3650 REIT – a nationwide alternative lender, special servicer, and solutions provider focused on originating, servicing and asset-managing commercial real estate loans and providing fixed-income advisory support to global institutions – announced it has raised $430 million in capital commitments. These commitments were from Temasek, the California State Teachers’ Retirement System (CalSTRS), and an undisclosed top-ranked independent wealth management and investment advisory firm. This funding will be deployed across 3650’s credit strategies.
This RIA is focused on client service and features a team of independent, entrepreneurial thinkers with decades of experience advising ultra-high-net-worth individuals, families, and non-profit institutions. They join prominent global institutions, including CalSTRS, Mubadala Investment Company (Mubadala), and South Korea’s Public Officials Benefit Association (POBA).
These latest capital commitments coincide with the expansion of 3650’s capital formation team, with the strategic appointments of Jared Carney as Senior Advisor and Chief Strategist and Patrick Repko as Director.
Jared Carney is focused on optimizing 3650’s capital formation function and diversifying its global investor base. And as the founder and CEO of Lightdale, a global holding and strategic advisory firm, Carney brings a wealth of knowledge, relationships and insights to 3650 that will help advance the firm’s strategic priorities. Before Lightdale, Carney served as Chief Strategy & Marketing Officer at the Milken Institute, the leading economic think tank, where he helped lead and grow its global conference.
Repko will be working closely with Carney and the rest of 3650’s capital formation team to manage the firm’s fundraising initiatives and grow its international profile. And he joins 3650 from Vista Equity Partners where he served as Vice President and helped manage capital campaigns across the firm’s equity and credit platform. Prior to that, Repko worked at Bank of America Merrill Lynch in the firm’s Global Banking and Markets division.
3650 REIT is a steward of institutional capital, with a loan servicing portfolio of over $17.7 billion in commercial real estate loans and securities across the capital stack as of now.
KEY QUOTES:
“We believe these new capital commitments from major institutions are the result of their confidence in 3650’s expertise and the platform we’ve built over the past several years. As an investment manager focused specifically on commercial real estate credit, we remain steadfast and cautious with our investment thesis, which has led to strong and consistent performance. We couldn’t be more delighted to work with Temasek as well as the first private wealth firm to invest with 3650, which is a top-tier RIA. These commitments further diversify 3650’s investor base and expand our stable of world-class global institutions—including CalSTRS—who have made sizable capital commitments to our credit strategies, which continue to generate value for investors throughout an unprecedented market cycle. We are grateful for the support of all three organizations and look forward to building these relationships over time.”
-Jonathan Roth, Co-Founder and Managing Partner of 3650 REIT
“We are fortunate to have both Jared and Patrick join our team as they will be critically important to our capital-raising efforts at 3650 as we enter this new chapter. We are thrilled to be able to leverage their support to accelerate our capital formation efforts and meet what we see as a generational opportunity to invest in fixed-income commercial real estate credit.”
-Justin Kennedy, Co-Founder and Managing Partner of 3650 REIT
