FPA Real Estate Advisers Group, LLC

FPA Real Estate Advisers Group provides discretionary investment management to privately offered pooled vehicles — including REIT-owner funds, affiliated limited partnerships and single-asset holding companies — that invest primarily in multifamily and mixed-use real estate. Investors in its funds typically include high-net-worth individuals and institutional investors such as pension plans, endowments and sovereign entities.

The firm operates as a vertically integrated real estate organization, providing or coordinating acquisitions, dispositions, financing, property management and construction/renovation services for the funds it advises. Investments are made through a layered structure of REITs, fund entities and property-owning LLCs, with a focus on multifamily properties in U.S. markets where the firm has experience and established operations.

Unlike many investment managers, FPA REAG does not rely on a standard percentage-of-assets-under-management advisory fee and instead uses fund-level compensation arrangements, including performance-based carried interests and fees paid to affiliated property and construction service providers. The firm discloses related-party fee arrangements and oversight mechanisms such as an advisory committee and written comparability procedures, and it also reported and resolved an SEC enforcement matter in 2024 involving custody and compliance deficiencies, consenting to a cease-and-desist order and a civil penalty.