Gem Capital, L.P.
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 157210
· SEC file 801-73628
· Chicago, IL
· www.linkedin.com
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ADV data as of Mar 27, 2026
- Regulatory AUM
- $6.3B
- Discretionary
- $6.3B
- Clients
- 25
- Avg AUM / client
- $251M
- Accounts
- 25
- Employees
- 69
AUM over time
$4.1B
$6.3B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Investments (13F portfolio — 32 positions, $1,011,690,576)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Prologis Inc. | COM | $82,110,745 | 621,204 | 8.12% | 1.31% |
| 2 | Federal Rlty Invt Tr New | SH BEN INT NEW | $72,942,267 | 686,774 | 7.21% | 1.16% |
| 3 | Wyndham Hotels & Resorts Inc | COM | $61,216,959 | 753,625 | 6.05% | 0.97% |
| 4 | Ventas Inc | COM | $51,093,772 | 624,771 | 5.05% | 0.81% |
| 5 | Copt Defense Properties | SHS BEN INT | $50,491,683 | 1,650,055 | 4.99% | 0.8% |
| 6 | Broadstone Net Lease Inc | COM | $48,653,522 | 2,663,028 | 4.81% | 0.77% |
| 7 | Caretrust Reit Inc | COM | $48,161,069 | 1,314,081 | 4.76% | 0.77% |
| 8 | American Healthcare Reit Inc | COM SHS | $48,151,398 | 1,021,022 | 4.76% | 0.77% |
| 9 | Equinix Inc | COM | $43,794,182 | 44,677 | 4.33% | 0.7% |
| 10 | Netstreit Corp | COM | $42,260,301 | 2,244,307 | 4.18% | 0.67% |
| 11 | Curbline Pptys Corp | COM | $42,250,003 | 1,638,232 | 4.18% | 0.67% |
| 12 | Cousins Pptys Inc | COM NEW | $39,823,862 | 1,764,460 | 3.94% | 0.63% |
| 13 | Blackstone Mortgage Trust In | COM CL A | $38,031,594 | 1,985,984 | 3.76% | 0.61% |
| 14 | Cbre Group Inc | CL A | $36,014,344 | 265,867 | 3.56% | 0.57% |
| 15 | Regency Ctrs Corp | COM | $35,964,527 | 475,344 | 3.55% | 0.57% |
| 16 | Hyatt Hotels Corp | COM CL A | $34,932,918 | 242,944 | 3.45% | 0.56% |
| 17 | Sba Communications Corp | CL A | $34,323,381 | 199,427 | 3.39% | 0.55% |
| 18 | Outfront Media Inc | COM NEW | $34,195,971 | 1,290,414 | 3.38% | 0.54% |
| 19 | Pursuit Attractions And Hosp | COM | $33,342,751 | 910,258 | 3.3% | 0.53% |
| 20 | Lineage Inc | COM | $31,653,793 | 966,233 | 3.13% | 0.5% |
| 21 | Welltower Inc | COM | $28,782,820 | 145,581 | 2.85% | 0.46% |
| 22 | Udr Inc | COM | $27,552,049 | 815,632 | 2.72% | 0.44% |
| 23 | Tanger Inc | COM | $23,462,884 | 690,491 | 2.32% | 0.37% |
| 24 | Janus Living Inc | CL A-1 | $5,001,955 | 212,217 | 0.49% | 0.08% |
| 25 | Crown Castle Inc | COM | $3,816,529 | 46,938 | 0.38% | 0.06% |
Top 25 of 32 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) | 24 | $6.2B | 98.8% |
| Charitable organizations | 1 | $76.3M | 1.21% |
Private funds (17)
View all →Reported in Form ADV Section 7.B.(1), filing of Sep 2024 · $4.9B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Gem Realty Fund Vi, L.P. | Real Estate Fund | Delaware | $1.4B | 99 |
| Gem Realty Fund Vii, L.P. | Real Estate Fund | Delaware | $851M | 24 |
| Gem Realty Fund V, L.P. | Real Estate Fund | Delaware | $766M | 71 |
| Gem Realty Evergreen Fund, L.P. | Hedge Fund | Delaware | $498M | 108 |
| Gem Realty Securities Flagship, L.P. | Hedge Fund | Delaware | $326M | 75 |
| Gem Realty Evergreen Fund Pf Nm, L.P. | Hedge Fund | Delaware | $277M | 4 |
| Gem Realty Sfr Co Invest, L.P. | Real Estate Fund | Delaware | $199M | 2 |
| Gem Realty Fund Vi A, L.P. | Real Estate Fund | Delaware | $185M | 100 |
| Gem Realty Fund V A, L.P. | Real Estate Fund | Delaware | $118M | 91 |
| Gem Realty Fund Vii A, L.P. | Real Estate Fund | Delaware | $103M | 68 |
| Gem 3 Fnp Co Inv, L.P. | Real Estate Fund | Delaware | $84.2M | 3 |
| Gem Bvp Co Inv, L.P. | Real Estate Fund | Delaware | $60.3M | 2 |
| Gem Bvp Co Inv A, L.P. | Real Estate Fund | Delaware | $59.8M | 2 |
| Gem Realty Special Situations Fund, L.P. | Venture Capital Fund | Delaware | $33.9M | 58 |
| Gem Orrington Co Invest, L.P. | Real Estate Fund | Delaware | $17.0M | 2 |
People (12)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Elrad, Michael, Andrew | Senior Managing Partner | Feb 1998 (29y) | Less than 5% | |
