GI207: Improving Lives Through Real Estate with Andrew Reichert & Daniel Croce

GI207: Improving Lives Through Real Estate with Andrew Reichert & Daniel Croce

Andrew Reichert & Daniel Croce are co-founders of BERGO Realty, a Pittsburgh-based private equity real estate firm, with over $270 million in assets under management across over 2,800 multifamily units. It is a vertically integrated company with over 80 employees; handling everything from property acquisitions and asset management to on-site property management.

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Announcer:
Welcome to the Global Investor Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host Charles Carillo combines decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now, here’s your host, Charles Carillo.

Charles:
Do you have money sitting in the stock market? And you’re worried about it or worse. You have money sitting at the bank, not keeping up with inflation. My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to work in real estate, but can’t find deals, don’t have the time to get funding in. The last thing that productive people want to do is manage real estate. We find the deals. We fund the deals and we manage the tenants, the termites and the properties. Partner with us at investwithharborside.com. That’s investwithharborside.com. Go to investwithharborside.com. If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time. Go to investwithharborside.com. That’s investwithharborside.com.

New Speaker:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Andrew Reichert & Daniel Croce. They are co-founders of BERGO Realty, a Pittsburgh-based private equity real estate firm, with over $270 million in assets under management across over 2,800 multifamily units. It is a vertically integrated company with over 80 employees; handling everything from property acquisitions and asset management to on-site property management. So thank you to for coming on the show today.

Andrew:
Yeah, thanks for having us, Charles.

Daniel:
Fine to be here.

Charles:
So tell us a little bit briefly about yourself, your backgrounds, both personally and professionally prior to getting involved in real estate investing.

Andrew:
Sure. I’ll go first and I’ll let Dan go. So personally I grew up in a family that was not entrepreneurial, not into real estate. And so kind of first generation entrepreneur, first generation real estate owner and really just kind of fell in love with it through college, reading books like Rich Dad, poor Dad, and you know, how to invest in real estate. And started reading every book on, you know, zero money down cuz I didn’t have any money. So <laugh> bought my first duplex the year I graduated from college. And kind of the rest is history, you know, I bought a duplex with no money down, actually walked away from closing with a check for 20 grand and used that to buy more real estate and then refied that used that to buy more real estate. And then we got into business together.

Charles:
Nice. Awesome.

Daniel:
Cool. Yeah, and I can reciprocate. I I grew up in western Pennsylvania. My mom immigrated here from Belgium. My dad met her when he was in the Air Force in Europe. And similar to Andrew, my real estate was not in my family, but my mom was always really prudent with allocating resources that she was interested in investing. I remember her pouring over stocks and they didn’t have much, but they were really diligent with what they did have. It’s funny, I I actually remember in 2011, I suppose it was, I got a a $5,000 inheritance from my grandmother and I thought, you know, I don’t wanna put this in the stock market. I hopped on Craigslist and I found row home for sale for 19 grand. So I 5K down borrowed 14, my payment was month to get those passive rent checks. So that’s how I got into the real estate. And like Andrew said professionally I was, my background was in accounting, accounting firm, but building my portfolio on Andrew.

Charles:
So kind of moving forward to what you guys do now and your firm. So I always, I always find it interesting when there’s firms that focus on a number of different asset classes. So you guys are in multi-family, mixed use office, medical office, retail. So can you kinda give us an overview of what your investment strategy is and what is your criteria when you are acquiring these properties?

Daniel:
Well, Charles, that’s a little bit incriminating cause you’re highlighting the fact that we didn’t used to actually really have an investment strategy. We just bought stuff <laugh>. You know, but well that’s, that’s not true. Our first fund our, our strategy was Multiset class and a third of our first fund was allocated to a mixture of service oriented retail and mostly medical office property. But somewhere on the line really as a result of some sort of crucial conversations that we had with some of our investors in our second fund, we decided to be laser focused on workforce housing in the heartland. And so while it’s true that we, we do still own and operate diverse type of properties and we’ve even gotten to the short term rental business with Airbnb, we, we’ve dabbled with a little bit of everything, but in recent years we’ve gotten later focused on doing one thing and that’s workforce housing in the heartland. And so yeah, that’s, that’s what worked for us. Thankfully we’ve done okay in some of the other stuff that we did, but I think, you know, it’s just in terms of focus and trying to be really good at one thing we’ve decided to develop our on what

Charles:
Yeah, it also makes it easier, I would imagine with managing that because it’s now you have one kind of, you know, you have one property type that you’re always renting out. If someone moves to one property, you bring ’em to another property. It’s not like with your commercial where vacancies can really kill you cuz they go for much longer. But can you just, Danielle, you talked about workforce housing and just so people know, can you explain what your definition of workforce housing is and how you guys work that into your strategy?

