Five executives have taken on new leadership responsibilities at PIMCO's real estate division as other senior executives depart, according to information obtained by PERE.
The Newport Beach, Calif.-based investment management firm has promoted executive vice presidents and portfolio managers Ravi Anand and Roman Kogan to global co-heads of PIMCO commercial real estate private lending. Anand was previously head of U.S. commercial real estate private credit and has been with the firm since February 2018. Kogan, who was previously in charge of European private commercial real estate debt strategies, joined the firm in April 2020, according to the executives' LinkedIn profiles.
PIMCO is one of the world's largest real estate debt managers, ranked No. 6 on PERE's Real Estate Debt 50 rankings, and has raised more than $8.9 billion over the past five years, including $3 billion for PIMCO Commercial Real Estate Debt II, its second U.S. commercial real estate debt fund, which the firm closed last year.
With Anand and Kogan's promotions, two other senior real estate executives have left the firm. Devin Chen, head of U.S. real estate private equity and special situations, left the firm last month after more than 13 years at the firm. Chen previously co-led commercial equity and debt investments for the Bank Recapitalization and Value Opportunities, or BRAVO, series of funds. He also co-managed the firm's PIMCO Commercial Real Estate Bond Fund, which attracted $1.25 billion in total equity commitments in 2020. A PIMCO spokesman declined to comment on who Chen's replacement would be.
Last month, executive vice president and portfolio manager John Lee left the firm. Based in Newport Beach, Lee had been with PIMCO for 11 years, most recently as global head of asset management for the firm's opportunistic real estate private equity and private debt business. He will continue as an adviser to the firm.
Following Lee's retirement, three executives will assume new leadership responsibilities: Serey Incioglu, Executive Vice President and Portfolio Manager, will lead PIMCO's commercial real estate debt asset management team globally and will continue to work with portfolio teams to source and underwrite distressed loans. Based in New York, he has been with PIMCO since June 2020. Jeongil Cha, Executive Vice President and Portfolio Manager, will oversee the U.S. commercial real estate equity asset management team in addition to his current responsibilities.
Nick Minto, senior vice president and portfolio manager, will take on a “broader leadership role” within the firm's European commercial real estate equity asset management business, a firm spokesperson wrote in an email to PERE. Minto, who is based in London, joined PIMCO in December 2021.
PIMCO Real Estate, ranked 122nd on the PERE 200, has raised $1.6 billion for non-debt strategies over the past five years and managed $81 billion in assets as of Dec. 31. Led by portfolio manager John Murray, the firm's global team is made up of approximately 60 portfolio and asset management professionals across commercial real estate debt and equity markets.
PIMCO Real Estate, along with PIMCO Prime Real Estate, comprise PIMCO's integrated real estate business, with more than $190 billion in assets under management across opportunistic, real estate credit, core, core plus and public real estate and more than 300 employees worldwide.
PIMCO formally took over management of Allianz Real Estate, the real estate arm of German insurer Allianz Group, in October 2020 and rebranded the platform as PIMCO Prime Real Estate last year. PERE understands the personnel changes are unrelated to the integration.