Morgan Stanley?s Prime Property Fund, Whose Execs Include Candice Todd and Mustufa Salehbhai, Raises $5.5 Billion - cbl

By citybizlist Staff

ATLANTA -- Morgan Stanley Real Estate Advisor Inc.'s Prime Property Fund LLC has raised $5.49 billion from 145 investors, each placing at least $5 million in one of the world's largest real estate funds, according to an amended Reg D filing with the U.S. Securities and Exchange Commission.

Besides New York-based Morgan Stanley Real Estate Advisor, principals named in the 3-year-old fund include directors: Allan Bufferd, treasurer emeritus of the Massachusetts Institute of Technology, of Newton, Mass.; and Kevin Twomey, of Ponte Vedra Beach, Fla.

From Atlanta are Candice Todd, CFO of the fund, and Mustufa Salehbhai, of Morgan Stanley. And, from New York are: directors Jay Mantz, chief investment officer of Morgan Stanley Real Estate investing; John Klopp, Morgan Stanley's head of Americas real estate investing and global real estate debt investing; and Joan Fallon; as well as executive officers David Morrison and Scott Brown.

Separately, Morgan Stanley's PPF Investors Fund LLC raised $11.47 million, according to a Reg D filing with the U.S. Securities and Exchange Commission. Principals named in that filing are Todd and Brown.

Morgan Stanley Real Estate, a division of the New York-headquartered Morgan Stanley (NYSE: MS), is the world's second-largest private-equity real estate firm in the world, behind the Blackstone Group (NYSE: BX).

Reg D filing (Prime Property): http://tinyurl.com/yaxckx8
Reg D filing (PPF Investors): http://tinyurl.com/yz5h5zj

Management bios from various Web sites:

(from BusinessWeek)
Allan S. Bufferd Ph.D.
Director

Dr. Allan S. Bufferd is the Partner and Executive Chairman at Family Endowment Partners, LP. He is an Investment Advisor at National University of Singapore. He was Treasurer Emeritus of the Massachusetts Institute of Technology, having retired in 2006 after a 34-year career at the university. Dr. Bufferd was the Founding President of the MIT Investment Management Company in 2004. While at MIT, he contributed to the formation of investment policies and management of its endowment, retirement funds and other assets, which grew during his career from $600 million to $12 billion. Under Dr. Bufferd, MIT became the sixth largest university endowment in the US, building relationships with more than 150 asset managers worldwide. He serves as a Director of Boston Advisors, LLC. Dr. Bufferd serves as the Chairman and Board of Directors of the Controlled Risk Insurance Company and the Risk Management Foundation, Inc., and Chairman and Board of Directors of The Coop. He is a Member of various Advisory Boards of diverse investment funds, and serves as a Director of several financial services organizations, healthcare centers, and universities. Dr. Bufferd serves as a Director of City of London Investment Group (AIM-London), Makena Capital Management LLC, Morgan Stanley Prime Property Fund, and Och-Ziff Capital Management Group LLC. He has been a Director at MASCO; Explorations, Inc.; and CRICO. Dr. Bufferd serves as a Director and Member of Advisory Board at Adveq Management AG. He is a Trustee at Whiting Foundation and Robert Wood Johnson Foundation. Dr. Bufferd is also a Member on the Investment Subcommittee of the Commonwealth of Massachusetts Pension Retirement Investments Trust and serves on the Investment Advisory Board of the Alaska Permanent Fund Corporation. He has served as a Director at Fluor Daniel GTI Inc. since 1988. Dr. Bufferd holds a J.D. from Suffolk University. Dr. Bufferd is a graduate of the Massachusetts Institute of Technology with a S.B., S.M., and Sc.D. in materials engineering.

(BusinessWeek)
Joan H. Fallon
Director

Joan H. Fallon is a principal and founder of JH Fallon and Associates, a real estate consulting firm in 2003. Since 2003, Ms. Fallon has been an independent consultant to various companies and individuals in the real estate industry. Ms. Fallon was employed in various positions within TIAA-CREF, a national financial services organization and provider of retirement services in the academic, research, medical and cultural fields, most recently served as Portfolio Manager and Managing Director of TIAA-CREF's real estate account from 1969 to 2003. Ms. Fallon is a director of the Prime Property Fund, a diversified real estate fund sponsored and managed by Morgan Stanley Real Estate, and a director of Brookfield Homes Corporation, a U.S. based homebuilder and land developer. Ms. Fallon has been an Independent Director of Lexington Strategic Asset Corp. Since 2003. She has been a Director of Brookfield Homes Corp. since December 1, 2005. Ms. Fallon is a member of the Urban Land Institute, the Pension Real Estate Association and WX--Women Executives in Real Estate. Ms. Fallon received her B.A. in Economics from Hunter College in 1980, her M.B.A. in Finance from Baruch College in 1985, and her M.S. in Urban Affairs from Hunter College in 2004.

