Our History

Pre - 2010

• Proprium’s founding partners led Morgan Stanley's Real Estate Special Situations group, which focused on opportunistic investing in real estate platforms

  • In 1998, Tim Morris became Chief Investment Officer of Morgan Stanley’s Real Estate Special Situations. During his tenure, Mr. Morris held various additional roles across the Morgan Stanley Real Estate Investing (“MSREI”) platform, including Global CFO, Global COO, Head of Asia, and Co-Head of Europe

  • After working at Morgan Stanley Private Equity, Philipp Westermann served as European Portfolio Manager for the Morgan Stanley Real Estate Special Situation Fund Series (“SSFs”) and lead of MSREI UK Real Estate investing

  • After investing with Morgan Stanley Private Equity Asia and Apax Partners, Thomas Wong served as Executive Director of the MSREI platform, focused on Asian investing for SSF III

2010 - 2012

• As a result of the Dodd-Frank Act, Morgan Stanley was compelled to convert its open-end Real Estate Special Situations Fund into a closed-end structure and liquidate the fund’s holdings over time

• Happy with the performance and structural flexibility of the open-end vehicle, existing LPs expressed interest in committing capital to a new global real estate fund managed by the leaders of the Real Estate Special Situations team

2013

• Following a majority vote from the Real Estate Special Situations Fund’s existing LPs, Morgan Stanley and Proprium’s partners were given the green light to:

1. Allow the fund’s leaders to spin out and launch a new firm (Proprium)

2. Assign Proprium a sub-advisory mandate to manage the wind-down of the Morgan Stanley fund

3. Launch a new Proprium-managed global real estate fund with an Opportunistic Real Estate strategy
   similar to the strategy that Proprium’s leaders had implemented at Morgan Stanley

• A group of seven former Morgan Stanley Real Estate Special Situations professionals launched Proprium Capital Partners

  • From 2013 to 2015, four additional former Morgan Stanley Real Estate professionals joined Proprium

2014

• Proprium began raising and investing a “Global Flagship Fund” with a 10-year investment and recycling period

• By the end of 2014, Proprium’s AUM reached $300 million

2016

• Proprium joined forces with Anton Capital to launch Proprium Capital Partners Australia (“PCPA”), catalyzing the firm’s Australian investment business with a local investment team that possessed deep geographic and operating partner expertise

  • In connection with the transaction, Anton Capital co-founders Anthony Kingsley (formerly Head of Investing for Morgan Stanley Real Estate Australia) and Tony Martin (formerly a Managing Director and COO of Brookfield Real Estate Australia) joined Proprium as Partners of PCPA (the Australian division of Proprium)

Present

• Proprium has grown to over $3 billion of AUM with 6 offices around the globe. Since its founding, Proprium has invested $2.9 billion of equity into 35 investments across 11 countries and has distributed over $700 million back to investors