Warren Ashenmil of Jerica Capital Management Headlines Ivy Family Office Network Greenwich, CT Forum

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Jerica Capital Management Portfolio Manager, Warren Ashenmil, discusses Real Estate Markets at the May 14th Ivy Family Office Forum.

Warren Ashenmil of Jerica Capital Management headlined the Ivy Family Office Network Greenwich, CT Mid Year Outlook Forum with a discussion on “Global Real Estate.” The Forum was held on May 14th in Greenwich, CT.

According to Mr. Ashenmil, “The CRE and Residential trade are in two very different places. While the residential recovery has been broad-based, CRE has been largely limited to gateway markets. In most of the country, CRE prices are still 30% below their 2007 peak. The cycle varies by property type with a strong recovery in multi-family, steady recovery in industrial due to e-retailing but with weakness in office (due to high unemployment) and retail (due to e-retail).

Moreover, “ Real estate is typically a boom and bust cycle. Those CRE investors with long biases (many of them), tend to get run over when markets collapse. We’re at an interesting point with a flood of liquidity from central banks supporting prices, but potentially rising interest rates posing a risk to CRE values as well as a “Wall of Worry” of refinances in 2015-2017 that will provide opportunities on the long and short side of the market. We see some irrational exuberance with particular REITs that have been bid up by retail investors where fundamental cash flows do not support market valuations.”

Other speakers on the panel included: Melissa Reagen of Aberdeen Asset Management and Robert Stepanian of DRS Capital, LLC.

Mr. Ashenmil is the founder and Chief Investment Officer of Jerica Capital, a hedge fund focused exclusively on the commercial mortgage-backed securities (CMBS), REIT, and commercial real estate markets.

Prior to founding Jerica in 2012, Mr. Ashenmil was responsible for the commercial real estate portfolio at hedge fund Tricadia Capital, including CMBS and direct CRE debt and equity investments. Prior to joining Tricadia in 2008, Mr. Ashenmil was a Managing Director responsible for the origination of new investments for the Structured Finance Fund at Marathon Asset Management. Prior to Marathon, Mr. Ashenmil spent 13 years at several Wall Street firms where he focused primarily on CMBS trading and banking and the origination and structuring of commercial real estate investments.

Mr. Ashenmil graduated Magna Cum Laude with a B.S. in Economics from the Wharton School at the University of Pennsylvania and received an M.B.A. from Northwestern University's J.L. Kellogg School of Management.

The Ivy Family Office Network Forum provides an ongoing dialogue for family offices to support high-value education and information on trends for family office investing, structure and operational excellence. Attendees gain practical strategies and solutions to achieve both short and long-term objectives. The program features off-the-record, peer-to-peer discussions in a non-commercial setting, in-depth and highly interactive sessions.

About The Ivy Family Office Network

The Ivy Family Office Network, IvyFON, is a leading peer to peer global family office network with several hundred family offices attending their events around The Americas within the past 12 months. Some of the more than 1,200 past speakers have included 5 of the top 10 largest asset allocating consultancies, pre-eminent alternative investment funds by return, leading institutional investors by size, best-in-class asset management professionals, family office subject matter experts and world-class family offices. Premier Speakers have included Ron Baron, Fred Nazem, Steve Prostano, John Taylor and many others. Forum sessions are multi-format and cross-disciplinary covering a range of family office centric topics.

IvyFON’s expertise is an outgrowth of one of the United States’ oldest and largest alternative investment networks, the IvyPlus network. IvyPlus originated as a peer to peer private equity, real estate and hedge fund network consisting of Ivy League and comparable school alumni as well as meritorious participants in the program. Additionally the group supports deal networks across multiple disciplines including private equity and real estate. More than 10,000 investment, family office and institutional investment professionals have attended forums globally. For more information on the Ivy Family Office Network, go to ivyfon.com/contact.html.

For more information on Jerica Capital, contact Warren Ashenmil at washenmil(at)jericacapital(dot)com.

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Marty Secada
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