Proprium Capital Partners, L.p.

Proprium Capital Partners, L.P. is an investment advisory firm founded in August 2012 by J. Timothy Morris and Philipp Westermann. The firm specializes in providing discretionary investment advisory and sub-advisory services to pooled investment vehicles focused on real estate and real estate-related securities. Proprium tailors its services to each client's investment objectives and restrictions outlined in confidential documents. The firm manages approximately $3.5 billion in assets under management as of December 31, 2024, all on a discretionary basis. Proprium charges management fees based on a percentage of net asset value and may earn performance-based allocations. The firm does not participate in wrap fee programs and may waive or negotiate advisory fees in certain circumstances. Proprium invests primarily in privately negotiated real estate investments and may engage in public securities transactions. The firm has a Code of Ethics to ensure ethical conduct, including monitoring personal securities transactions of employees. Proprium exercises voting authority over client securities in a manner consistent with clients' best interests. The firm does not have custody of client assets but conducts annual audits for Funds with constructive custody. Proprium does not engage in soft dollar arrangements and may receive compensation for client referrals. The firm's Proxy Voting Policies and Procedures guide voting decisions on behalf of clients. No disciplinary information is disclosed, and financial information is not provided in the brochure.