CGI Investment Management LLC (“CGI” or the “Firm”), a Delaware limited liability company, is
a vertically integrated real estate investment firm principally owned by Raoul Thomas. CGI is an
indirect subsidiary of CGI Merchant Group, LLC, a Delaware limited liability company, which was
founded by Mr. Thomas in 2006 and has extensive experience investing in and managing
commercial real estate and other properties. CGI’s contrarian thinking and diversified investment
team seek thematic, value-driven capital dislocation opportunities to create generational wealth.
Leveraging the team’s entrepreneurial approach, we seek to identify and accelerate value creation
across our various asset classes while positively impacting our host communities. CGI seeks to
invest primarily in gateway urban markets and secondary markets across the United States, the
Caribbean, and Canada, that are well-known to us and positioned for strong economic growth.
CGI currently provides investment advisory services to a small number of Clients, each of which is
a private investment fund (each, a “Fund”) investing directly or indirectly into real estate assets,
which are typically illiquid and non-tradable. See below for a list of the primary clients of the Firm:
• CGI Fund I, LP (“CGI Fund I”), a Delaware limited partnership formed for the purpose of
investing in real estate and real estate-related investments and seeks to provide investors
with long-term capital appreciation through a value-add strategy targeting discounted real
estate assets, with a primary focus on assets in Florida, and a secondary focus on assets
located in the Southeast region of the United States.
• CGI Hospitality Opportunity Fund I, LP (“CGI Hospitality Opportunity Fund I”), a
Delaware limited partnership formed to principally pursue an opportunistic strategy
targeting discounted hospitality assets and converting them to Conscious Certified HotelsSM
(“CCHSM”). The Fund seeks to provide investors long-term capital appreciation through an
opportunistic investment strategy. CCHSM is a hotel service-mark, owned by CGI Hotels IP
LLC (“IPCo”), an affiliate of CGI, designed to be licensed and used by hotels owned by the
Fund and third-party owned hotels within the hotel categories of lifestyle, luxury, resort, and
select service.
• CGI Wealth Management Fund, LP (“CGI FOF”), a fund of funds that was established
principally to acquire, hold, and dispose of (i) direct investments in a portfolio of underlying
real estate funds (which may include funds managed by CGI), (ii) secondary investments in
interests of underlying funds, and (iii) certain co-investments alongside third-party
investment managers with which CGI or its affiliates have an existing relationship. The
disclosures in this brochure that apply to the other two Funds will also be indirectly
applicable to this Fund to the extent that this Fund maintains an investment in the other two
funds.
• CGI 1100 OPO Investors, LP (“CGI OPO”), a “side car” vehicle established to invest
alongside CGI Hospitality Opportunity Fund I in one real estate opportunity.
The funds listed above are each referred to individually as a “Client” and collectively as the
“Clients.” “Additional Clients” include feeder funds established for investors with specific tax or
regulatory attributes to invest directly into the Funds listed above, as well as additional vehicles that
may be established from time to time in connection with the tax or other structuring of the four
Funds listed above. These other entities may be referred to in the real estate industry as co-
investment vehicles, master funds, feeder funds, special purpose vehicles or parallel funds. Each of
the fund structures listed above includes an entity that serves as the general partner of the Fund
(which was formed as a limited partnership). Each general partner is an affiliate of CGI and is
ultimately principally owned by Raoul Thomas.
As of December 31, 2022, CGI managed approximately $951 million in assets on a discretionary
basis on behalf of the four Fund Clients listed above, as well as the related Additional Clients. For
purposes of the client and assets under management disclosures above, feeder funds, master holding
companies and other Additional Clients associated with the four Fund structures listed above were
not counted. This was done to avoid confusion and double counting capital toward the assets under
management. CGI’s investment advice is limited to real estate and real estate-related assets. As
CGI’s Clients consist of private investment funds managed on a discretionary basis, CGI tailors its
advisory services to the needs of its Fund Clients, but does not tailor its advisory services to the
individual needs of the underlying investors in the Funds. Each Fund Client has an investment
mandate that is disclosed to the Fund’s underlying beneficial owners prior to the time that the
investors subscribe for interests in the Fund, but the Funds’ beneficial owners do not have the
authority to impose investment restriction upon the Funds.
CGI does not participate in wrap fee programs.