Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 21 May 2020

Former Co-Founder of DoubleLine Re-Joins Son to Grow Vista Investment Group

Written by 
Rate this item
(0 votes)

Philip Barach, former founding partner and president of DoubleLine Capital, has joined Vista Investment Group as chief executive and co-managing partner.

Barach recently had retired from DoubleLine, a Los Angeles investment manager he had co-founded in 2009 with Jeffrey Gundlach and with backing from Oaktree Capital Management. He previously had spent 23 years at TCW Mortgage Group, which he also had co-founded. DoubleLine had nearly $150 billion of assets under management when Barach retired at the end of last year.

In 2008, he had co-founded Vista with his son, Jonathan, who holds the post of president at Vista. The company has a portfolio of 2,000 apartment units and office buildings with some 2 million square feet of space, valued at some $1 billion. The goal is for the company to substantially increase its assets under management, by at least $500 million, within the next two years and by as much as $5 billion by 2025. It aims to raise equity capital from third parties, including foreign and ultra high-net worth investors.

The company pursues value-add and opportunistic strategies in the multifamily, mixed-use and office sectors.

"Jonathan and his team have built an impressive real estate portfolio, and a 12-year track record of generating attractive risk adjusted returns far superior than those in the equity and fixed-income markets," Philip Barach said. "Our plan is to significantly grow our capital base and, combined with the financial strength of our existing balance sheet, pursue increasingly larger value-add and distressed opportunities of $100 million and above throughout the Western United States."

The younger Barach will oversee acquisitions, due diligence, financing, asset management and dispositions, while the elder will focus on raising capital.

"We formed Vista in the middle of the last recession knowing there would be opportunities as the economy recovered," Jonathan Barach explained. "We believe similar opportunities lie ahead and it's important that we prepare now before a market correction and not after."

Before co-founding TCW Mortgage, Philip Barach had been with Sun Life Insurance Co. and before that with the California Public Employees' Retirement System, where he was involved in the creation of collateralized mortgage obligation and oversaw the issuance of a CMO using mortgage-backed securities that CalPERS had held.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: Executive Changes (EXEC)
  • Private: No
Read 429 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage