Landmark Partners ranks among the top private-equity real estate investment companies in the United States. As a fund of funds investor, Landmark Partners doesn't operate in the same manner or offer the same sort of products as many other investment managers. Instead, Landmark is a highly specialized firm that targets a very concentrated number of investors to purchase a narrow range of assets.

Company Overviews

The company was founded in 1989 by Standley Alfeld. Alfeld served as chief executive and chairman until just before his death in 2005. The company launched in Connecticut and remains headquartered there, though it has offices in Boston, New York and London. The firm is a pioneer of secondary fund investments, offering liquidity to other companies or investors involved in venture capital, mezzanine, private equity buyouts and real estate limited partnerships.

Standard investments are staked out for a three- to five-year period. The secondary market is full of real estate investment trusts (REITs), joint ventures, commingled funds and private real estate funds, and that is where Landmark Partners chooses to focus.

Landmark's appeal is linked to its hyper-diversified holdings, shorter investment cycles, due diligence and better acquisition pricing. Investors in Landmark Partners realize extra liquidity through an option to sell interests prior to maturity.

Executive Staff and Investment Team

Landmark Partners divides its major investment team into two groups: private equity and real estate. The 24-member private equity team is headed by Francisco L. Borges and Tm Haviland. Borges is chairman, managing partner and CEO at Landmark. He previously served as managing director of GE Capital's Financial Guaranty Insurance Company. Borges sits on the board of trustees of the Connecticut Public Broadcasting Network. Haviland is president and COO at Landmark and dates his tenure back to 1985, before its first acquisition and before the modern company reorganized in 1989.

The real estate team, also headed by Borges and Haviland, has only 19 members and includes many other crossovers from the private equity team. Other key players include Antoinette C. Lazarus, chief compliance officer at Landmark and a former vice president at Prudential Financial; and Geoffrey G. Mullen, a managing director and former head of institutional business at Morgan Stanley Alternative Investment Partners.

Asset Classes

The single broad asset class covered by Landmark Partners is real estate, although its focus is more specialized. Secondary real estate investments often cover pools of properties, huge commercial buildings, industrial parks and public lands. Landmark largely pursues these investments by investing in others' transactions.

One such example is Landmark's 15th fund, Landmark Equity Partners XV, which closed in January 2015 after attracting $3.25 billion from major investors. Chief investors included the Connecticut Retirement Plans & Trust Funds, the Kentucky Teachers' Retirement System and the Louisiana Firefighters' Retirement System.

Landmark prefers to work in the United States, although it does handle foreign funds through the London offices. Investors outside of the United States tend to come from the United Kingdom, continental Europe, Asia and select countries in the Middle East.

Investment Products and Services

Between 1989 and 2016, Landmark Partners formed 29 funds with a combined capitalization greater than $10 billion that cover approximately 15,600 underlying investments. In 1996, Landmark became the first secondary market investor to form a real estate chartered fund to purchase a portfolio of commingled fund interests from an institutional investor. Institutional investment offerings usually target public and corporate pensions, insurance companies and other investment managers.

Landmark's fund of fund investments utilize one of two strategies. The first is called a "next generation" strategy, with an emphasis on smaller, spun-out funds and first-time entrants. The second is an "opportunity" strategy, which targets larger, highly recognized fund sponsors.

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