Daniel:
Sure. and I’ll tell you that that’s another somewhat incriminating question cause we don’t have a super crisp answer to it. We’ve at times sort of shifted a little bit how we think of what workforce housing actually is, but for us it’s, it’s affordability. We’re in the class DC space c plus space and so, you know, kinda a litmus test thing. We’re, we’re not doing anything that’s, that’s class A. Anything that, you know, is, is not super affordable for the common man. You could think of it in terms of, you know, percentage of income. We, we tend to be below 20% of, of income is where our rents are. So pretty much everything we do is what Fannie Mae and Freddie Mac call naturally occurring affordable. So that would be sort of one litmus test for us is in the eyes of the, the big agencies that they call it naturally occurring affordable.

Charles:
Yeah, that’s a great little pocket cuz you’re in that very, it’s a very solid tried and true, let’s say part of the market where it’s, it’s not disrupted as much when you’re going through all these different parts of the market cycle. I feel, and you know, it’s not, you’re not in low C where you have issues and you’re not in high B or a where maybe people might be buying houses or those jobs. Someone loses their job in one of those households and they really have to cut back and they’re coming to one of your workforce housing properties. So when you are, when you’re buying these properties and like how you’re working with your investors, how are you normally doing a like investment horizon? What is your timeframe? Do you have a set one? Do you have some investments that are more long term, you know, maybe 10 years plus? Do you have ones that you say tell investors, Hey, we’re gonna do this in five years, or how does that usually work?

Daniel:
Yeah, so we have done things a little bit uniquely how we’ve structured our business. And some of that is just my background. I was a, a fund manager of different kinds of not real estate funds before we started our, our first investment vehicle fund manager. And so we just started a fund with our first investments back in 2015 and as a 10 year fund. And so that gives us a really clean time horizon. We were buying assets in 15 and 16 with the plan to hold them through 25. And then we started a second fund in 2018. We also called that a 10 year fund. But actually one of the things that we’ve learned is that that’s a really long time. We have a a hold period and achieved consistently in very high return mm-hmm. <Affirmative>, you can, you can add value in those first couple of years and then you refi out and, you know, it’s kinda hard to get that consistent value pop.

Daniel:
So something that we did last year was form never bring, and that’s a vehicle that enables us to buy assets that are really high quality. But, you know, we, we think we own, we wanna own them for 15, 20, 30 years, but maybe not have the giant value pop, but just kind of slow and steady singles and doubles. And then as it would turn out, we just last month launched a new five year fund that’s an fund. So we think of hold period in terms of what investment vehicle are we investing out of and what’s the, the thesis in horizon for that particular vehicle. But I’d say it can be anywhere on the, on the low end to, you know, two, three years. I just wanna get a quick value pop and get out to indefinite open-ended very, very long. <Inaudible>.

Charles:
Yeah. I love the idea of the Evergreen fund. That’s fantastic because it’s, it’s true that you have a lot of syndicators that avoid the evergreen fund because you can’t get the high, high returns and, but you have investors that don’t really care how long you own a property if they get their distributions. So it’s, it’s a very, that’s awesome. That’s a, that’s a great way of, of doing that. And I imagine some of your investors asked you or really like working with you because of that. So but I wanna talk about like how you’re, when you’re, you guys are in one market, you’re in Pittsburgh and I’m not sure what areas of Pittsburgh you are, but how does focusing in specializing in just one market assist your company with really identifying good deals for you and your comp and your investors?

