TRECAP Partners

Douglas A. Tibbetts

Doug Tibbetts is founder and Chief Executive Officer of TRECAP Partners. He serves on the firm's Board of Directors, Investment Committee (Chairman) and Management Committee. During a 30-year career, he has invested on behalf of major institutions in public and private real estate markets in both debt and equity, as well as directed major property management and mortgage servicing businesses. Tibbetts was president of Equitable Real Estate Investment Management, Inc. (1989-1998), the nation's largest institutional investment manager during the 1990s with $40 billion in assets under management for more than 300 pension plan sponsors, insurers and foreign investors.

During his career, Tibbetts has served on boards and advisory committees of the National Realty Committee, Society of Industrial & Offices Realtors, Texas Commerce Bank, Medical City Dallas, Chicago Title, and CREW. He has been a practitioner/lecturer at the University of Georgia and Robert A. Tiogo Foundation Mentor Program at Clark Atlanta University.

Tibbetts received his BBA in economics and marketing from Stetson University.

Gary Sligar

Gary Sligar is President of TRECAP Partners. Sligar manages the firm's day-to-day operations and sources new business opportunities. He serves on the firm's Management (Chairman) and Investment Committees. His career spans 30 years in the commercial real estate industry, including appraisal, mortgage banking, property/asset management, leasing, construction and development. From 1989 until 1998, Sligar served as the founder and chief executive officer of Compass Management and Leasing, which he built into one of the world's largest property/facilities management companies prior to its sale to LaSalle.

He has served on numerous industry boards: the Real Estate Board of New York, Building Owners and Managers Association, and NAIOP. He has held memberships in trade organizations, including BOMA, ICSC, IREM, IDRC, NACORE, and SREA.

Sligar received his Bachelor Degree from Tulsa University and pursued graduate studies at the University of Houston.

Ryan W. Luxon

Ryan Luxon is an Executive Vice President of TRECAP Partners, assisting in the development and execution of investment strategies for all real estate sectors, including raising capital and secure financing, as well as directing the due diligence process. He is also a member of TRECAP's Investment Committee.

Luxon has over 14 years of experience in the financial services industry including banking, financial consulting and real estate consulting with a specific interest in property acquisition and dispositions, strategic planning, financial structuring and negotiations. Luxon was instrumental in the coordination of the TRECAP Partners capitalization by Hunt Companies, Inc. as well as the acquisition by TRECAP of Capmark Investments' real estate equity investment advisory business and GP interests.

Luxon has been an Executive Vice President of Hunt Development Group, LLC since January of 2008 and will continue to serve on several of Hunt's board level committees. He is also Vice Chairman of Ledic Management Group, a Hunt subsidiary and represents Hunt in the management of the KCVG/Hunt Opportunity Fund I, LP, a high-net worth closed-end discretionary vehicle.

Luxon is the founder and managing member of RLMK W.O.L.F. Real Estate Solutions (WRES), LLC of Austin, Texas. Prior to that, he served as a Senior Vice President/Western Regional Manager for MMA Financial, LLC, a subsidiary of MuniMae (NYSE:MMA) in Dallas, Texas; Senior Vice President for MuniMae Midland, LLC; and National Acquisition Coordinator for The Midland Companies in Clearwater, Florida.

Luxon graduated with a BA in English from the University of the South in Sewanee, Tennessee and was also awarded a Juris Doctorate degree from Texas Tech University. He is a licensed attorney in both Texas and Florida. Mr. Luxon is a member of multiple national and regional affordable housing coalitions and councils.

Douglas C. Wills

Doug Wills oversees the firm's compliance, legal and fiduciary matters. In addition, he is involved in the development of new investment products. He serves on the firm's Management, Investment (non-voting), Portfolio Management and Compliance/Valuation committees. Wills joined TRECAP in 2010 from the California State Teachers' Retirement System (CALSTRS), where he served as Investment Counsel from 1992 through 2009. In this role he advised CALSTRS's Investment Committee and Board of Trustees on investments, legal, policy and tax matters. Prior to his role at CALSTRS, Wills was Staff Counsel at the State of California Department of Veteran Affairs and a litigation attorney with a general practice law firm in Sacramento. He is a member of the California and Massachusetts Bar Associations.

