Established in 1994, CIM is a vertically-integrated owner and operator of real assets for our own account and on behalf of our partners and co-investors seeking exposure to real assets and associated credit strategies with a principal focus on North America. CIM’s real asset holdings include residential, commercial, retail, hospitality, debt and infrastructure as well as U.S. based net lease and other credit strategies. CIM’s broad expertise includes in-house research, acquisition, credit analysis, development, finance, leasing and onsite property management capabilities. CIM employs over 925 people, including more than 535 professionals and its 15 Principals. CIM is led by its three original founders, Richard Ressler, Avi Shemesh and Shaul Kuba, who have worked together to own and operate real assets for over 20 years.
CIM’s history began with its opportunistic real estate strategy in 1994 and has resulted in four commingled opportunistic funds (CIM I/II, CIM III, CIM VIII and, most recently, CIM IX). In 2005, CIM launched a stabilized real estate platform in income-producing, stabilized real estate assets in metropolitan markets throughout North America that CIM has qualified for acquisitions (“Qualified Communities”). CIM operates three funds dedicated to owning and operating stabilized real estate assets (CMCT (formerly CIM IV), CIM VI and CIM Urban Income Investments (“CUII”)). CIM IV and CIM VI were closed-end vehicles that fully deployed all committed capital and are no longer accepting commitments. CUII is CIM’s primary vehicle for core-plus acquisitions going forward.
While owning and operating real estate assets located in densely-populated communities, CIM gained valuable knowledge of related infrastructure, particularly as it worked closely with numerous municipalities and other public entities on various projects, providing access to a proprietary pipeline of infrastructure opportunities. To capitalize on these opportunities, CIM launched an infrastructure platform in 2007 with the formation of CIM V and closed its second infrastructure fund, CIM Infra II, in July 2018. This platform is an extension of CIM’s strategy, focusing on public goods and services including transportation, energy & utilities, natural resources, social services and facilities and communications as the basic pillars of growing communities.
In 2011, CIM began offering co-investment opportunities across all asset types as a result of interest from CIM’s existing fund partners and the broader market seeking opportunities that offer exposure to particular assets that best suit the partner’s portfolio or individual needs.
In 2016, CIM established its first real estate debt fund, CMMT Partners, L.P., an open-ended private debt fund targeting the origination of commercial real estate-backed loans secured by properties predominantly located in CIM’s Qualified Communities. CMMT’s strategy is to originate senior and subordinate bridge acquisition, pre-development, repositioning and construction loans for experienced, upper-middle-market sponsors who face capital constraints as a result of bank regulation, transaction size and/or complexity.
In addition to its commingled funds, CIM operates Strategic Partnership Accounts and Separate Accounts on a select basis. In all instances, these accounts are complementary to CIM’s existing platforms. In 2018, CIM formed a Strategic Partnership Account focused on assets in Latin America.
CIM intends to continue to grow the existing strategies consistently as it has in the past with follow-on commingled funds both closed and open-ended, additional co-investment opportunities alongside fund assets, as well as a broader Latin America focused strategy. CIM also expects to continue its existing relationships with its Separate Account Partners and Strategic Partnership Accounts.
Since inception, CIM, on behalf of itself and 140 institutional partners and co-investors, has operated over 215 real estate and real estate-related equity, debt and infrastructure holdings.
In February 2018, an affiliate of CIM Group acquired the Cole Net-Lease Asset strategy (formerly known as Cole Capital) from VEREIT, Inc. (NYSE: VER). The Cole Net-Lease Asset strategy operates five public non-listed REITs, which together have approximately $7.9 billion in real estate assets as of September 30, 2018. These REITs are focused on acquiring and operating net/finance leased commercial real estate for their shareholders. Through this strategic transaction, CIM acquired one of the market-leading retail distribution organizations serving Independent Broker-Dealers and Registered Investment Advisors, which complement CIM’s existing relationships with institutional partners and co-investors and wirehouse distribution channels.
Additionally, included in the acquisition of Cole Capital, CIM Group acquired the FINRA registered broker-dealer distributor, CCO Capital, LLC (formerly known as Cole Capital Corporation, Inc.). CCO Capital is a limited purpose broker-dealer that distributes CIM real estate offerings including, non-traded REITs and other managed real estate offerings such as the non-traded Preferred Shares of CMCT (a publicly traded REIT). CCO Capital also serves as a placement agent for CIM’s private fund offerings.
In January 2019, CIM reorganized its SEC-registered manager; this manager and its new subsidiaries (collectively referred to as CIM Capital, LLC) are responsible for managing certain funds and other investment vehicles as well as investments in securities, as defined under the Investment Advisers Act of 1940. In conjunction, CIM formed additional non-SEC registered manager(s), CIM RE Debt Management, LLC and CIM Controlled Company Management, LLC (together with CIM Group, L.P., these managers are collectively referred to as “CIM Non-Registered Managers”). The CIM Non-Registered Managers are responsible for managing certain funds and other investment vehicles as well as investments in real property and exempt securities, as defined under the Investment Advisers Act of 1940. Both CIM Capital, LLC and CIM Non-Registered Managers are wholly owned by CIM Group, LLC.