Daniel:
So to clarify, we’ve actually expanded a little bit geographically mm-hmm. <Affirmative>, but our first many years we were only in Pittsburgh and I think, you know, we really kind of got a corner on the market in terms of certain asset profiles, not a huge market, and there weren’t many professional capital sources that were looking to do multi-families and patient and multifamily aggregation in our market. And so I think we were able to get really efficient at understanding every milk and cran of the market, knowing exactly where we did want to be, exactly where we didn’t wanna be. And also just, you know, the, the purchasing power that comes with vendors, were vertically integrated. So all the, the strengths, you know, working with brokers we’re the, the known buyer in the market for particular property type. Even lenders, you know, our our local banks very, very comfortable with us.

Daniel:
They have an instant understanding of, of the market. So I think it’s a lot of those things. And I would say that when we made the decision a couple years back to stand, we went first to Morgantown, West Virginia and then to Buffalo, New York and Cincinnati, Ohio. And we now have teams in all of those markets. You know, inevitably we just basically four x our deal flow just looking at at four x the, the markets we have a lot more deal flow. So we’ve actually recently done less in Pittsburgh. It’s become a more competitive market, was sort of wild lesson we’re getting started, but now yeah, we’re, we’re much more open to geographical diversification. One of the things that I think we realized is that it maybe wasn’t healthy to be so concentrated. One of the, we like the market because it’s diverse in its economic base. There’s no one industry that drives the entire economy. And yet, you know, what if one or two of the big employers went under and all we have is real estate in Pittsburgh well over time.

Charles:
Yeah. It’s a really smart move.

Daniel:
So, Loveless

Charles:
<Laugh> so you, you’d mentioned vertically integrated. How do you find, how do you feel, let’s say that benefits you and your investors?

Andrew:
Yeah, it’s a great question, Charles. I think there are pros and cons both ways, and I think you just kind of have to pick a lane. So we picked the vertically integrated lane in part because we wanted to control the end of product, which for us is, you know, providing a home to a tenant. So we wanted to control that experience. We wanted to control the experience of customer service, but also of maintenance and capital expenditures. We wanted to, you know, really be hands on with those tenants to make sure that we understood, you know, hey, if the tenant says I’ve got this particular issue, we wanted to make sure that we’re diagnosing how to resolve that issue, you know, ourselves as opposed to having a a third party person you know, that has, they have their own incentives typically telling us, you know, what they think the issue is.

Andrew:
Now that said, again, there’s pros and cons both ways. We had to build out the staff and the team in these markets, and that comes inevitably with growing pains. You know, we’ve had to learn new vendors in new markets, whereas if you hire a third party property manager, they typically have those relationships existing. So certainly hasn’t been perfect, but that was the lane that we chose and you know, is kind of really tied to how we think about our purpose and our mission, which is, you know, really caring for the tenants and, and so we wanted to really control that process.

Charles:
Yeah, you definitely have a lot more control when you’re doing the vertical integration because there’s just so many variables with property management and if you’re able to control those I, I would imagine, cause I’ve passively invested with a lot of groups that have, they’re vertically integrated and I think it’s a little bit more streamlined when you’re getting answers to questions you’re asking about how properties are being operated because they’re, it, it’s, it’s all the same company and so it’s you know, technically it’s all the same company. So, but that’s very interesting. Andrew, one thing, like I I know you were talking about bettering lives for your tenants, and I know you guys have a company slogan of improving lives through real estate, and I think as a value add, syndicator myself, you know, when you’re buying properties, I think tenants are really a little worried when ownership changes. They don’t know what’s gonna happen. They don’t know if they’ve got a slum lord coming in, they don’t know if their rents are going up, which they usually are because we’re normally going to these properties and improving them. I mean, how does that feel? I mean, how does, how do you guys feel that you are really improving the lives of your tenants and their neighbors when you’re going into a new property or a new neighborhood?

Andrew:
Yeah, yeah, that’s a great question, Charles. So first of all, taking a step back, if you look at our mission of improving lives through real estate, we really think of that with four primary stakeholders being our tenants, our investors, our employees, and the communities that we serve. And all of those are lives that we touch every single day. And so one of the obvious things that, that presents, or one of the obvious challenges that presents is a natural tension between improving the lives of our tenants and improving the lives of our investors. Because some might say, well, an easy way to improve the lives of the tenants is just to, you know, pour money on them, right? You know, fix every issue that they want, you know, lower their rent, right? That, that would really improve their life. Well, that’s not gonna improve the lives of our investors.