| Geller, Norman, Scott | Senior Managing Partner | Feb 1998 (29y) | Less than 5% | |
| Malkin, Barry, Alan | Senior Managing Partner | Feb 1998 (29y) | Less than 5% | |
| Franklin, Andrew, Michael | Chief Financial Officer And Co Chief Operating Officer | Jan 2017 (10y) | Less than 5% | |
| Lopez, Derek, Paul | Chief Investment Officer | Apr 2021 (5y) | Less than 5% | |
| Malkin, Stephen, Jay | Co Trustee | Oct 2021 (5y) | GP / trustee / elected manager of Bam 2019 Family Insurance Trust (indirect) | |
| Sacks, Michael, Jay | Co Trustee | Oct 2021 (5y) | GP / trustee / elected manager of Bam 2019 Family Insurance Trust (indirect) | |
| Caldwell, Bradley, Douglas | Co Chief Investment Officer | Jan 2023 (4y) | Less than 5% | |
| Geller, Michael, Jacob | Co Chief Investment Officer | Jan 2023 (4y) | Less than 5% | |
| Keigher, Elizabeth, A | Co Chief Operating Officer | Jan 2023 (4y) | Less than 5% | |
| Hellebusch, Lou, Dominic | General Counsel And Chief Compliance Officer | Mar 2024 (2y) | Less than 5% | |
| Chen, Michael, Jiun Yih | Senior Managing Director | Sep 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Atrium Gem Partners Lp | Limited Partner | Feb 1998 | A | 50% – 75% |
| Atrium Gem Partners Gp, Llc | General Partner | May 2004 | A | Less than 5% |
| Ranger Capital Management, L.P. | Member | May 2004 | B | ≈ 12.5% – 37.5% via Atrium Gem Partners Lp |
| Bam 2019 Family Insurance Trust | Partner | Oct 2021 | B | ≈ 3.13% – 18.75% via Ranger Capital Management, L.P. |
| Sjm 2019 Family Insurance Trust | Partner | Oct 2021 | B | ≈ 3.13% – 18.75% via Ranger Capital Management, L.P. |
| Atrium Gem Partners Gp, Llc | General Partner | May 2004 | B | GP / trustee / elected manager of Atrium Gem Partners Lp (indirect) |
Undisclosed: 0% – 50% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Ranger Capital Management, L.P.: 25% – 50% of Atrium Gem Partners Lp × 50% – 75% direct ≈ 12.5% – 37.5% of the firm
- Bam 2019 Family Insurance Trust: 25% – 50% of Ranger Capital Management, L.P. × 25% – 50% of Atrium Gem Partners Lp × 50% – 75% direct ≈ 3.13% – 18.75% of the firm
- Sjm 2019 Family Insurance Trust: 25% – 50% of Ranger Capital Management, L.P. × 25% – 50% of Atrium Gem Partners Lp × 50% – 75% direct ≈ 3.13% – 18.75% 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 (17, $4.9B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Gem Realty Fund Vi, L.P. | Real Estate Fund | $1.4B | $5.0M | 99 |
| Gem Realty Fund Vii, L.P. | Real Estate Fund | $851M | $5.0M | 24 |
| Gem Realty Fund V, L.P. | Real Estate Fund | $766M | $5.0M | 71 |
| Gem Realty Evergreen Fund, L.P. | Hedge Fund | $498M | $5.0M | 108 |
| Gem Realty Securities Flagship, L.P. | Hedge Fund | $326M | $1.0M | 75 |
| Gem Realty Evergreen Fund Pf Nm, L.P. | Hedge Fund | $277M | $5.0M | 4 |
| Gem Realty Sfr Co Invest, L.P. | Real Estate Fund | $199M | $5.0M | 2 |
| Gem Realty Fund Vi A, L.P. | Real Estate Fund | $185M | $5.0M | 100 |
| Gem Realty Fund V A, L.P. | Real Estate Fund | $118M | $5.0M | 91 |
| Gem Realty Fund Vii A, L.P. | Real Estate Fund | $103M | $5.0M | 68 |
| Gem 3 Fnp Co Inv, L.P. | Real Estate Fund | $84.2M | $5.0M | 3 |
| Gem Bvp Co Inv, L.P. | Real Estate Fund | $60.3M | $5.0M | 2 |
| Gem Bvp Co Inv A, L.P. | Real Estate Fund | $59.8M | $5.0M | 2 |
| Gem Realty Special Situations Fund, L.P. | Venture Capital Fund | $33.9M | $100K | 58 |
| Gem Orrington Co Invest, L.P. | Real Estate Fund | $17.0M | $5.0M | 2 |
| Gem Realty Securities Flagship, Ltd | Hedge Fund | $1.2K | $1.0M | 0 |
| Gem Ifc Seoul Fund, L.P. | Real Estate Fund | $0 | $5.0M | 25 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 5.46 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
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- J.P. Morgan $278M (5% of AUM) Sep 2024
- Goldman Sachs $244M (4% of AUM) Sep 2024
- Morgan Stanley $133M (2% of AUM) Sep 2024
- Barclays Capital Inc. $118M (2% of AUM) Sep 2024
- Northern Trust $76.3M (1% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