Ten Capital Management Participates in Women’s Alternative Investment Summit in New York
COO Carmela Guerrero addresses the opportunities and challenges in middle market real estate investing in a rising rate environment
CLEVELAND, OHIO, November 11, 2015
– Carmela Guerrero, COO of Ten Capital Management, joined a panel of industry professionals for the 7th Annual Women’s Alternative Investment Summit, where she focused on opportunities and challenges in the real estate space in a potentially rising rate environment. The two-day conference designed to enhance networking, fundraising, and deal-making opportunities for senior-level women across the broad spectrum of alternatives, including private equity, venture capital, hedge funds, real estate, debt, infrastructures, and real assets, took place at the Pierre Hotel in New York City from November 5-6.
Guerrero was part of a panel entitled “Can GPs Meet the Expectations of LPs Investing in Real Estate?” that included Meagan Nichols, Deputy Head of Global Investment Manager Research, Cambridge Associates; Karen Brennan, Managing Director and Head of Americas Custom Accounts, LaSalle Investment Management; Janice Lin, Director, Real Estate Investments, Canada Pension Plan Investment Board; and Alisa Mall, Director of Investments, Real Assets, Carnegie Corporation of New York. The event attracted over 450 women from across the investment management industry.
Much of the discussion on the panel focused on the needs of large, institutional limited partners, who seek stable returns. With prices skyrocketing, capital continuing to pour in and interest rates headed up, investors are taking a closer look at the real estate sector and what it may or may not yield. Guerrero noted that TCM’s focus on smaller transactions – acting with institutional sophistication in a less competitive part of the market – has allowed it to drive better terms and conditions, which, in her view, has helped satisfy LP needs to achieve superior returns on a risk adjusted basis. She further noted that most of the flow of funds going to real estate is being allocated to larger, more established fund managers, who often find it inefficient to focus on deals with equity checks requiring less than $25 million.
She added, “Falling under the pressure of an artificial deadline to put out huge amounts of capital in large tranches can introduce unnecessary risk, in our view. We think being small, nimble, rigorous and decisive can have advantages, too.”
Ten Capital Management, founded in 2011, targets transactions which are too large or complex for small, undercapitalized investors and which fall “below the radar” of larger institutional investors. Guerrero noted that in 2011 Ten Capital had one investor; today it has a variety of investors from all over the world, several of which have evolved into programmatic relationships.
About Ten Capital Management
Ten Capital Management makes equity investments between $5 and $20 million across all major property types in the United States through multiple strategies, including: recapitalizations, distressed asset workouts/purchases, non-performing loan and loan pool acquisitions, partnership buyouts and sponsor equity funding on an opportunistic basis. www.tencapmanagement.com
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