Divco West Real Estate Services, Llc
SEC-registered
Private Fund Manager · Large ($10B–$100B)
CRD 156762
· SEC file 801-74082
· San Francisco, CA
· www.yaleusa.com
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ADV data as of Mar 31, 2026
- Regulatory AUM
- $16.3B
- Discretionary
- $7.1B
- Clients
- 31
- Avg AUM / client
- $526M
- Accounts
- 35
- Employees
- 215
AUM over time
$1.5B
$16.4B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Investments (13F portfolio — 4 positions, $71,880,307)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Bxp Inc | COM | $35,320,026 | 680,540 | 49.1% | 0.22% |
| 2 | Kilroy Rlty Corp | COM | $28,802,156 | 1,020,991 | 40.1% | 0.18% |
| 3 | Brandywine Rlty Tr | SH BEN INT NEW | $6,627,560 | 2,445,594 | 9.22% | 0.04% |
| 4 | Hudson Pacific Properties In | COM | $1,130,565 | 191,297 | 1.57% | 0.01% |
Top 25 of 4 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 31 | $15.2B | 93.0% |
| State or municipal government entities | Fewer than 5 clients | $1.1B | 7.04% |
| Insurance companies | Fewer than 5 clients | $0 | — |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 clients | $0 | — |
Private funds (25)
View all →Reported in Form ADV Section 7.B.(1), filing of May 2024 · $15.3B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Divcowest Fund Vi A, Lp | Real Estate Fund | Delaware | $2.9B | 48 |
| Divcowest Fund V, Lp | Real Estate Fund | Delaware | $2.5B | 41 |
| Dw Efq1 Holdco, Lp | Real Estate Fund | Delaware | $1.0B | 3 |
| Dw G Holdco, Lp | Real Estate Fund | Delaware | $1.0B | 3 |
| Dw Np Holdings, Lp | Real Estate Fund | Delaware | $868M | 3 |
| Dw Life Sciences Partners, Llc | Real Estate Fund | California | $783M | 2 |
| Dw Cal, Llc | Real Estate Fund | Delaware | $761M | 2 |
| Dw Propco Jkw, Lp | Real Estate Fund | Delaware | $704M | 2 |
| Dw Hi2 Holdco, Lp | Real Estate Fund | Delaware | $696M | 3 |
| Sand Hill Collection Jv, Lp | Real Estate Fund | Delaware | $602M | 4 |
| Dw U Holdco, Lp | Real Estate Fund | Delaware | $601M | 3 |
| Divcowest Fund Vi C, Lp | Real Estate Fund | Delaware | $502M | 2 |
| Quadrus Sand Hill Holdings, Llc | Real Estate Fund | Delaware | $442M | 4 |
| Divco Devco Burlingame, Lp | Real Estate Fund | Delaware | $358M | 4 |
| Divcowest Fund Vi B, Lp | Real Estate Fund | Delaware | $334M | 2 |
People (8)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Shiff, Stuart, Zachary | Chief Executive Officer | Apr 2006 (20y) | ≈ 0% – 3.75% via Shiff Investment Company, Llc | |
| Finerman, Mark, Lawrence | Trustee | Nov 2006 (20y) | GP / trustee / elected manager of Mark L. Finerman 2006 Revocable Trust (indirect) | |
| Carp, Michael, Frederic | President, Chief Operating Officer | Apr 2012 (14y) | Less than 5% | |
| Mashaal, Robert, Gil | Vice President | Apr 2012 (14y) | ≈ 10.55% – 50% via Ravensmount Limited Partnership | |
| Sternberg, Marc, Jordan | Chief Compliance Officer | Mar 2019 (7y) | Less than 5% | |
| Sherman, Megan, Payne | Secretary | Jul 2020 (6y) | Less than 5% | |
| Guerrero, Lisa, M | Treasurer | Jan 2023 (4y) | Less than 5% | |
| Ian Richard Duncan | Registered representative | Aug 2023 (3y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Divcore Monterey Management Holdings, Llc | Member | Jan 2009 | A | 75% or more |
| Shiff Investment Company, Llc | Member | Jan 2009 | A | Less than 5% |
| Shiff Family 2020 Dynasty Trust | Member | Dec 2020 | B | ≈ 0% – 2.5% via Shiff Family Legacy, Llc |
| Divcore Capital, Llc | Member | Jun 2022 | B | ≈ 56.25% – 100% via Divcore Monterey Management Holdings, Llc |
| Mark L. Finerman 2006 Revocable Trust | Member | Apr 2024 | B | ≈ 5.27% – 37.5% via Grooper Llc |
| Grooper Llc | Member | Jun 2022 | B | ≈ 7.03% – 37.5% via Mf Management Holdings Llc |
| Shiff Investment Co., Llc | Member | Jun 2022 | B | ≈ 14.06% – 50% via Divcore Capital, Llc |
