Forward-thinking

Belay draws upon its deep real estate experience to identify compelling, high-conviction strategies in the best growth markets across the U.S.


Belay is actively investing pursuant to a real estate investment strategy with a clear thesis based on economic and property-related fundamentals that drive target market and property sector selection. The firm seeks to maximize risk-adjusted returns by forging active partnerships with locally entrenched operators and sector specialists in identified target markets, coupling Belay’s institutional quality underwriting and disciplined investment processes with the unique deal sourcing capabilities, micro-market knowledge and execution expertise of the local partners.

  • Through a series of value-added vehicles, Belay and its investors forge long-term partnerships with best-in-class, local real estate operators and sector specialists entrenched in their respective markets, previously by investing through commingled funds and more recently through non-discretionary, programmatic joint ventures.
  • Belay selects firms that are deeply entrenched in their respective market or niche sector and have a keen understanding of the implications that changing real estate demand drivers have on specific submarkets and properties and are thus, best positioned to uncover intrinsic value, appropriately price risk, and execute value-enhancement strategies.
  • With appropriate controls in place, the combination of Belay’s investment experience with the unique competitive market positioning of its joint venture partners creates the opportunity to maximize risk-adjusted returns for the firm’s institutional investors.

Firm Timeline

Belay Investment Group, LLC was formed by four veterans of the institutional real estate sector: Barry Chase, Suzanne West, Amy Ko and Eliza Bailey. Belay, wholly owned and actively managed by its four Managing Principals, is a majority women-owned business enterprise (MWBE).
Belay Partnership Ventures Fund II First closing with a $200 million equity commitment. Belay Investment Group registered as a Registered Investment Adviser with the SEC.
Belay Partnership Ventures Fund II investment activity began with the close of its first investment.

The Belay series of funds leverages proven processes and long-term experience with additional control rights to achieve an optimal balance between prudent oversight and operating flexibility.

AVP Fund I

AVP successfully navigated its initial fund, AVP Fund I, through the global financial crisis by following a disciplined investment process that incorporated rigorous due diligence and active asset management, at the operator and property investment levels, to preserve and grow investor capital, in spite of its relatively rights-limiting structure as a fund of funds. AVP Fund I is managed by Belay’s affiliate, AVP Advisors, LLC, a separate Registered Investment Advisor.

Belay Ventures Fund II

With the launch of Belay Partnership Ventures Fund II (“Fund II”), Belay seeks to build a multi-partner investment portfolio diversified by operator expertise, geography and product type. Investments will be made through a series of non-discretionary programmatic joint ventures which the senior management team believes is an attractive structure with wide appeal in the market today.

A key differentiator of Fund II is a high level of overall transparency provided to the limited partners which facilitates the establishment of direct relationships between them and the operating partners. This concept of developing a “farm team” of local operators may appeal to institutional investors looking to gain direct access to the compelling deal flow, operational talent and cultural diversity of locally entrenched real estate firms over time.