Fidelity Real Estate Group — Overview
The Fidelity Real Estate Group is a Boston-based private equity real estate investment manager formed in 1993. The group invests principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations. As of March 31, 2010, the Real Estate Group has invested nearly $2 billion of equity in 165 different value-added transactions, representing over $7 billion of gross property value. Comprised of 25 professionals, the group operates as a focused investment boutique within the larger Fidelity organization.
The group utilizes a broad-based, value-added investment strategy, targeting opportunities in a wide array of property types and in markets throughout the U.S. This strategy leverages the extensive experience of the team's principals and the local market knowledge of the group's network of operating partners.
From 1995–1999, the group invested primarily through a strategy that combined both value-added private equity and real estate securities in a single portfolio. In 2000, the group launched its first fund that focused exclusively on value-added private equity investments. The first value-added fund closed in May 2001 with $320 million of committed equity, which has been fully realized, followed by a second fund that closed in February 2004 with $625 million of capital commitments. The group is currently investing on behalf of a third fund, which closed in April 2008 with $875 million of committed equity.