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Ellie Czura focuses on Shelter Rock’s project management initiatives globally, encompassing key areas such as new business development, manager due diligence, creation of marketing materials, and institutional investor requests. Prior to Shelter Rock, Ellie was a Senior Consultant at NTT Data, where she advised financial services institutions on critical technology and business initiatives.
Ellie holds a BA in Economics from Sewanee: The University of the South, where she was captain of the varsity tennis team and D-III All American. Ellie is currently pursuing her Master’s in Real Estate Finance and Investments at the NYU Schack Institute of Real Estate.
David Ferrero has more than 30 years of real estate investment management experience, including senior roles in platform expansion, opportunistic and value add investing, portfolio management, and endowment management. Across each of these roles, David managed or advised evolving firms though initial launch, growth stages or material business plan pivots. Most recently, Mr. Ferrero was the EVP of Capital Markets for The Laramar Group, a national, vertically integrated multifamily platform where he focused on strategic initiatives for the firm and an affiliated prop tech company, Nine Four Ventures. Prior to Laramar, Mr. Ferrero was Head of Real Estate and Business Development for Mosaic Building Group, an early-stage construction technology firm where he was part of an executive team overseeing business development initiatives and facilitating rapid targeted platform growth resulting in a successful $14.5 million Series A raise with Andreessen Horowitz. Previously, Mr. Ferrero was a partner at Alcion Ventures where he co-led investment activity and capital raise initiatives. Earlier in his career he built a $3 billion high yield global real estate portfolio as Director of Real Estate Investment for Harvard Management Company, served as a Principal initiating new investment strategies for Charlesbank Capital Partners, and was an acquisitions AVP in AEW’s opportunistic ventures platform.
Mr. Ferrero holds a B.S. in Economics from the Wharton School of Business at the University of Pennsylvania and is a CFA.
Rob Schwab brings over 15 years of experience spanning hedge funds, credit, and private investments. Over the course of his career, Rob has built an extensive network of relationships with institutional and UHNW investors. Rob will use his network to connect Shelter Rock’s clients with new investor relationships, particularly in the RIA and family office space. Previously, Rob served as the head of IR & Marketing at Anchor Bolt Capital and was a member of the IR & Marketing team at Och-Ziff Capital Management. Rob also spent time at Hatteras Funds, Goldman Sachs, and Putnam Investments. Shelter Rock is able to obtain Rob’s services through an arrangement it has with Old City Securities LLC (member FINRA), where Rob is a registered representative. Additional information about Rob may be found at FINRA’s BrokerCheck.
Rob received his BA in Political Science from the College of the Holy Cross and is a CAIA charterholder.
Eric Perry has over 25 years of experience, primarily focused on business development and investor relations. Eric brings his extensive network of investor relationships, which focuses on the UHNW, family office and institutional space, as well as capital formation expertise for drawdown and evergreen structures. Eric will connect Shelter Rock’s clients with his investor relationship network and help advise on capital formation. Previously, Eric served as a Managing Director on Varde Partners’ business development team for eight years, where he played a pivotal role in building new client relationships across institutional and family office investors in North America, the Middle East, and Australia. Eric also partnered with former Varde colleagues to launch Hyland Hill, an alternative credit investment firm, where he and his partners successfully raised their first institutional fund. Prior to Varde and Hyland Hill, Eric was a Senior Vice President in Business Development at Mesirow Financial and spent two years in Abu Dhabi as part of a joint venture with Mubadala, a United Arab Emirates investment company. Eric also spent time on the business development team at UBS. Shelter Rock is able to obtain Eric’s services through an arrangement it has with Old City Securities LLC (member FINRA), where Eric is a registered representative. Additional information about Eric may be found at FINRA’s BrokerCheck.
Eric received his BA in Geography and Economics from St. Cloud State University.
Steve Nelson founded The Nelson Group in 2020 with a vision to provide capital formation and consultation for emerging and niche asset managers. With nearly 20 years of experience, Steve’s network of relationships extends deeply into the institutional, family office, and RIA space, offering The Nelson Group a unique advantage in connecting with a diverse array of clients. Steve’s extensive connections within the ultra-high-net-worth (“UHNW”) sector and RIA space specifically enhance the firm’s ability to navigate these specialized domains. Steve brings his investor relationships and knowledge of structuring vehicles for family office and HNW investors to help Shelter Rock navigate the environment on behalf of its clients. Previously, Steve served as Managing Director at Magnetar Capital, a leading alternative asset manager specializing in fixed-income energy, quantitative, and event-driven strategies. Steve also contributed to the investor relations team at Och-Ziff and gained valuable investment experience at SCS Financial and Alternative Investment Partners (AIP). Shelter Rock is able to obtain Steve’s services through an arrangement it has with Old City Securities LLC (member FINRA), where Steve is a registered representative. Additional information about Steve may be found at FINRA’s BrokerCheck.