| Shiff Family Legacy, Llc | Member | Jan 2021 | B | ≈ 0% – 2.5% via Shiff Investment Company, Llc |
| Ravensmount Limited Partnership | Member | Jun 2022 | B | ≈ 14.06% – 50% via Divcore Capital, Llc |
| Mf Management Holdings Llc | Member | Jun 2022 | B | ≈ 14.06% – 50% via Divcore Capital, Llc |
| Ravensmount General Partner, Llc | General Partner | Jun 2022 | B | GP / trustee / elected manager of Ravensmount Limited Partnership (indirect) |
| First Republic Trust Company Of Delaware, Llc | Trustee | Dec 2020 | B | GP / trustee / elected manager of Shiff Family 2020 Dynasty Trust (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Shiff, Stuart, Zachary: 50% – 75% of Shiff Investment Company, Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Mashaal, Robert, Gil: 75% – 100% of Ravensmount Limited Partnership × 25% – 50% of Divcore Capital, Llc × 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 10.55% – 50% of the firm
- Shiff Family 2020 Dynasty Trust: 75% – 100% of Shiff Family Legacy, Llc × 25% – 50% of Shiff Investment Company, Llc × 0% – 5% direct ≈ 0% – 2.5% of the firm
- Divcore Capital, Llc: 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Mark L. Finerman 2006 Revocable Trust: 75% – 100% of Grooper Llc × 50% – 75% of Mf Management Holdings Llc × 25% – 50% of Divcore Capital, Llc × 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 5.27% – 37.5% of the firm
- Grooper Llc: 50% – 75% of Mf Management Holdings Llc × 25% – 50% of Divcore Capital, Llc × 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Shiff Investment Co., Llc: 25% – 50% of Divcore Capital, Llc × 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Shiff Family Legacy, Llc: 25% – 50% of Shiff Investment Company, Llc × 0% – 5% direct ≈ 0% – 2.5% of the firm
- Ravensmount Limited Partnership: 25% – 50% of Divcore Capital, Llc × 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Mf Management Holdings Llc: 25% – 50% of Divcore Capital, Llc × 75% – 100% of Divcore Monterey Management Holdings, Llc × 75% – 100% direct ≈ 14.06% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (25, $15.3B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Divcowest Fund Vi A, Lp | Real Estate Fund | $2.9B | $25.0M | 48 |
| Divcowest Fund V, Lp | Real Estate Fund | $2.5B | $10.0M | 41 |
| Dw Efq1 Holdco, Lp | Real Estate Fund | $1.0B | $0 | 3 |
| Dw G Holdco, Lp | Real Estate Fund | $1.0B | $0 | 3 |
| Dw Np Holdings, Lp | Real Estate Fund | $868M | $0 | 3 |
| Dw Life Sciences Partners, Llc | Real Estate Fund | $783M | $0 | 2 |
| Dw Cal, Llc | Real Estate Fund | $761M | $0 | 2 |
| Dw Propco Jkw, Lp | Real Estate Fund | $704M | $0 | 2 |
| Dw Hi2 Holdco, Lp | Real Estate Fund | $696M | $0 | 3 |
| Sand Hill Collection Jv, Lp | Real Estate Fund | $602M | $0 | 4 |
| Dw U Holdco, Lp | Real Estate Fund | $601M | $0 | 3 |
| Divcowest Fund Vi C, Lp | Real Estate Fund | $502M | $25.0M | 2 |
| Quadrus Sand Hill Holdings, Llc | Real Estate Fund | $442M | $0 | 4 |
| Divco Devco Burlingame, Lp | Real Estate Fund | $358M | $0 | 4 |
| Divcowest Fund Vi B, Lp | Real Estate Fund | $334M | $25.0M | 2 |
| Dw I Holdco, Lp | Real Estate Fund | $334M | $0 | 3 |
| Dw Or Partners, Lp | Real Estate Fund | $310M | $0 | 2 |
| Divcowest Fund V Pf, Lp | Real Estate Fund | $165M | $10.0M | 2 |
| Divcowest Fund Iv, Lp | Real Estate Fund | $149M | $10.0M | 161 |
| Divco Devco Assembly Row, Lp | Real Estate Fund | $99.4M | $0 | 3 |
| Dwf Vi Cf One Co Invest, Lp | Real Estate Fund | $73.8M | $0 | 2 |
| Ely Pennsylvania Dw, Lp | Real Estate Fund | $66.6M | $0 | 4 |
| Dwf Vi 4747 Bethesda Co Invest, Lp | Real Estate Fund | $27.8M | $0 | 2 |
| Dwf V 75 State Co Invest, Lp | Real Estate Fund | $19.3M | $0 | 4 |
| Divco Devco 455 First, Lp | Real Estate Fund | $16.2M | $0 | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 12.1 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