A. Firm Description
Gamma is a Delaware corporation that was formed in December 2014, with its only office
located in New York, NY. Gamma’s principal owners are N. Richard Kalikow and
Jonathan Gilbert Kalikow.
B. Types of Advisory Services
The Firm provides discretionary investment advisory services to private pooled investment
vehicles (each a “Fund” and, collectively, the “Funds”). Although the Firm may
recommend investing in any security or industry sector in the market in order to meet the
investment objectives of its Funds, Gamma focuses on real estate and real estate-related
investments. Interests in the Funds are generally offered to qualified investors through
private offerings. Gamma is affiliated with entities that serve as general partners to each of
the Funds (each, a “General Partner” and, collectively, the “General Partners”). The
advisory services of Gamma and each of the General Partners, as affiliated investment
advisors, are described in this Brochure. Each General Partner is deemed to be registered
under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to
Gamma’s registration in accordance with SEC guidance. The investment advisory services
provided by Gamma shall also apply in respect of the General Partners.
The investment advice provided by the Firm to the Funds is generally to make opportunistic
investments in real estate, with such real estate investments primarily
in the United States.
The Firm strives to directly or indirectly acquire, develop, manage and invest real property
through (i) direct investment; (ii) mortgage financing, second lien, mezzanine financing or
other unsecured financing; (iii) co-investment structures including and participation
interest, syndication interest or joint-venture interest; and (iv) other securities or any other
investment structure.
Gamma implements substantially a similar strategy for all of its Funds, Gamma may, from
time to time, tailor its advisory services to the individual needs of a particular Fund, as
necessary. Investment advice is provided directly to each Fund itself and not to the
individual investors in the Funds.
In accordance with common industry practice, a Fund or its general partner may from time
to time enter into a “side letter” or similar agreement with an investor pursuant to which
the Fund or its general partner grants the investor specific rights, benefits or privileges that
are not generally made available to all investors. See “Item 8 – Methods of Analysis,
Investment Strategies and Risk of Loss” below for more details.
C. Wrap Fee Programs
Gamma neither sponsors nor manages a wrap fee program.
D. Assets Under Management (“AUM”)
As of December 31, 2023, Gamma managed approximately $108,453,488 (US) in regulatory
assets under Management on a discretionary basis. Gamma does not manage any assets on a
non-discretionary basis.