Tami Chuang has been appointed Co-Head of Europe, Funds Advisory at the global broker-advisory company.
JLL has appointed Tami Chuang as co-head of Europe within its funds advisory practice.
Chuang is based in London for the global property services firm and began the new position earlier this month.
She is the former head of investor relations and business development at Meyer Bergman where she spent seven years. Prior to that, she was an associate director at DTZ Investment Management.
JLL established its global funds advisory business in 2017 and employs around 25 people. The unit is led by Matilde Attolico.
Zeynep Fetvaci, co-head of Europe that Chuang is working alongside, recently commented on the state of fundraising.
She said it was JLL’s view that 2019 has been a record fundraising year but also a ‘story of extremes’. As much as 60% of the capital raised in the first half of the year has gone to the 10 largest funds; exacerbating the competition for middle market funds, she explained. ‘While we believe that the total amount of capital raised will remain robust, we think there has been a material drop in the number of funds getting to their targets; probably 25% fewer than in the prior year.’
She added, ‘The average time in market is increasing once again and according to our most recent estimates more than 50% of funds are not reaching a first close within a calendar year. We see a Darwinian survival of the fittest in the middle market which is driving consolidation, a desire to recap to maintain AUMs and a drive to find new ways to support platforms via JV and SMAs.
'While we see allocations to real estate continuing to grow, and capital raising levels remaining healthy overall, most investors want to reduce the number of relationships they have, deploying more capital with fewer groups across various structures from funds to JVs, SMAs and co-investments.’