GCM Grosvenor has created a $50 million separate account with Delaware firm Corten Real Estate Partners.
The deal supports Corten’s special situation and distressed investment opportunistic strategy that is focused on multifamily, hospitality and office properties in the Mid-Atlantic region specifically. The strategy complements the firm’s existing commingled funds. In fact, the Corten Real Estate Fund I will have the option to purchase a portion of any investments made and warehoused in the Grosvenor separate account for a finite period of time.
“We are excited to partner with such a reputable firm as GCM Grosvenor and to have the opportunity to serve as a fiduciary for its emerging manager programs which are backed by some of the largest and most innovative public pension plans in the country,” P.J. Yeatman, managing partner of Corten. “GCM Grosvenor and its team members bring strategic insight and deep industry relationships that will be highly accretive to helping us build out the Corten platform.”
The $57 billion GCM Grosvenor’s real estate emerging manager programs invest with a long-term, growth- oriented view and partner with only a fraction of the investment managers that they screen. Going forward, Corten and GCM Grosvenor intend to build upon the success of the separate account and create a broader strategic partnership, according to an announcement of the deal.