3650 REIT Secures Nearly $430M in Capital Commitments from Temasek, CalSTRS and Leading RIA

Enhances capital formation team with strategic hires of Jared Carney and Patrick Repko

3650 REIT (3650), a nationwide alternative lender, special servicer and solutions provider focused on originating, servicing and asset-managing commercial real estate loans and providing fixed-income advisory support to global institutions, today announced it has secured nearly $430 million in capital commitments. The commitments come from Temasek, an investment company headquartered in Singapore, the California State Teachers’ Retirement System (CalSTRS), the largest educator-only pension fund in the world, and a top-ranked independent wealth management and investment advisory firm. The capital will be deployed across 3650’s credit strategies.

“We believe these new capital commitments from major institutions are the result of their confidence in 3650’s expertise and the platform we’ve built over the past several years,” said Jonathan Roth, Co-Founder and Managing Partner of 3650 REIT. “As an investment manager focused specifically on commercial real estate credit, we remain steadfast and cautious with our investment thesis, which has led to strong and consistent performance. We couldn’t be more delighted to work with Temasek as well as the first private wealth firm to invest with 3650, which is a top-tier RIA. These commitments further diversify 3650’s investor base and expand our stable of world-class global institutions—including CalSTRS—who have made sizable capital commitments to our credit strategies, which continue to generate value for investors throughout an unprecedented market cycle. We are grateful for the support of all three organizations and look forward to building these relationships over time.”

Incorporated in 1974, Temasek is a global investment company with a portfolio value of $288 billion as of 31 March 2024. The RIA is intensely focused on client service and boasts a team of independent, entrepreneurial thinkers with decades of experience advising ultra-high net worth individuals, families and non-profit institutions. Both join other prominent global institutions including, in addition to CalSTRS, Mubadala Investment Company (Mubadala) and South Korea’s Public Officials Benefit Association (POBA).

The latest capital commitments coincide with the expansion of 3650’s capital formation team, with the strategic appointments of Jared Carney as Senior Advisor and Chief Strategist and Patrick Repko as Director.

Carney is focused on optimizing 3650’s capital formation function and diversifying its global investor base. As the founder and CEO of Lightdale, a global holding and strategic advisory firm, Carney brings a wealth of knowledge, relationships and insights to 3650 that will help advance the firm’s strategic priorities. Prior to Lightdale, Carney served as Chief Strategy & Marketing Officer at the Milken Institute, the leading economic think tank, where among other things, he helped lead and grow its global conference.

Repko will work closely with Carney and the rest of 3650’s capital formation team to manage the firm’s fundraising initiatives and grow its international profile. He joins 3650 from Vista Equity Partners where he served as Vice President and helped manage capital campaigns across the firm’s equity and credit platform. Prior to that, Repko worked at Bank of America Merrill Lynch in the firm’s Global Banking and Markets division.

Justin Kennedy, Co-Founder and Managing Partner of 3650 REIT, stated, “We are fortunate to have both Jared and Patrick join our team as they will be critically important to our capital-raising efforts at 3650 as we enter this new chapter. We are thrilled to be able to leverage their support to accelerate our capital formation efforts and meet what we see as a generational opportunity to invest in fixed-income commercial real estate credit.”

3650 REIT is a steward of institutional capital, with a loan servicing portfolio of over $17.7 billion in commercial real estate loans and securities across the capital stack as of today.

About 3650 REIT

3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide, relationship commercial real estate lender, servicing portfolio loans for borrowers while providing a full suite of financing products. 3650’s highly differentiated lending process, national scale, vertically integrated platform and rated special servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650’s ability to retain the risk on each investment allows it to closely manage its portfolio. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Dallas, Atlanta, Nashville and Washington D.C. For more information, visit: www.3650REIT.com.

About Temasek

Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$389 billion (US$288b) as at 31 March 2024. Marking our unlisted assets to market would provide S$31 billion (US$23b) of value uplift and bring our mark to market net portfolio value to S$420 billion (US$311b). Our Purpose “So Every Generation Prospers” guides us to make a difference for today’s and future generations. Operating on commercial principles, we seek to deliver sustainable returns over the long term. We have 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia. For more information on Temasek, please visit www.temasek.com.sg

About CalSTRS

CalSTRS provides a secure retirement to more than 1 million members and beneficiaries whose CalSTRS-covered service is not eligible for Social Security participation. On average, members who retired in 2022–23 had 25 years of service and a monthly benefit of $5,141. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with $344.9 billion in assets under management as of July 31, 2024​​​​. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Sustainability Report.

THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES IN ANY JURISDICTION.

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