds, which were the peak years in terms of fundraising, according to Michael Clarke, CBRE Global Investors head of investor services for EMEA.