9AT: BELVERON REAL ESTATE PARTNERS, LLC

other names

BELVERON REAL ESTATE PARTNERS, LLC
BELVERON PARTNERS
BELVERON PARTNERS, LLC

Adviser Profile

As of Date	03/31/2025
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	22 10%
of those in investment advisory functions	22 10%
Registration	SEC, Approved, 03/17/2016

AUM^*	1,318,366,609 6%
of that, discretionary	1,318,366,609 6%
Private Fund GAV^*	1,318,366,610 14%
Avg Account Size	33,804,272 6%
SMA’s	No
Private Funds	39
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeReal Estate Fund	Count39	GAV$1,318,366,610

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser RCG LONGVIEW	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.1b	#Funds-
Adviser TRIGATE MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund700.0m	Real Estate Fund1.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.3b	AUM1.1b	#Funds11
Adviser PLATFORM INVESTMENTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund35.8m	Real Estate Fund1.4b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM1.7b	#Funds34
Adviser ARDEN FUND MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund25.7m	Real Estate Fund178.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV204.4m	AUM1.1b	#Funds10
Adviser OREI ADVISORS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.2b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.7b	#Funds21
Adviser ALPINE GROVE PARTNERS LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund924.8m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV924.8m	AUM1.1b	#Funds16
Adviser RUBENSTEIN PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund462.4m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV462.4m	AUM461.2m	#Funds8
Adviser ROUNDVIEW CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.9b	#Funds-
Adviser ELION PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM1.4b	#Funds22
Adviser WALKER & DUNLOP INVESTMENT PARTNERS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund643.3m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV643.3m	AUM2.3b	#Funds20

Brochure Summary

Overview

A. Description of Advisory Firm Belveron Real Estate Partners, LLC is a Delaware limited liability company formed in 2006. Belveron is headquartered in San Francisco, California. Belveron provides investment advice regarding niche real estate investments, specifically workforce/affordable housing where rents are largely guaranteed by the US government. Belveron provides discretionary investment advisory services to pooled private investment vehicles (the “Funds”). Belveron has also created special purpose entities, typically structured as parallel funds or joint ventures, formed to enable one or more third parties to invest alongside a Fund on either a project-based or programmatic basis (the “Co-Investment Entities” and, together with the Funds, the “Advisory Clients). Co-investment opportunities may be offered to investors in the Funds or to outside third parties. Each Advisory Client is governed by an operating agreement, limited partnership agreement, joint venture agreement, private placement memorandum or other applicable offering document (the “Governing Documents”). Affiliates of Belveron typically serve as the general partners or managing members of the Advisory Clients (the “Affiliated General Partners”). The principal owner of Belveron is Paul Odland who owns his interest indirectly through a trust. B. Types of Advisory Services Belveron offers real estate investment advisory and management services. Belveron’s investment strategy primarily includes pursuing investments in workforce and affordable

housing properties, partnerships, and operating companies including operating companies that own, operate, and/or manage affordable or workforce housing. The investments are privately negotiated with sellers, which include, but are not limited to, limited partners, general partners, and existing fee simple owners. Additionally, Belveron may partner with developers or other strategic capital sources to make investments. These investments may be structured as a direct investment, joint venture, common or preferred equity or debt. If the investment is a controlling position as opposed to a limited partner acquisition, Belveron typically engages an unaffiliated third-party manager or partner to oversee the daily operations at the property level but maintains control over significant decisions. Please see Item 8 for a description of Belveron’s investment strategies and their associated risks. C. Client Objectives and Restrictions Belveron does not tailor its advisory services to the individual needs of underlying investors in the Advisory Clients. The investment advice Belveron provides to Advisory Clients is determined by the investment objectives, strategies and restrictions set forth in the Governing Documents. D. Wrap-Fee Programs Not applicable. Belveron does not participate in wrap fee programs. E. Assets Under Management As of December 31, 2023, Belveron manages $1,117,434,394 of Advisory Client assets on a discretionary basis. Belveron does not currently manage any assets on a non-discretionary basis.

BELVERON REAL ESTATE PARTNERS, LLC

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