$75 billion in dry powder is sitting on the sidelines as institutional investors face an uncertain market. 2024 saw a 22% decline in U.S. private real estate fundraising, while European and Middle Eastern investors increased multifamily allocations by 12% YoY. Where are institutional investors looking for value in 2025?
Board of Investments, LACERA
Mike Gatto, a former California State Assembly Member and current overseer of LACERA's $75 billion retirement fund, boasts a career marked by legislative prowess and legal victories. With eight successful elections and four terms in the Assembly, he chaired influential committees, shaping policy in consumer protection, privacy, and utilities. Gatto authored 55 laws, including significant legislation, showcasing expertise in government finance, technology, and cybersecurity.
Gatto's commitment to public service extends to various roles in congressional and mayoral administrations, alongside active participation in boards and educational institutions. Mike also remains dedicated to community and family life in Southern California.
Designed for senior LPs, GPs, and developers, these working sessions explore high-stakes market challenges and strategic responses—from distressed assets to AI adoption. Focused, data-driven, and built for engagement, these roundtable sessions will cover:
$4 trillion in assets are at stake—and the real estate investment landscape is shifting fast. New regional hubs, disruptive technologies, and evolving strategies are creating unparalleled opportunities for savvy investors. Don’t miss out on what’s next.
Managing Director, Manulife
As global co‐head of research and strategy of real estate private markets, Erin is responsible for developing and executing the real estate platform’s overall research strategy and house view, leveraging predictive analytics and proprietary modeling that guide the acquisition and asset management real estate lifecycle. She works closely with the regional chief investment officers and functional teams in these efforts, contributing investment decision‐making insight and working toward an increasing level of sophistication and quality with regard to evaluating and advancing the investment thesis. In her role, Erin sits on the global real estate leadership team.
Previously, Erin was director of real estate research and strategy at Wafra Real Estate, responsible for executing and maintaining a research and strategy platform in support of the Wafra real estate team, fund, and portfolio investments. Before that, Erin was a senior vice president at JLL, where she led and managed engagements with major global corporate occupiers in various real estate portfolio and organizational transformation strategies. She also managed principal and investor‐side engagements that included real estate investment/portfolio strategy, feasibility analysis, and market impact studies. Prior to that, Erin worked at DWS, where she was responsible for leading research and strategy for office investments across the United States.
Vice Chairman, Bridge Investment Group
Dean Allara serves as Vice Chairman of Bridge Investment Group. He has experience in the real estate investment process including analyzing, raising capital, acquiring, financing, developing, managing, improving and selling properties beginning in 1986. Dean is responsible for capital raising, investment analysis, and investor relations. Dean is directly responsible for investing in over $4 billion in real estate assets. Property types include multi-family and single family residential, commercial, seniors housing, resort golf properties, hotel, and retail properties. Dean has been with Bridge Investment Group since March 2009, where he is involved in raising capital from high net worth individuals, family office and institutional partners in addition to responsibilities related to ownership, investment analysis, development, asset management, investor relations, and legal & tax issues. Dean is also responsible for real property development including permits and zoning, master planning, debt financing, insurance, construction management, home owners’ association management, marketing and residential sales. Dean’s previous experience includes a ten-year career with Trace Digital, a leading global supplier of software manufacturing equipment, where he rose from a Regional Sales Manager to President and CEO. Dean earned his Bachelor of Science degree in Business Administration from the St. Mary’s College in 1984, which included one year at Loyola University of Rome, Italy. He also earned his Master of Business Administration from Santa Clara University in 1986 with a semester at the Tokyo University studying Business Law.
With $957 billion in commercial real estate debt set to mature in 2025, investors are facing a critical moment. Tightening liquidity, shifting capital flows, and a reduced role for traditional lenders are reshaping the landscape. This session will focus on how investors can adapt to these changes and uncover new opportunities in a challenging environment.
Executive Director, PGIM Real Estate
Daniel Kattan is an executive director at PGIM Real Estate. Based in Los Angeles, Daniel is responsible for originating structured real estate investments including senior and mezzanine loans, and preferred equity for the Western U.S., including the Mountain States and Texas.
Prior to joining PGIM Real Estate, Daniel was with Canyon Partners Real Estate where he was a Vice President with a focus on equity acquisitions and high yield debt originations throughout the Western US. In his five-year tenure, Daniel was responsible for executing $430 million of invested equity equal to $1.5 billion of total real estate capitalization.
