After his first two marriages ended in divorce -- a sharp contrast to his parents' loving 52-year marriage -- Lagasse is hoping the third time is the charm following his May 2000 wedding to real estate manager Alden Lovelace.
Europe's biggest real-estate fund manager has started making its first investments in the U.S. market, in the latest sign of an increased appetite for risk among some European investors.
Making it more challenging for TPG, "there has been a steady decline in investors who will invest in first-time" real-estate funds, said Andrew Moylan, Preqin's manager of real-estate data.
"This wouldn't have happened two or three years ago, " said Valerie Heller, region manager for commercial real estate in U.S. Bank's Pacific Northwest region, of the Idaho construction loan.
Against this backdrop, some financial advisors are looking at and advocating high-yield and international bonds, along with real estate investment trusts, according to one investment manager who works with financial planners.
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And perhaps the Schwarzman scholarship program will take more than one would-be hedge fund manager or investment banker or real estate impresario and, by showing them a different view of the world, lead them down another path entirely.
Zeke Morris, a REO manager in Chicago, captured the current real estate sentiment quite well.
News of the financial meltdown of Dubai World, a quasi-sovereign global concern that owns 77% of the international port manager DP World and the single largest real estate developer in Dubai known for its palm-tree shaped luxury residential developments, has raced from the business pages to the headlines of the front pages in a matter of days.
Hedge fund manager and perennial China bear Jim Chanos says the real estate market there is Dubai times 1, 000.
The other big investor with TPG's real-estate program is Ivanhoe Cambridge, the property investor for Canadian pension manager Caisse de depot et placement du Quebec.
Their competence and duty to advise seemingly encompasses anything a fund may encounter- asset allocation, manager and fund performance, personnel turnover at managers, real estate, private equity, international and emerging markets, hedge funds, fund of funds, brokerage-everything but consultant-related issues.
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Hedge fund manager Jim Chanos returned to his bearish China call recently when he said that China real estate was Dubai times a thousand.
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