Andrew:
And sort of vice versa. I mean, one thing you could do is squeeze every penny out of a property, and that’s probably gonna improve the lives of our investors, but we actually think that would not only be detrimental to our tenants, but actually detrimental to the performance of the property. So for us it’s about taking a holistic approach to the lives that we’re improving. And so what does that look like? Well, you mentioned value add and, and you know, adding value to the property, so inevitably that might cause rents to increase. Well, for us we view improving lives through real estate as it relates to our tenants with really providing excellent customer service, you know, 24 hour maintenance hotline caring for them, you know, in, in a way that we think provides them with clean, you know, dignified housing that many folks you know, in, in the workforce housing space, actually don’t think about that as a, a key pillar to their existence.

Andrew:
You know, we do think about that, like, let’s make sure we’re providing somebody with a house that I, I would wanna live in, right? If I, if I’m not, if I wouldn’t be comfortable living in the apartment, we shouldn’t be renting it out that way. So that’s sort of our litmus test. What it doesn’t mean is that you know, we’re, we’re giving rent breaks or you know, o otherwise making bad financial decisions because we actually think that that would be not providing dignity to those same tenants. You know, we think the dignified thing to do is actually to treat tenants you know, as human beings and therefore treat them as folks who are responsible and can make responsible decisions. And and if we add value to a property, we usually try to do that in a way that shows care and, and love. And yet if rents need to go up, rents need to go up. So so we, we try to balance that and it’s, it’s not easy. It’s a, it’s a tension that we, we work through every single day, but we, we live in that tension and rather than trying to avoid that tension, we just really lean into it and try to try to do the best we can for our stakeholders.

Charles:
Yeah, that’s a great answer. The, what I’ve found really with tenants is that most of them will pay a little bit more if the property is being run correctly and a lot of issues because how many times have you walk in, you’ve, you’ve walked through units in a due diligence and you have tenants just complaining about stuff that, oh, you know, it’s been months and months and the, the current landlord or mandarin company has just kind of put them to the side. And so I think it’s people will pay more, I feel, for a better product, a safer place, a cleaner place for their family and themselves. That’s what I’ve found. So

Andrew:
Yeah, we found the same.

Charles:
So you guys have a very, obviously a very successful partnership, and I find that when in commercial real estate, and especially in larger firms like your own you have, it’s a pivotal pivotal part of how your business runs. So can you explain how partnerships have been so important to, you know, between you two and then between, you know, your company and other companies for the growth of your business?

Andrew:
Yeah, absolutely. I can take a first stab at that. I’d love to hear Dan’s perspective as well. Well first of all, I think partnerships are one of the most amazing things you know, that you can kind of enter into. And also one of the most challenging. So <laugh>, I think what makes partnerships so amazing is, and particularly mine and Dan’s partnership, is the diversity that exists in between us. Dan and I are like wired as total opposites on every single personality test. You know, everybody knows the disk. I’m a high di Dan is a high sc. I mean, we’re just wired differently. And so that creates really incredible strength for an organization like ours because we just bring different things to the table. That also creates challenge. You know, we communicate differently. We prefer to be communicated with differently. We think differently.

Andrew:
You know, we think differently about about the financial performance of our assets, and we think differently about how our mission, you know, some of the things we just talked about, how that, how that relates to, you know, tenants and investors and our various stakeholders. So one of the things that we’ve, I I would say first of all, like we work really hard at that. We’re very intentional about our relationship, and one of the things that we’ve realized is that we have to lean into, you know, that diversity and lean into the things that make us different and, and, and actually value them and allow them to, to manifest themselves in our relationship. So it’s definitely true for our partnership. I would say that’s true for you know, our relationships with employees and direct reports, we try to take that same approach.