Prior to Canyon Partners Real Estate, Daniel was an associate with Colony Capital, an institutional real estate investment management firm, with a focus on equity acquisitions and bridge lending. Previously, he was an associate with CliftonLarsonAllen LLP, a leading accountancy firm, with a focus on tax and accounting services for institutional and high net worth real estate clients.
Daniel has a bachelor’s degree in history and graduated magna cum laude from the University of Pennsylvania. He is also a member of the Jewish Federation Real Estate & Construction (REC) Network of Los Angeles.
Managing Director and Chief Operating Officer of the Client Solutions Group, Bridge Investment Group
Michael Kaufman is a Managing Director and Chief Operating Officer of the Client Solutions Group at Bridge Investment Group. Michael focuses on strategic initiatives, sales optimization, infrastructure improvements and team management. Prior to joining Bridge in 2022, Michael was an Executive Director at JP Morgan where he spent over 10 years. His roles at JP Morgan were focused on Wealth Management, both in the Private Bank and in the Chase Wealth Management channels. Michael has extensive experience overseeing advisor sales, strategic growth initiatives and all aspects of the discretionary client offering from product development through delivery. Michael began his career in major gifts fundraising before moving to financial services at Alliance Bernstein on the Alternatives Sales and Client Service and Product Development teams. He received his Bachelors of Arts degree from Georgetown University where he majored in Psychology and Theology.
Founder, CEO, and Board Member, Petros PACE Finance
Mansoor Ghori is a Founder, CEO, and Board Member at Petros PACE Finance.
He leads Credit, Underwriting, and Business Development, and is the Chairman of the Investment Committee. He is integral to underwriting and structuring transactions, leveraging his 30+ years of experience in structured finance.
Prior to Petros, he was the President and CEO of Accent Capital and was responsible for the investment and administrative activities of the firm. He was also a Managing Director at Transamerica Technology Finance Corporation, which was subsequently acquired by GE Capital, and a Principal at Sternhill Partners, a $100 million venture capital firm based in Houston.
Prior to joining Sternhill, he was the Founder and SVP/Regional Manager of Imperial Bank’s Southwest Region of the Emerging Growth Industries Group (acquired by Comerica Bank). He was also a VP in the National Accounts Division of Silicon Valley Bank, focusing on investments in high-technology and biotech companies in Texas.
Mansoor also currently serves on the following boards: Petros, STG Design, C-PACE Alliance, as well as the Andy Roddick Foundation. In addition, he is also an Executive Committee Member of Petros, C-PACE Alliance, and a finance committee member of the Andy Roddick Foundation.
Mansoor is a graduate of Santa Clara University, Santa Clara, California and holds an MBA from Northeastern University in Boston.
California is undergoing a multi-billion-dollar infrastructure transformation, emphasizing digital systems, green energy, and transit upgrades across the state. With new zoning laws and a strong push for climate resilience, California is positioning itself as a leading hub for urban investment opportunities.
With over $1 trillion in U.S. commercial real estate assets set to face refinancing pressures by 2025 and a 21% spike in loan defaults year-over-year, real estate private equity is at a crossroads. Office-to-residential conversions, multifamily redevelopments, and mixed-use transformations are rapidly gaining traction as capital looks to seize undervalued opportunities. But as tightening liquidity and rising costs reshape the landscape, how do investors strategically navigate this volatile market?
Senior Vice President Finance, International Development & Investor Relations, Toll Brothers
Toll Brothers (NYSE) is a $10 billion Fortune 500 company (ranked #394) founded in 1967. It's currently the 4th largest homebuilder in the U.S. by revenue and one of the largest land and community developers. Toll is also a major player in multifamily rental apartment development and is Investment Grade rated by all three major credit rating agencies.
Operating across 24 states and 60+ markets, Toll's projects range from urban and suburban for-sale homes to rentals, student housing, high-rises, condos, 55+ communities, single-family build-to-rent, and large master-planned developments. These projects span from $10 million to over $1 billion.
Fred Cooper is the Senior Vice President of Strategic Partnerships at Toll Brothers. His role involves expanding domestic and international equity and debt relationships, as well as fostering institutional partnerships to support the company's growth in areas such as homebuilding, rental apartments, land development, and build-to-rent communities. He also engages with lenders and investors to collaborate on repositioning and repurposing distressed property and loan portfolios.
