Billionaire investor George Soros will invest in real estate and real asset investment management businesses through Tunbridge Partners.
Tunbridge Partners will focus on making minority investments in real estate and real asset-focused investment managers. It will also provide strategic and operational support to its partner firms, including access to global institutional coverage and distribution services.
Value Partners Asia ex-Japan Equity Fund has delivered a 60.7% return since its inception three years ago. In comparison, the MSCI All Counties Asia (ex-Japan) index has returned just 34% over the same period. The fund, which targets what it calls the best-in-class companies in "growth-like" areas of the market, such as information technology and Read More
Soros’ Fund joins a consortium to create Tunbridge Partners
Pine Brook Partners and Quantum Strategic Partners, a fund managed by Soros Fund Management provided $500 million capital for Tunbridge Partners
Additional institutional investors including several corporate and public pension funds in the United States are expected ti invest in Tunbridge Partners.
Pine Brook Managing Director, William Spiegel said, “We are very excited to back Brian, Sean and the Hodes Weill team as they pursue this great opportunity. Real assets are the fastest growing asset class for institutional allocations and, as the investment industry continues to expand and mature, managers require capital to address a range of strategic objectives. Tunbridge is purpose-built to address this need.”
Tunbridge Partners management team
The management team of Tunbridge Partners led by its Chairman Brian Finn, Portfolio Manager Sean Gallary, and Hodes Weill & Associates, a real estate advisory firm, announced the launching of Tunbridge Partners today.
Mr. Finn and Mr. Gallary were former executives at Asset Management Finance, an affiliate of Credit Suisse.
Mr. Finn has 30 years of experience in the financial services industry. He currently serves as strategic advisor to KKR and a board member of Duff & Phelps Corporation, BlackRock Capital Investment Corporation and The Scotts-Miracle Gro Company.
Mr. Gallary has more than 15 years experience in principal investing, corporate development and M&A in the asset management industry. He recently served as managing director at ORIX USA Asset Management.
“We are excited about the opportunity to invest in institutional investment managers focused on real estate and real assets. The partnership with Hodes Weill provides unique access to the market and the ability for Tunbridge to support managers in achieving their growth plans,” said Mr. Finn.
On the other hand, David Hodes, managing partner at Hodes Weill & Associates said Tunbridge Partners was established to become the “capital partner of choice for the industry.” He expressed confidence that their expertise and global network of relationships will contribute to the firm’s strategic execution.
Soros reduces stake in Hibernia REIT
Separately, a recent report indicated that Soros’ Quantum Strategic Partners reduced its stake in Hibernia REIT. Based on its regulatory filing, the firm sold more than five million shares in the Irish real estate investment trust.
Soros initially invested €30 million during the IPO of Hibernia REIT. He acquired a stake in the company for €1 per share. The stock price of Hibernia REIT closed at €1.27 per share in London today.
Soros Fund Management declined to provide details regarding the reason for the sale. The fund does not comment on its transactions.