Steve received his BA in Economics from Hamilton College, where he was a member of the varsity basketball team.
Kyle Mulligan focuses on Shelter Rock’s project management initiatives globally, including new business development, manager due diligence, marketing material formation and institutional investor requests. Prior to joining Shelter Rock, Kyle was a member of Pantheon Ventures’ investments team which partnered with specialized operators to invest across real estate asset classes. Before Pantheon, Kyle worked for Evercore’s private real estate capital advisory group, where he focused on transactions involving portfolio recapitalizations, continuation vehicles and joint-venture capital raising.
Kyle holds a BA from the University of Pennsylvania and an MBA from the University of Oxford.
Robert Duckworth focuses on Shelter Rock’s project management initiatives globally, encompassing key areas such as new business development, manager due diligence, creation of marketing materials, and institutional investor requests. Prior to joining Shelter Rock, Robert held internships with the Related Group, in their Miami, FL luxury condominium team, and with Moss & Associates and Juneau Construction Company assisting with Southeast U.S. student housing developments.
Robert holds a BS in Construction Management from the University of Florida and an MS in Real Estate from the University of Florida’s Warrington College of Business.
Julie Nigro focuses on Shelter Rock’s project management initiatives globally, encompassing key areas such as new business development, manager due diligence, creation of marketing materials, and institutional investor requests. Prior to joining Shelter Rock, Julie held internships with Wells Fargo in its wealth and investment management team and at Sperry RE Capital focused on underwriting Sunbelt U.S. multifamily opportunities.
Julie holds a BA in Economics and Political Science from the College of the Holy Cross and an MS in Real Estate from the NYU Schack Institute of Real Estate.
Andrew Sinelov focuses on Shelter Rock’s project management initiatives globally, including new business development, manager due diligence, marketing material formation and institutional investor requests. Andrew also assists with LP coverage, including select consultants, insurance companies, pensions, endowments and foundations. Prior to joining Shelter Rock, Andrew was an accountant at Fulvio and Associates LLP, a public accounting firm. In this role, he focused on Broker-Dealers and private equity firms.
Andrew holds a BA in Economics from Binghamton University.
Matthew DeNatale has over 20 years of investment banking and institutional investor coverage experience, including fifteen years focused on capital raising for real estate funds, secondaries, joint ventures sponsored by private investment firms and direct private placements. He built relationships with investors from multiple sectors including public and corporate pension funds, sovereign wealth funds, foundations, endowments, insurance companies, commercial banks, family offices and others institutional and accredited investors. Most recently, he was a senior member of the capital raising team at Och-Ziff Capital Management, where he focused on business development in North America and new product initiatives. Matt was previously with Greenhill & Co., where he led private equity funds distribution out of their San Francisco office. Prior to Greenhill, Matt was in Lazard’s Private Fund Advisory Group. During Matt’s tenure at Lazard he covered real estate investors out of their New York office and subsequently started their San Francisco office to lead all private fundraising activities on the West Coast. Earlier in his career, Matt was with CIBC World Markets where he was a senior institutional equity salesperson based in Chicago and New York.
Matt holds a BA in Economics from Connecticut College.
Walter Stackler has over 25 years of real estate related experience, including over 20 years focused on capital raising for funds and joint ventures sponsored by private investment firms, real estate operating companies and public REITs. Investors in these vehicles have included public and corporate pension funds, sovereign wealth funds, foundations, endowments, insurance companies, commercial banks, family offices and other institutional and accredited investors. Prior to founding Shelter Rock, he was a Managing Director and co-founder of Greenhill’s Real Estate Capital Advisory group where he led project management and origination. Walter was previously a Managing Director, Co-Head and a founding member of the Credit Suisse Real Estate Private Fund Group (“REPFG”), which he joined in 2000 at Donaldson, Lufkin & Jenrette (“DLJ”) prior to its merger with Credit Suisse. Prior to the formation of REPFG in 2000, he was with DLJ’s Commercial Mortgage Group where he focused on the origination, underwriting and structuring of multi-family and commercial mortgages. Earlier in his career, Walter was with the Ernst & Young Kenneth Leventhal Real Estate Group where he specialized in distressed debt valuation, feasibility studies and strategic planning.
Walter holds a BS from the University of Richmond and an MBA from Columbia Business School.
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Ally Zagin works closely with each of Shelter Rock’s clients to efficiently manage, coordinate and execute institutional road shows globally. Additionally, Ally assists with the day-to-day operations of the firm, including travel schedules for meetings and calls, supporting the distribution and project management teams and helping plan conferences and events. Prior to joining Shelter Rock, Ally was an Administrative Assistant / Brand & Industry Relations Specialist and Marketing Coordinator at Effectv, a Comcast Company.