Wills holds a Bachelor of Arts (Dean's Honor List) degree from California State University, Sacramento; a Juris Doctor degree from University of the Pacific, McGeorge School of Law; and a Master of Laws degree in Taxation from Boston University.

Steve Walker

Steve Walker is managing director for client and consultant relationships. A 36-year real estate industry veteran, he has an extensive background in property and asset management in addition to forming close working relationships with hundreds of pension plan sponsors and capital providers. After beginning his career in the mid 1970s as a property manager, Walker joined Equitable Real Estate Investment Management in 1981, and headed the company's Midwest asset management operations from Chicago. He later managed portfolios and became a senior client relationship executive as Equitable Real Estate grew into the nation's largest institutional real estate manager. After Lend Lease bought Equitable Real Estate and then sold off pieces of the company in 2003, Walker left for INVESCO and later worked at Principal. He joined TRECAP in 2010.

Walker holds a B.S. in Business Administration from Mankato University. He holds FINRA 6, 7, and 66 registrations and is a Certified Property Manager (CPMR).

Paul Dolinoy

Paul Dolinoy is responsible for managing investor/client relations and marketing activities. He serves on the firm's Management Committee. Dolinoy has 40 years of experience working with U.S. pension funds, financial institutions and international investors. Previously, Dolinoy was president of Lend Lease Real Estate Investments (the successor firm to Equitable Real Estate). He was a key part of the team that established Equitable Real Estate as the leading pension fund real estate advisor in the United States. He has served on various boards and investment committees, including the Pension Real Estate Association. Since 1999, he has been a member of NYSTRS Real Estate Advisory Committee. He also spent eight years as chair for the research publication, "Emerging Trends in Real Estate."

Dolinoy holds a B.A. in Economics from Upsala College, has pursued graduate studies in business at Fairleigh Dickinson University and Golden Gate University, and graduated from the University of Chicago's Executive Development Program.

Heather Fernstrom

Heather Fernstrom is a vice president responsible for client relations. Previously, Fernstrom was a consultant with the Townsend Group assisting the firm's institutional clients in developing investment objectives and strategic planning, as well as underwriting investments targeted for acquisition and disposition. She joined Townsend in 2008 after positions as a treasury management officer for Bancshares of Florida Inc. and as a staff accountant for Larson Allen LLC in Naples, FL.

Fernstrom holds two MS degrees from the University of Denver in Finance as well as Real Estate and Construction. Additionally, she earned a BS degree from Western State College. She is a member of the National Association of Industrial and Office Properties and Commercial Real Estate Women.

Eugene F. Conway

Gene Conway heads TRECAP's real estate operations, including asset management. In addition, Conway is portfolio manager of several individually managed accounts. He also serves on the firm's Management and Portfolio Management Committees. At Lend Lease Real Estate Investments, Conway was portfolio manager for Prime Property Fund, one of the industry's largest open-end core funds, and President of the company.

Conway holds a B.S. from Temple University and MBA from Rider University.

Wayne L. Harris

Wayne Harris is a portfolio manager for several of TRECAP's investment funds and is heavily involved in directing the firm's asset management activities. He also serves on the firm's Management and Portfolio Management Committees. Prior to his tenure with TRECAP, Harris was a real estate consultant from 1997 to 2001. Harris also worked in the Investment Department at The Penn Mutual Life Insurance Company and for Penn Mutual's wholly-owned Investment Advisor Indepro Corp from 1981 to 1997.

Harris holds a B.S. in Accounting from University of Delaware.

William F. Martin

Bill Martin is portfolio manager for several of the firm's commingled value-add funds. In addition, he is involved in new company initiatives and sourcing business development opportunities. He also serves on the firm's Portfolio Management Committee. Prior to joining the firm, Martin served as an Executive Director of the Advisory Group at Insignia ESG Real Estate from 1997 to 2001. Previously, Martin was a Founder, Owner and Managing Director of Radnor Advisors, Radnor, PA.

Martin holds a B.S. in Civil Engineering from Villanova University, a M.B.A. from the University of Pennsylvania's Wharton School of Business and a Master of Taxation from Villanova University.  He is a registered engineer, a member of PREA, ULI and the Wharton Zell-Lurie Center and has been a teacher at Villanova University and the University of Pennsylvania. 