(Web site of the Real Estate Academic Initiative at Harvard University)
Jay H. Mantz
Managing Director and Global Co-Head of Morgan Stanley's Merchant Banking Group

Jay Mantz is a Managing Director of Morgan Stanley and Global Co-Head of Morgan Stanley's Merchant Banking Group, responsible for Morgan Stanley Real Estate Investing Funds, the Morgan Stanley Infrastructure Fund and other Private Equity Funds. Jay joined Morgan Stanley in 1993 in the New York office of Morgan Stanley Real Estate and moved to London in 1996 as Head of the Morgan Stanley Real Estate Funds in Europe. In 1999, he was named Head of the Morgan Stanley Real Estate Investing Group with responsibility for the global activities of Morgan Stanley Real Estate's principal investing business, including the Morgan Stanley Real Estate Funds, other institutional accounts and proprietary funds managed by Morgan Stanley. In 2005, he was named Global Co-Head of Morgan Stanley Real Estate overseeing the Firm's global real estate business, including banking and capital raising activities as well as the Firm's real estate investing program. He was named Global Co-Head of Morgan Stanley's Merchant Bank Group in March 2007. Jay received an MBA from The Wharton School of the University of Pennsylvania and a BA from Boston University. He is an active member of various real estate organizations including the Urban Land Institute and the Pension Real Estate Association.

(BusinessWeek)
John R. Klopp
Head of Americas Real Estate Investing and Global Real Estate Debt Investing, Morgan Stanley

John R. Klopp has been the Head of Americas Real Estate Investing and Global Real Estate Debt Investing at Morgan Stanley February 1, 2010. Mr. Klopp serves as a Vice President of Managers at Metropolis Realty Holdings LLC. Mr. Klopp co-founded Capital Trust, Inc. in 1997 and has been its Consultant since December 1, 2009. Mr. Klopp served as the Chief Executive Officer and President of Capital Trust Inc. from February 1997 to December 1, 2009 and from January 1999 to December 1, 2009, respectively. Mr. Klopp was a Founder and a Managing Partner of Victor Capital Group LP ("VCG") from 1989 to July 1997. From 1982 to 1989 Mr. Klopp served as a Managing Director and co-head of Chemical Realty Corp. ("Chemical Realty"), the real estate investment banking affiliate of Chemical Bank. From 1978 to 1982, Mr. Klopp held various positions with Chemical Bank's Real Estate Division, where he was responsible for originating, underwriting and monitoring portfolios of construction and permanent loans. Mr. Klopp has over 30 years of real estate experience. He served as Vice Chairman of Capital Trust Inc. He serves as a Member of the Board of Managers at Metropolis Realty Holdings LLC. He served as a Director of Capital Trust Inc. since January 1997 to December 1, 2009. He is a Member of Pension Real Estate Association, Commercial Mortgage Securitization Association and National Association of Real Estate Investment Trusts. He has served as an Adjunct Professor of Columbia Business School where he taught "Real Estate Capital Markets. Mr. Klopp received an M.B.A. in 1978 from the Wharton School of Business and Finance at the University of Pennsylvania with a major in real estate and finance and a B.A. in Economics from Tufts University in 1976.

(Forbes)
Kevin M. Twomey
Age: 62
Mr. Twomey was president of The St. Joe Company from 1999 until his retirement in 2006. He is currently a director and chairman of the audit committee of PartnerRe (NYSE: PRE), an international reinsurance company. He is a director of Prime Property Fund LLC, a privately held company organized as a REIT and managed on behalf of investors by Morgan Stanley. He previously served as a director of Doral Financial Corporation (NYSE: DRL) from 2007 ' 2009, of Novelis from 2006 ' 2007, and of Intergraph Corporation from 2004 ' 2006. Prior to joining The St. Joe Company, Mr. Twomey was vice chairman of the board of directors and chief financial officer of H.F. Ahmanson & Company and its principal subsidiary, Home Savings of America. Prior to joining Ahmanson in 1993, he was chief financial officer at First Gibraltar Bank, a company owned by MacAndrews & Forbes Holdings. He serves on the board of trustees of the University of North Florida and is the chairman of the board trustees of the United Way of Northeast Florida. He holds master's degrees from Duke University and The George Washington University and a bachelor's degree from the University of Virginia.

(Legal Web site Martindale.com)
Mustufa Salehbhai
Executive Director, Morgan Stanley (Legal and Compliance Division Government Relations and Tax)
Experience & Credentials
Responsibilities: Private Equity; Corporate Law; Real Estate
University: University of Virginia, B.A., with honors, 1995
Law School: Stanford University, J.D., 1999
Admitted: 1999, Georgia; 2001, California. (Not admitted in New York)
Memberships: State Bar of Georgia.
Languages: Arabic
Biography: Formerly with: King and Spalding, LLP; Wilson Sansihi Goodrich and Rosati, PC.

Posted Mar 15, 2010

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