Ally holds a BS in Communications and Rhetorical Studies from Syracuse University.
Greg Masel leads Shelter Rock’s capital raising efforts in Israel, where he has lived since 1990. Greg’s investor relationships include major Israeli insurance companies, financial institutions and high net worth individuals and wealth management platforms. Greg joined Keren Hayesod – United Israel Appeal in Jerusalem in 1994, serving in a variety of senior management positions before becoming the youngest serving Director-General and CEO of the organization in 2004, a position he held for 16 years until his retirement in 2020. Greg was responsible for campaigns on five continents, operating in over 22 time zones. During his tenure, over $2.7 billion dollars were raised for Israel based projects. Greg also represented Keren Hayesod on various key committees and boards, including the Prime Minister’s Coordinating Committee, headed by the Prime Minister of Israel and senior Government Ministers together with members of the Executive of Keren Hayesod, the Jewish Agency and the World Zionist Organization. In addition, he sat on the Jewish Agency Executive and Keren Hayesod Executives. Since his retirement from Keren Hayesod, Greg established an independent private consultancy which utilizes his skill set in the areas of collaboration with overseas companies, strategic advice to ultra high net worth families and to Non-Governmental Organizations (“NGO’s”). He also sits on the Board of a number of NGO’s in Israel in a voluntary capacity.
Greg holds a BA in Economics and Politics and an MBA from the University of Western Australia.
In the wake of the financial crisis, GPs are looking beyond traditional funding sources to registered investment advisors who manage the assets of high-net-worth and ultra-high-net-worth clients.
RIAs are looking to grow their current 3 percent allocation of their $4tn in AUM to real estate. How are they thinking about the real estate and alternatives opportunity? What structural challenges stand in their way and what threats could be looming in the horizon?
In its fourth LP Perspectives report, Shelter Rock interviewed RIAs, RIA-advisory firms and wirehouses in the U.S. and Latin America about their views and risk appetite for private real estate and alternative investments.
Five core themes emerged including:
Thomas DeCoene leads Shelter Rock’s coverage of Latin America. He has over 40 years of experience in international finance, including 14 years working in Brazil and nine years in Japan. His experience spans multiple facets of finance including commercial banking, M&A, sovereign debt restructuring, capital markets and brokerage. Throughout his career he interacted with a wide range of institutional investors including hedge funds, pension funds, sovereign wealth funds and family offices. Most recently, he was CEO of Global Capital Access, LLC from 2011 to 2016. Prior to that, he was CEO of Itau USA Securities in the U.S. from 2005 to 2010 where he ran the US Broker dealer and helped establish and oversee the Dubai, Hong Kong and Tokyo branches. Prior to Itau, Thomas was a Managing Director at GE Capital in the U.S. and Tokyo from 1997 to 2003. Earlier in his career, he worked 16 years at Citibank in the Brazil, New York and Japan offices. Thomas also serves as Shelter Rock’s Chief Compliance Officer. Thomas is a dual citizen of the United States and Belgium and is fluent in Portuguese.
Jim Murphy is a Senior Director to Shelter Rock assisting with client relationships and new investment strategies. Jim most recently was a Managing Director with Henderson Global focused on institutional capital raising. Before Henderson, Jim was a principal with Prudential Real Estate Advisors for seventeen years. At Prudential Jim focused on fundraising, investment strategies and long-term client relationships.
Jim holds a BS from SUNY and an MBA from Iona’s Hagan School of Business.
Philip Levinson has over 30 years of real estate and fund management experience in the Asia Pacific region, including 15 years focused on capital raising (both equity and debt in private and public markets) for global asset managers such as LaSalle and Blackstone. In addition, he has served as CEO of 2 SGX listed REIT’s, one of which, the EUR1.35bn Cromwell European REIT ((CERT) the listing of 74 assets in Europe, the first of its kind in Singapore), he led through IPO. Philip’s investor contact base includes regional Sovereign Wealth and Pension Funds, as well as Family Offices and High Net Worth investors. Philip established Park Hill Real Estate Asia in 2012, prior to which he had set up Blackstone Australia. Before moving to Singapore in 2005, Philip held senior positions at Westpac Institutional Bank (Head of Hotels and Co-Head of Institutional Real Estate) as well as CBRE and JLL.
After graduating with a Law Degree from Bristol University, Philip commenced his career as a valuer, which lead to his admission into the Royal Institute of Chartered Surveyors, of which he is now a Fellow.
Tom Mullarkey has over 25 years of institutional investor coverage experience. Tom focuses on investors based in Canada. Prior to joining Shelter Rock, Tom was a Managing Director at Credit Suisse in their Leveraged Finance group. During his 24-year tenure at Credit Suisse, Tom worked in leveraged loan sales, high yield sales and high yield capital markets. Over that span he covered various types of institutional investors including structured vehicles, mutual funds, insurance companies, private equity and hedge funds.
