Global real estate investment manager Hines officially launched Hines Private Wealth Solutions this week. The move is meant to capitalize on the firm’s existing offerings for individual investors to grow its relationships across private wealth distribution channels and expand its business in Europe and Asia.
Hines has been working with individual investors for the past two decades, raising more than $10.7 billion in the private wealth channel for investment vehicles ranging from non-traded REITs to private placements and tax-deferred exchanges. Its current offerings in the space include Hines Global Income Trust, a non-traded REIT focused on core and core-plus properties globally. Past products included HGR Liquidating Trust, a non-listed diversified global REIT, and MSC Income Fund, an investment fund offering debt and equity financing to private middle-market U.S. companies. Two years ago, Hines also targeted family offices and wealth management firms to raise money for its U.S. Property Recovery Fund.
“While Hines has had great success in attracting individual investors to our strategies to date, we see vast untapped potential ahead of us,” David Steinbach, the firm’s global chief investment officer, said in a statement. “We believe investors are increasingly seeking greater diversification within their portfolios, and Hines is well positioned to help them achieve their optimal investment mix and address a variety of financial needs through the power of real estate investing.”
Hines hired Paul Ferraro two months ago to lead its private wealth strategy. Ferraro previously served as global head of private wealth at global asset management firm The Carlyle Group. He has also worked as head of platform distribution with Morgan Stanley’s merchant banking division.
Hines’ broker/dealer affiliate has been renamed Hines Private Wealth Solutions LLC in conjunction with the launch of the Private Wealth Solutions platform.