GEM Realty Capital

GEM Capital, L.P. is a registered investment adviser that provides discretionary management primarily to private pooled investment vehicles (Funds) and institutional separately managed accounts, with $6,282,084,290 in assets under management as of December 31, 2025. Its investor base, as described in the Brochure, includes institutional investors such as private foundations, banks and life insurance companies as well as individuals, family offices, university endowments, pension plans, trusts, estates and charitable organizations.

The firm operates three distinct investment businesses: private-market real estate funds focused on opportunistic and value‑add investments (and a perpetual-life real estate fund), a Tactical Opportunities series for non-controlling private real asset and infrastructure investments, and long/short hedge funds and SMAs that trade publicly‑listed real estate securities and related derivatives. Investment decisions are overseen by an Investment Committee supported by dedicated investment teams, and GEM uses co-investment structures, management fees and performance-based compensation consistent with the terms of each Fund or account.

What is noteworthy about GEM in the Brochure is the combination of public and private real‑estate capabilities alongside a tactical private‑company vehicle that targets growth and emerging sectors (including stated exposure to the cannabis industry), and the firm’s explicit inclusion of charitable organizations and private foundations among its potential investors — a client type that the Brochure notes but that is less common among peers. The Brochure also highlights allocation and governance features used to manage side‑by‑side and co‑investment arrangements (including circumstances in which certain co‑invest vehicles do not pay performance fees), reflecting structural choices aimed at handling conflicts that arise across pooled funds and separately managed accounts.