Ten Capital Management, an Ohio-based investment management firm, has introduced a new middle market real estate strategy in partnership with Jordan Caspari and David Smith.
The company will mainly target transaction that are too big or complex for small, undercapitalised investors and that fall below the net of larger institutional investors.
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The firm invests on a deal-by-deal basis and each investment normally requires around US$5-20 million of equity.
Ten Capital Management founder Ben Adams said they evaluated a number of ideas and ultimately decided the middle-market real estate space was the most distinct opportunity to create value for their investment partners.
In the last six months, the company has closed three transactions, including one retail and two office properties for a total sum of US$25 million in equity.
Caspari said in their prior institutional roles, they identified a material gap in the middle-market for both debt and equity capital.
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By GlobalData"We set out to build a business that could provide sourcing, underwriting and execution capabilities for institutional capital partners seeking direct real estate exposure in the middle market," Smith added.
"We are thrilled to partner with Ten Capital Management. We believe there is a meaningful opportunity to generate superior returns through real estate investments that are too small to warrant the attention of our institutional peers, but too large for local operators to tackle independently."
