US asset management firm Cohen & Steers is to wind down it private equity real estate arm, according to an email seen by Bloomberg.
Steve Coyle, CIO at the firm’s Global Realty Partners division, wrote, “The firm has decided to no longer be active in the private equity real estate space. As a result, my team and I will depart the firm effective this Friday.”
Global Realty Partners oversaw multi-manager private real estate portfolios committing nearly $1.5bn across more than 35 funds over the past five years.
Coyle was formerly investment chief investment strategist and a fund of funds portfolio manager with Citigroup Property Investors, the real estate investment management arm of Citigroup. He joined NYSE-listed Cohen & Steers in 2008.
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