Fred has been with Toll Brothers since 1993, initially founding and leading its Finance and Investor Relations departments. Over the years, his team has raised over $30 billion through various channels and advised on project structuring, joint ventures, mergers and acquisitions, and large property deals. He also played a key role in creating Toll Brothers City Living, which has developed over 6,000 urban high-rise condos, and Toll Brothers Apartment Living, with $4 billion in rental assets.
Fred holds a Bachelor’s degree from Brown University and a Master of Public Policy degree from Harvard’s Kennedy School, focusing on finance and international development. He serves on several boards, including the Harvard Alumni Real Estate Board and the University of Wisconsin’s Graaskamp Center Real Estate Advisory Board. He is also an active mentor, lecturer, and participant in graduate-level real estate programs and is involved with various organizations focused on affordable housing in emerging markets.
Vice President, Affordable Housing, FCP
Alecia Hill is a Vice President and Assistant Portfolio Manager at FCP, a privately held real estate investment company headquartered in Washington, DC. With expertise in community development finance, Alecia is responsible for expanding the firm’s impact investing initiatives and co-leading the affordable housing preservation multifamily platform. Before joining FCP, Alecia was a member of the Impact Investing team at Enterprise Community Partners, where she focused on Opportunity Zone Fund development, transaction underwriting, and innovation finance within affordable and workforce housing.
Alecia has been a featured facilitator on community development finance structuring and policy with HUD and the EPA. She holds an MPA in Management and Finance from Columbia University’s School of International and Public Affairs, a BA from Columbia University, and is an alumna of McKinsey & Company’s Black Leadership Management Accelerator and the Wharton Social Impact Initiative.
Alecia is an Advisory Board Member for the BILT Foundation, iGlobal ESG & DEI Real Estate Summit, and a Leadership Council Member for the Washington Partnership to End Homelessness. She is Chair of Smart Growth America’s LOCUS Coalition for inclusive, transit-oriented development across the U.S. and a Black Venture Institute Fellow (Berkley Hass). Alecia received an Emerging Leaders Award at the 2024 National Multifamily Housing Council Annual Meeting and is a 2024 National Association of Investment Companies (NAIC) UP Fellow.
Managing Principal and Partner, CSFG Real Estate
Anthony Russo '11, a seasoned real estate professional with over a decade of experience, is a Partner and Managing Principal at CSFG Real Estate. A graduate of Friends Academy (2011), Duke University (2015), and NYU Schack Real Estate (2020), Anthony began his career at Sterling Project Development, where he honed his skills as a project manager from 2015 to 2020. In 2020, he joined CSFG as its first full-time employee, playing a pivotal role in expanding the firm's real estate investment portfolio across the United States and Europe. His expertise spans various sectors, including multifamily, industrial, hospitality, and retail, with deals ranging from $10 million to $100 million
Watch as two teams of top-tier investors challenge each other on the sectors, strategies, and capital structures they believe will win—or fail—in 2025.
Debate Focus Areas:
Partner, StepStone Group
Mr. MacDonald is a partner and Chief Operating Officer for StepStone Real Estate. He is also involved in various investment and portfolio management activities.
Prior to joining StepStone in 2014, Mr. MacDonald was a founding partner of Clairvue Capital Partners, a real estate investment manager that integrated with StepStone to establish StepStone Real Estate. At Clairvue, he was an investment committee member and sourced, underwrote, and managed investments in the US, Europe, and Latin America. Before Clairvue, he was a director at Liquid Realty Partners, an investment manager focused on real estate private equity secondaries.
Mr. MacDonald received his BS from Indiana University and MBA from Harvard Business School.
Founder and CEO, Global Realty Capital
Kamil Homsi, Founder – CEO, GRC Investment Group is a single family office operating in the city of Dubai/UAE.
Mr. Homsi leads the international investment committee for the SFO whose mandate is global expansion, growth and capital preservation through direct and co-investments with global investment institutions, wealth managers, sponsors and other family offices principals forming partnerships and alliances in various countries while maintaining the oversight, alignment and integrity of the existing portfolio. Mr. Homsi focuses on alternatives in general and particularly on commercial real estate, renewable energy and waste management technologies, adding smaller investments in medical device technology, and pharmaceutical research.
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