Andrew:
You know, there’s, you, you’ve probably heard the the golden rule, you know, treat others as you wanna be treated, but there’s like this platinum rule, which is treat others the way that they want to be treated. So in other words, if a person prefers email communication as opposed to, you know, verbal processing, my approach to that person needs to be that I’m gonna send them a detailed email and work through it, an email. So I think partnerships really just, it’s understanding the other person and also having the self-awareness to be able to interact in, in the way that is most valuable in that relationship. I would say as it relates to other partners, you know, lenders and other folks that we work with, we take a similar approach, which is you know, how how can this be a mutually beneficial relationship?

Andrew:
It’s not about take, take, take, you know, it’s about, frankly, our postures typically give, give, give. It’s like, Hey, how can we add value to this person, right? If this is a lender we’re working with, how can we really make the experience incredible for them? How can we be a great client for them? You know, how, how can we really be a standout partner for our vendors, you know, our landscaping vendors, our you know, snowplowing vendors, how, how can we pay them quickly and make sure that they come away thinking that they’re having a great experience with us? I would just find that if we take a, you know, others focused approach that really adds value to that relationship and ends up actually benefiting us as an organization as well.

Charles:
That’s a great answer. I love that about the vendors, and it’s kind of me making the relationships la less transactional and more of a true relationship. So that’s awesome. Andrew.

Andrew:
Yeah. Dan, what would you change or correct about what I said <laugh>,

Daniel:
I wouldn’t change it, correct. Any of it? I would just add a, a couple bits of perspective from, from my side. I think you know, looking back on the history of, of our partnership with Andrew and, and myself, I think we’ve grown a lot over time. And I think one of the elements, a couple pivotal elements that have helped us grow, I think is one, just making a shift to Andrew’s point away from like, what do I want? And more to what do you want, where, where, where you wanna go and how can I help you get to where you want to go? And then reciprocated. And I think in our case, dancers are, are different for each of us. We want different things. We have different goals. And so understanding, you know, where does the other want to go and how can I maximize my efforts to help them get where they wanna go, I think.

Daniel:
And then, you know, collectively taking that posture I think is extremely effective and, and energizing, and it’s worked. And the other thing that I would say too is that I’m on sharing these details. We started as, as 50 50 partner in our early days, and I think that that was not healthy for us. So there was no tiebreaker, you know, we, we were both in charge and both, and, and so we just butted heads a lot. We wanted to call the shots, and we had different, as Andrew mentioned, different perspective. And so somewhere along the line. And so the point of, you know, asking the question, where do we wanna go? Well, Andrew is really wired to be the CEO of a business and to build this thing to get to billion in, and I have different goals. I wanna do some other things in life, and I wanna be a part of what we’re doing here, but I spend projects.

Daniel:
So we thing here is for Andrew to be the single point of accountability, the one who ultimately calls the shot, and I’m here to support in whatever way I can, and I’m gonna win along the way. But I think that was a very helpful chip for us, just to say 50 50 is probably not gonna work, and I’ve taken that that approach into any other business feelings I have with other partners. I think there needs to be a single point of accountability, and I think that’s been incredibly helpful. I also say to this partnerships, in terms of other people, to Andrew’s point, I think it’s taking a servant’s mindset. I, I mostly think about our investors. My role has been recruiting a lot of capital and, and thinking of them as partners and thinking about where do, where do they wanna go, how can we get them to where they wanna go? They’re not just a source of capital, but they’re, they’re people they care about accomplishing their goals. And so I think it’s, it’s just taking that, that servant mindset and the true partnership posture of how can we collectively bring what we need to have to get each other where we wanna go.

Charles:
Great answers. So one thing I wanted to see is, with your company growing 80 plus employees, what have you found to be your biggest challenges over the years?

Andrew:
Yeah, great question. Charles, so it’s an interesting question because I would say each season has brought its own new set of challenges. So, you know, growing from zero employees to five had a whole set of challenges. Right now we’re running payroll and we gotta figure out HR policies, right? Employee handbooks, <laugh>, it’s like the startup phase of challenges growing from five to 50 had its own set of challenges, right? Now we’re talking about how do we scale systems and processes and is our accounting system, you know, ready to go to handle this growth and our HR systems. And so I think that was a very systems oriented growth phase. And now we’re trying to grow from 50 to 500, right? You know, we’re at like 80 some employees and, and, and growing quickly. And that brings its own set of challenges.

