San Francisco’s emergence as the most important city on the West Coast in the 19th century was simply attributable to fortunate geography. The San Francisco Bay Area’s evolution into the most important region in the world for technology innovation and investments in the late 20th century owes to a more complicated confluence of events. Post-World War II, the Bay Area retained many of the service men and women who came through during the war. Moffett Field, located on the southern edge of the San Francisco Bay between San Jose and Palo Alto, became a hub for military technology. Companies such as Lockheed grew to employ thousands in the area. Nearby Stanford University and its vast research capabilities fed the growing appetite for high-tech innovation.
True North Advisors, a $2bn Dallas-based multi-family office, is seeking new real estate managers specializing in multifamily and opportunistic strategies, according to Dhruv Maniktala, vice president of global investment strategy.
The firm’s real estate allocations have varied over the past two decades, trending higher after the GFC-induced housing market bubble but falling back in recent years. Indeed, the firm had a 20% allocation to the sector from 2010 to 2015 but brought that down as the market dynamics changed.
Dallas-based multi-family office True North Advisors is bullish on event-driven strategies as it looks to outmanoeuvre crowded trades, according to Dhruv Maniktala, vice-president of global investment strategy.
Maniktala told HFM that the $2bn firm plans to top up its event-driven manager roster as it searches for niche opportunities following the recent restructure of its house portfolio.
“We like event-driven strategies, but the success of the manager has to be market-independent. We have recently made investments to the strategy,” he explained.
It is an election year in America in the 21st century. Given that Donald Trump is the incumbent, one might have predicted that things would get interesting. What would not have been predicted is that the election has nothing to do with why 2020 has already been one for the history books. Like virtually everything else in the lives of most Americans, politics took a temporary back seat as we grappled with the fallout from the coronavirus that causes COVID-19. When it comes to the virus news, if March was ‘bad’ and April was ‘worse,’ by July there are no accurate descriptors left, so we’re left with something akin to ‘weird.’ Parents of school-aged children, for example, may or may not be sending their kids to school this Fall, depending on where they live.
This month we are celebrating 20 years in business. You have all seen the stats: most businesses do not make it to 20 years. Not only are we still here, but we are stronger than ever. What started as two co-founders and one employee serving a handful of clients has grown to a firm of 32 people serving over 300 families and institutions. Today True North manages over $2B in AUM, is financially sound, and continues to grow through this unprecedented environment. Our firm has no debt, we did not need a PPP loan to stay afloat, and we just hired two new team members. We are grateful every day for the opportunity to help fulfill lives, and we owe our success to you.
I have stated a number of times over the past two months that this COVID-19-induced lifestyle feels like stepping back in time to my childhood. Nights and weekends, normally filled during the Spring by kids’ sports and countless other obligations, have given way to activities such as family walks and bike rides, dinner at the table every night, and puzzles in the living room. No doubt exists for me that on a personal level there are some lessons around priorities that I will take away from the experience.