Minority-Led Firm Secures Up To 165mm In Capital Commitments For Urban Vision Fund
Primestor Development (“Primestor”), a leading minority-owned and minority-led urban impact real estate developer and investor, today announced that it held its first closing for The Urban Vision Fund I, anchored by an equity commitment through Belay Investment Group (“Belay”) of up to $100 million and a $25 million equity commitment from LGT Capital Partners. Belay is a Los Angeles based women-owned and led real estate investment management firm with over $900 million of assets under management, primarily on behalf of a large California based pension plan. LGT Capital Partners is a leading alternative investment specialist with over USD 85 billion in assets under management and more than 600 institutional clients in 43 countries.
The Urban Vision Fund I will seek to develop and acquire transit-oriented, mixed-use real estate investment opportunities in urban, minority communities with a geographic focus on California. With these projects, Primestor will look to continue advancing its core thesis of developing and investing in real estate in urban communities characterized by density, high-growth and limited access to essential goods, services and housing. Through its local-hire strategy, Primestor has historically created more than 14 thousand local construction and permanent jobs that are estimated to generate $1.3 billion of annual local economic activity in historically overlooked communities.
“The fulfillment of our mission to deliver transformative real estate projects to underinvested communities, hinges on our ability to develop the right partnerships at every stage of our work” said Arturo Sneider, co-founder and Chief Executive Officer of Primestor. “We see Belay as an ideal, mission-aligned partner that supports our vision and will work with us hand-in-hand for the success of our projects and the advancement of our company.” Leandro Tyberg, co-founder, President and Chief Operating Officer of Primestor added “we are humbled and excited to complete our first closing for The Urban Vision Fund I with capital commitments from institutional and family office investors. LGT Capital Partners is an excellent partner for Primestor given its profound appreciation for and understanding of our unique investment strategy and the growth potential in our urban markets.”
“Throughout the due diligence process, we have been impressed with the principals and team at Primestor. Their thoughtful and disciplined approach to real estate development and investing provides significant social and economic impact to historically overlooked Latino and Black communities while also focusing on delivering returns to institutional investors. Primestor’s mission and their deep-rooted engagement and collaboration in the communities they serve resonates deeply with our team” said Eliza Bailey, Belay’s Chief Executive Officer, and Chief Investment Officer.
“We are delighted to complete our investment in The Urban Vision Fund and work with Primestor on direct investing opportunities in their robust project pipeline of mixed-used real estate projects in urban markets” said Thomas Brown, Partner at LGT Capital Partners. “Primestor’s business model aligns with our company-wide focus on ESG as a core element of our culture and investment beliefs.” The investment establishes LGT Capital Partner’s partnership with Primestor and opens up other investment opportunities consistent with its long-term focus on Environmental, Social and Governance considerations.
Primestor has invested more than $1 billion to date in urban, mixed-use real estate and The Urban Vision Fund I serves as a platform for the continued expansion of its unique community-oriented business model centered on local economic empowerment of underinvested, minority neighborhoods via local job generation, local sales tax generation and infrastructure improvements. The company’s long standing community engagement is further underscored by its partnership with local governments, community organizations and commercial tenants, delivering more than 150 events per year at its properties, including book fairs, food drives, art exhibits, blood drives as well as music and dance performances highlighting local talent.
Founded in 1991, Primestor acquires, develops, invests and manages transformative, community-oriented real estate projects in urban areas, predominantly in the Western United States. The company is headquartered in Los Angeles, California and has a 30-year history of supporting local economic development in underinvested minority communities and delivering financial returns to its investors. Primestor is minority-founded, owned and led and sees its diversity as core to its mission and success. For more information, visit Primestor.com.
About Belay Investment Group
Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information.
About LGT Capital Partners
LGT Capital Partners is a leading alternative investment specialist with over USD 85 billion in assets under management and more than 600 institutional clients in 43 countries. An international team of over 700 professionals is responsible for managing a wide range of investment programs focusing on private markets, liquid alternatives, and multi-asset class solutions. Headquartered in Pfaeffikon (SZ), Switzerland, the Firm has offices in New York, San Francisco, Dublin, London, Paris, Vaduz, Frankfurt am Main, Luxembourg, Dubai, Beijing, Hong Kong, Tokyo, and Sydney.
Neither Primestor Development nor LGT Capital Partners has received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in The Urban Vision Fund I, both Primestor Development and LGT Capital Partners, and their respective personnel, have an incentive to make positive statements about Belay and The Urban Vision Fund I.