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PERE US roundtable: Fear of the swan


With heightened uncertainties over a new US presidency and a late-stage real estate cycle, PERE interviewed Randy Giraldo (Managing Director, US Cities Fund Portfolio Manager) and four other industry executives on their thoughts on what could potentially shake up the private equity real estate industry.

It is a sunny Friday afternoon in early November, three days after the surprise victory of real estate mogul Donald Trump in the US presidential election. With much of the world still recovering from the shock of Trump’s defeat of his heavily-favoured opponent, Hillary Clinton, five property executives have gathered in midtown Manhattan to discuss the current state of the US private equity real estate market, with the potential impacts of a Trump presidency being a key topic of discussion.

Sitting around a conference room table on the 16th floor of TIAA’s headquarters building, the group includes Tony Charles, executive director at Morgan Stanley; Randy Giraldo, managing director of portfolio management at TH Real Estate; Iva Klisanin, vice-president at Macquarie Capital; Matthew Scholl, head of investment management for the Americas at Union Investment; and Paul Sisson, head of Americas for the CBRE Global Investment Partners division of CBRE Global Investors.

For Giraldo, one statement post-election is easy to make: “It is amazing, just as a real estate person, that we now have a real estate developer, Donald Trump, in the White House. It’s unbelievable.”


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Randy Giraldo

Randy Giraldo

Portfolio Manager, TIAA Real Estate Account

Randy's biography