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December 15, 2017 | By Betsy Kim The entire team managing real estate for Harvard’s endowment will spin off to become a new line of business within Bain Capital. Reprints X Share with Email Send sending now... Thank you for sharing! Your article was successfully shared with the contacts you provided. CREATE NEW ALERT Get alerted any time new stories match your search criteriaCreate an alert to follow a developing story, keep current on a competitor, or monitor industry news. Alert Name Frequency Daily Monday Tuesday Wednesday Thursday Friday Saturday Sunday Time Overwrite Existing Alert: Create Alert Thank You! Don’t forget you can visit MyAlerts to manage your alerts at any time. Dan Cummings will be the managing director and head of real estate at Bain Capital Real EstateNEW YORK CITY—The team of 22 people responsible for Harvard endowment’s $3.4 billion real estate portfolio will be moving to Bain Capital, effective February 1, 2018Dan Cummings, currently the managing director and head of real estate at Harvard’s endowment, will maintain his same title but at Bain CapitalHe had helped found the real estate group at Harvard in 2010“Harvard will be a client with a separate accountWe will have responsibility for the existing direct real estate investment portfolio that we created while at Harvard,” says Cummings in a interview Cummings explains Harvard is moving to a generalist model, and a team of generalists will be managing and executing the real estate investment strategy for Harvard for investments in the future going forwardAlthough Harvard had a pre-existing relationship with Bain, it did not include the real estate sectorThe move is a major coup for Bain Capital, which had not previously been involved in the real estate investment classCummings says that the Harvard Management Company and Bain share an investment philosophy“We invest thematically in real estate investment strategies that we research significantly before we begin our investment activity in a space,” says Cummings“Typically these themes are underpinned by a longer term secular trend.” While working on the strategies, Cummings’ group would employ experts that have an edge in sourcing and in operating assetsHis team would then focus on executing business plans, designed to add value and improve the earning power of the assetsAs examples for real estate, Cummings says with the theme of aging of America, the Harvard real estate investments have been active in senior housing, independent living, assisted living and memory careWith technology, they have been active life sciences and innovation spaces, developing properties that serve the growing and changing needs for researchWith another theme, millennials moving into the city and changes in lifestyle of work and play, the real estate team had acquired and developed self-storage across the USMany of the Harvard real estate team’s themes overlap with significant areas of focus for Bain including life sciences and the retail sectorBain’s experience in Europe and international credit will enhance real estate opportunitiesThe addition of the real estate team will benefit the existing businesses such as Bain Capital Credit’s global distressed and special situations portfolio, that have a real estate componentIt has been widely reported that N.P“Narv” Narvekar, Harvard Management’s CEO hired a year ago, has been seeking to lay off employees at the endowment and make changes to improve less than stellar investment resultsBloomberg reported that Narvekar announced in January that he would be revamping the endowment, spinning out the real estate teamHowever, Cummings notes the Bain real estate team has Harvard’s continued support for future real estate investment strategies while at Bain“Since inception, this senior team has been a constant top performer at Harvard at the endowment, where it invested $3.4 billion in more than 350 properties,” says Cummings“We’re moving to Bain Capital managing a portfolio with an equity value of more than $3 billion as we start the business.” .slideshow { padding: 0 0 15% !important;} h3.slide_caption {position:absolute; bottom:inherit;width:95%;padding: 25px 10px 5px !important;} Betsy Kim › Betsy Kim is the bureau chief, East and NY reporter for Real Estate Forum and GlobeSt.comAs a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV. More articles by this author › Contact Betsy Kim   More National Headlines Investors of All Stripes Seek Yield Outside CA Recent PE Real Estate Funds Outperform Other Asset Classes Shake-Up in the World of Self-Storage “Check” it Out…It’s Incredible Featured Events RealShare Apartments East 2018 March 08, 2018 Key Biscayne , FL The conference will discuss the most pressing topics affecting the multifamily community on the East Coast. Register Now RealShare Net Lease 2018 April 04, 2018 New York , NY This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Register Now RealShare Southern California 2018 May 10, 2018 Los Angeles , CA This conference will provide you with insights on key topics impacting the Southern California market. 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Apply Now › RESOURCES More Resources › $(window).load(function(){ $("#rightCarousel").owlCarousel({ singleItem: true, navigation: true, navigationText:false, autoHeight:true }); if($('#rightCarousel .owl-item li').length == 1){ $('.owl-buttons').hide(); } }); Featured Content Exclusive Investors of All Stripes Seek Yield Outside CA March 07, 2018 Investors’ willingness to seek comparable investment opportunities in secondary or tertiary markets across the country to meet their investment requirements grew in 2017, HIG’s Ed Hanley tells News Recent PE Real Estate Funds Outperform Other Asset Classes March 07, 2018 That is according to Preqin however the report also notes there are questions whether the high median net IRRs can be sustained. Shake-Up in the World of Self-Storage March 07, 2018 Public Storage, by far the largest of the industry’s big public REITs, announced it was expanding its third-party management platform. Commentary “Check” it Out…It’s Incredible March 06, 2018 For everyone who's wondered when Amazon would move into financial services, the day will soon be upon us. //set share tool variables var socialTitle = "Bain Capital Real Estate Formed to Manage Harvard’s Assets"; var socialDescription = "The entire team managing real estate for Harvard’s endowment will spin off to become a new line of business within Bain Capital."; var followedArticle = "followedArticlesitesbetsykim20171215bain-capital-real-estate-formed-to-manage-harvards-assets"; About Us Contact Us Contributors Advisory Board Thought Leaders RealShare Events eNewsletters Advertise Terms of Use Privacy Policy Markets National International Atlanta Austin Boston Chicago Dallas Houston Los Angeles All Markets › Sectors Net Lease Multifamily Retail Student Housing Healthcare Real Estate Hotels Office Industrial Real Estate Forum Real Estate Forum Current Issue Digital Edition Issue Gallery Reprints Advertise Subscribe / Renew Current Issue

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