Christopher A. Boyle, CPA

Mr. Boyle is a portfolio manager for TRECAP's proprietary equity portfolio and for various separate account clients.  He also oversees the firm's Information Technology and Human Resource functions and is responsible for the production of internal and third-party reporting for all investment products.  He serves on TRECAP's Operations, Portfolio Management, Compliance/Valuation and Investment Committees.  Prior to joining the firm in April 2004, he was the Chief Financial Officer for Merrill Lynch Commercial Finance Corp., Vice President and Loan Controller for Merrill Lynch Bank USA, a Vice President and Controller for GMAC Commercial Mortgage, and an auditor for Price Waterhouse.

Boyle holds a B.S. in Accounting, magna cum laude, from Alfred University and is a certified public accountant.

Edward J. Oprindick

Ed Oprindick is the portfolio manager for TRECAP Commercial Realty Partners III. Since joining the firm in 2001, he also has led acquisitions teams and held responsibilities in asset management and third-party financial reporting. Previously, Oprindick was an auditor at GMAC Commercial Mortgage responsible for real estate equity investments. Oprindick also held numerous positions as an officer in the banking industry with First Union/Core States Financial and Fleet, Philadelphia.

Oprindick holds a B.A. in Accounting from Wilkes University and a MBA in Finance from Saint Joseph's University.

Louis D. Leeds

Louis Leeds is senior acquisitions officer responsible for sourcing, underwriting and closing of equity real estate investments on behalf of TRECAP portfolios. He oversees the firm’s underwriting process for new acquisitions and is a member of the firm’s Operations and Portfolio Management Committees. He joined the Advisor in 2000 and has completed more than $5 billion of real estate transactions while in his current role.  Prior to joining the firm he worked at Lend Lease Real Estate Investments, Inc. where he was an associate with responsibility for private placement of debt and equity investments on behalf of institutional clients. From 1996 to 1998 he was a financial analyst with GMAC Commercial Mortgage. From 1995 to 1996 he was a credit analyst with National City Bank, Pittsburgh.

Leeds holds a B.S. in Business and Economics from the University of Pittsburgh and a MBA in Finance from LaSalle University.  He is an active member of Urban Land Institute.

John Musgrove

John is a senior acquisition officer with more than 12 years experience in the underwriting of equity real estate and mortgages for institutional investors.  During his current tenure with Advisor, John has been involved in excess of $2 billion in transaction volume.   Prior to joining the Advisor, he was a senior credit and mortgage property underwriter for Capmark Finance's Agency Lending Group, where he assisted in the underwriting of more than $350 million for Fannie Mae's DUS program.

Mr. Musgrove holds a B.S. in Accounting from Penn State University and a MBA from Temple University.  He is a Certified Public Accountant and Chartered Financial Analyst.

Timothy Fuller

Tim Fuller manages the TRECAP's European operations, responsible for the sourcing, underwriting, structuring and closing of equity real estate transactions across Europe. He provides strategic insight, in-depth analytical support and market knowledge used for the evaluation of all types of real estate investments.  He joined the firm in 2003 from General Electric's Real Estate team based in London, where he was a senior officer responsible for critical review of UK based investments, underwriting, modeling and Investment Committee presentation.  Previously, Fuller was an Asset Manager, responsible for the closing, running and sale of joint venture investments.  From 1998 - 2000 he was an Asset Manager for Trillium (a Goldman Sachs investment vehicle).  From 1996 - 1998 he worked for Knight Frank in their London office.

Mr. Fuller holds a BSc (Hons.) in Urban Estate Management from the University of Westminster, London.

Christopher Lawton-Smith

Christopher Lawton-Smith is the Portfolio Manager of the TRECAP UK Realty Partners Fund and also sources, reviews and underwrites acquisitions of new equity investments in the UK and Europe. He brings a broad knowledge of different UK markets and a wide ranging database of industry contacts. He joined the firm from CBRE's Capital Markets team, dealing with the acquisition, strategy and disposal of commercial property investments and portfolios. He was previously with the National Investment team at Jones Lang LaSalle and the property disposals team at NatWest Group Property.

Mr. Lawton-Smith holds a BSc (Hons.) in Estate Management from South Bank University, London and is also a qualified member of the Royal Institution of Chartered Surveyors as well as being a member of the Investment Property Forum.