Andrew:
And, and I think what I’m finding is that it’s all those challenges are often wrapped in getting the right people on the bus. Oftentimes the the skill set that’s required to run a, you know, thousand unit portfolios, just very different from the skill that’s required to run a 10,000 unit portfolio. And so we’re finding ourselves really trying to hire the right people to help get us to that next level. So I think personnel and, you know hiring, managing, and when necessary parting ways with with team members is really the primary, you know, focus and, and challenge that we find ourselves in today.

Charles:
So as we, before we wrap up here, I just wanna see what for each of you, what do you think are the main factors that have contributed to each of your successes?

Andrew:
Yeah, good question. Dan, you wanna go?

Daniel:
Sure. I mean, I, I, I would, I would say that I think we’ve had a lot of good fortune, <laugh>, things have worked out well, you know, we, we bought at the right time, but it wasn’t really, I wouldn’t say any particularly special about us. We worked hard. We tried to stay humble and put one foot in front of the other. But in general, you know, I, I take the perspective that gratitude is, is one of the peace of life. And so I think I would mostly say it’s, it’s the good fortune of the blessing, fortunate to have, but also working hard, putting one foot in front of the other and staying humble.

Andrew:
Yeah. Yeah, I would echo those for sure. I think those are some of the keys to success. I would also just underscore a few things we talked about in the conversation. I, I think like diversity of team has helped us and actually been a competitive advantage of ours. Having folks wired differently that care about different things and are you know, just wired to think differently has been a key to success. I would definitely say like our mission has been a key to our success, like actually taking a people-oriented approach and caring for, you know, our employees first and foremost, because our employees are the ones who interact with our investors and our tenants, you know? Mm-Hmm. <affirmative>, the way we think of that is, Hey, if we take care of our employees, they’ll take care of our tenants and the tenants will take care of our investors, right?

Andrew:
So really taking a approach to caring for our employees in a deep way, I think has been a key to our success. And, and then last, yeah, Dan brought up a great point with good fortune and gratitude. I think just taking a humble posture. So humility is one of our core values, and oftentimes we don’t know what we don’t know, and we’re not afraid to say it. So I think people are attracted to humility and like kind of repulsed by <laugh> pride and arrogance. And so we, we just, we just take an approach of, Hey, we’re trying to figure this stuff out. We don’t have all the answers. Do you wanna come journey alongside of us? And I think that has really helped us to be successful.

Charles:
Well, fantastic. So how can our listeners learn more about you and your businesses?

Andrew:
Yeah, sure. Our company’s called Virgo, B I R G O. So virgo.com is our website. You know, we’re, we’re as Dan mentioned, we launched a fourth fund. So our fourth fund is on our website. We’re, we’re typically always raising capital. And yeah, if, if any listeners are in the, you know, Pittsburgh, Cincinnati, Buffalo area and you’re looking for a good home, we’ve got, we’ve got some rental units. So you can, you can figure all that stuff out on our website.

Charles:
Awesome. Well, I wanna thank you guys, Andrew and Daniel for coming on the show today, and I’m looking forward to connecting with you guys face-to-face at some point.

Andrew:
Yeah, looking forward to it. Charles, thanks for having us.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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About Andrew Reichert & Daniel Croce

Andrew S. Reichert is the CEO and founder of Birgo Realty, a Pittsburgh-based private equity real estate firm, with $270 million in assets under management across 2,800+ multifamily units.

Through Birgo Realty, he oversees a team of over 80 employees, as they raise capital from investors and purchase and manage multifamily residential real estate.

A passionate entrepreneur, Mr. Reichert has founded four companies and been part of several other start-ups. Additionally, he launched a nonprofit focused on financial literacy and is active in local nonprofits, including his church.

Daniel is co-founder and principal of Birgo and is primarily responsible for overseeing capital markets, investment strategy, and portfolio performance, in addition to various internal organizational functions.

Prior to co-founding Birgo Capital, Daniel assembled and oversaw an independently syndicated portfolio of multifamily real estate investments. His experience in alternative investment management includes financial and strategic oversight of over $400 million in private fund assets, spanning the real estate, private debt, venture capital, and private equity asset classes. Daniel began his career with Ernst & Young in Pittsburgh.

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