About the Firm
About the Firm
Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes and a desire to get back to hands-on investing. Wheelock has assembled and retained a premier investment and asset management team and produced a 15+ year track record of demonstrated and consistent outperformance over industry benchmarks. Wheelock has accomplished this by combining the features of the traditional allocator and operator models. Wheelock has created select internal platforms (“verticals”) with specialized asset experience and operating capabilities to complement the Investment Team’s sophisticated transactional and capital markets expertise. This combination of generalist and specialist skills is a key differentiator amongst industry peers and has proven to be a major competitive advantage when sourcing opportunities, identifying value, and driving outperformance.
Since inception, Wheelock has raised eight funds, representing over $5 billion in capital commitments and deployed over $11 billion in total value on behalf of well-known institutional investors. This includes $1.2 billion and $1.1 billion of capital that the Firm is currently deploying in its opportunistic/value-add vehicle and open-end long-term value vehicle, respectively.
Wheelock’s hybrid investment model has allowed us to create an enhanced strategy that marries deep asset-level expertise with market knowledge. Our broad mandate coupled with our in-house verticals across hospitality, residential land, industrial and retail / mixed-use allow us to invest directly or together with joint venture partners across asset classes. Our flexible capital, ability to leverage our expertise alongside partners and reputation in the marketplace as responsive, fair, and reliable counterparties has positioned Wheelock very competitively across a wide opportunity set.
Wheelock’s Flagship Funds (Funds I-VII) pursue an opportunistic and value-add strategy and target investments in all major property types, across markets where Wheelock can generate above-market risk adjusted returns by investing selectively. Wheelock’s Long Term Value Fund, invests in high-quality, cash-flowing real estate assets in major domestic markets and submarkets with particularly strong potential for long-term income growth. Our in-house expertise within our asset-specific verticals effectively provides an existing foundation for direct opportunistic and long-term value investing.
Our Philosophy
Experienced Team
Wheelock has created an organizational structure which encourages and rewards performance. The absence of rigid hierarchies and a collaborative approach to decision making promote internal debate, foster intellectual honesty and ensure the best ideas are identified and quickly acted on, regardless of where they originate.
Partner Alignment
Through careful structuring and the co-investment of meaningful amounts of employee capital, Wheelock’s interests are fully aligned with the interests of our limited partners. In the marketplace, Wheelock looks for likeminded joint venture partners who share our investment philosophy and our commitment to integrity. Once identified, we welcome repeat business with trusted partners and intermediaries.
Wheelock invests a significant amount of time and energy on the front end of every investment process. The goal is to significantly reduce the chances that unforeseen events arise during the formal due diligence process. We believe this differentiates Wheelock as a better and more reliable buyer and partner.
Capital Conservation
We seek to preserve and grow our investors’ capital through a disciplined investment approach and thoughtful underwriting. We are a focused firm; our goal is to do fewer things, better. We won’t take on more than we can handle well, despite the promise of greater firm profitability. This allows us to give each investment the attention it requires and to remain accessible to our important relationships at every level of the organization. We invest in asset types and locations we understand through experience, and in situations where the firm’s expertise and relationships provide a competitive advantage.
Our Philosophy
Experienced Team
Wheelock has created an organizational structure which encourages and rewards performance. The absence of rigid hierarchies and a collaborative approach to decision making promote internal debate, foster intellectual honesty and ensure the best ideas are identified and quickly acted on, regardless of where they originate.
Partner Alignment
Through careful structuring and the co-investment of meaningful amounts of employee capital, Wheelock’s interests are fully aligned with the interests of our limited partners. In the marketplace, Wheelock looks for likeminded joint venture partners who share our investment philosophy and our commitment to integrity. Once identified, we welcome repeat business with trusted partners and intermediaries.
Wheelock invests a significant amount of time and energy on the front end of every investment process. The goal is to significantly reduce the chances that unforeseen events arise during the formal due diligence process. We believe this differentiates Wheelock as a better and more reliable buyer and partner.
Capital Conservation
We seek to preserve and grow our investors’ capital through a disciplined investment approach and thoughtful underwriting. We are a focused firm; our goal is to do fewer things, better. We won’t take on more than we can handle well, despite the promise of greater firm profitability. This allows us to give each investment the attention it requires and to remain accessible to our important relationships at every level of the organization. We invest in asset types and locations we understand through experience, and in situations where the firm’s expertise and relationships provide a competitive advantage.