Tom holds a BA from Colgate University and an MBA from Fordham Business School.
Kyung Paik is Head of Korea for Shelter Rock and CEO of Cayuga Partners, a real estate advisory firm specializing in cross-border transactions and brings over 20 years of global real estate experience in capital raising, and fund management both in the U.S. and Asia. Most recently, he served as Managing Director at IGIS Asset Management responsible for raising capital from domestic and international institutional investors and managing the firm’s institutional commingled funds. Prior to joining IGIS Asset Management, he worked at various firms in various regions such as Samsung Life Insurance, Mirae Asset Global Investments (S. Korea), Aviva Investors (Singapore, New York), Fidelity Investments (Boston) and Beacon Capital Partners (Boston). He has extensive experience in the global private equity and debt industry both as a general partner and limited partner.
Mr. Paik earned his Bachelor’s degree in Architectural Engineering from Korea University and Master’s degree in Real Estate from Cornell University.
Fredrik Elwing assists with Shelter Rock’s activities in Europe. Based in Portugal, Fredrik has over 35 years of capital markets experience including over 20 years focused on global real estate capital advisory. Fredrik is the Founder and Director of Diem Capital Advisors Ltd., a firm focused on strategic and capital formation advise to real estate private equity firms. Before founding Diem, Fredrik was a Managing Director at EQT Partners UK Advisors LLP where he helped establish real estate as a new product line. Fredrik has significant experience leading the European activities of leading real estate placement firms, including Greenhill & Co’s Private Capital Advisory Group (Head of Europe) and Credit Suisse’s Real Estate Private Fund Group (group Co-Head). At both firms, he originated transactions and built global relationships with institutional investors and family offices. He started his career in real estate as Senior Vice President of Security Capital Group in London where he managed marketing and distribution for private real estate funds and operating entities.
Fredrik holds a BA from the Stockholm School of Economics and an MBA from INSEAD Fontainebleau.
Pierre-Olivier Neyraud has over 25 of years of experience in the financial industry. Pierre-Olivier is a senior advisor to Singapore & Geneva based Conduit Group and a member of the board of advisors to London based private equity firm Proval Invest. Throughout his career in Singapore, London and Zürich, he has always focused on delivering innovative solutions to institutional investors in Fixed Income, Credit, FX & Commodities. Pierre-Olivier held management positions at JPMorgan and Deutsche Bank and moved to Geneva with his family in 2017 where he most recently was head of advisory for Lombard Odier.
Pierre-Olivier earned a Masters in Finance from Emlyon Business School in Lyon, France.
Benoit-Gilles is a seasoned financial specialist with a strong technical background and a proven track record of setting up and growing new businesses across various locations and multicultural teams. Benoit-Gilles has spent 22 years in investment banking serving in various roles (quantitative research, trading, structuring and senior management) within the Structured Products universe in Prague, Paris, NY, London, Singapore and Madrid. He was part of the management committee of Standard Chartered FIC Global and of Santander FIC Europe. In 2016, he embraced the FinTech ecosystem both as a consultant and a private investor and joined the Conduit group in September 2018 as the CEO of Conduit Suisse in Geneva.
Benoit-Gilles holds a master’s degree in Engineering from the French “Grande Ecole” Télécom Paris as well as a MSc in Financial Mathematics from Université de Paris.
When it comes to creating enduring partnerships with real estate limited partners, the annual investor meeting can be a critical tool that is sometimes overlooked. Yet, there are few, if any, guides as to what a successful annual investor meeting looks like.
In January 2017, Shelter Rock unveiled its first LP Perspective report interviewing institutional investors about what—if any—practices could make annual meetings more effective and valuable for LPs and GPs alike. Five core principles emerged including:
It takes more than just a pitchbook, polished presentation and top quartile track record to win the attention of today’s institutional investors.
But what exactly are LPs and their consultants looking for when they meet with a private real estate manager for the first time? In August 2017, Shelter Rock released its second LP Perspectives report asking institutional investors and investment consultants about best practices that could make first-time meetings more effective for LPs, GPs and advisors. Five core principles emerged including:
Institutional investors are no strangers to the threat that obsolescence can pose to real estate portfolios. Yet, in today’s disruptive digital era, obsolescence feels more present—and more of a threat—than ever before.
But what do institutional investors think? How are investors approaching the challenge of real estate obsolescence—whether economic, functional or technological—and, most importantly, how is it impacting their portfolio construction and allocation strategies, and how they underwrite their investment partners?
In January 2018, Shelter Rock released its third LP Perspectives report interviewing institutional investors and investment consultants in the U.S., Europe, and Latin America about their perspectives on real estate obsolescence.