Real Estate

Applying investment adviser regulations to managers of real estate funds is in many ways analogous to fitting a square peg in a round hole. Effective counsel requires an intimate familiarity with the structural nuances of these vehicles.

Given the diverse background of our staff, which includes former attorneys, accountants, administrators and regulators, our services go far beyond the scope of what many other consultancies offer. Examples of these types of value-added services include:  

  • Application of the “Howey Test” to determine whether an investment interest is a security
  • Evaluation of a fund’s portfolio composition to determine eligibility of the 3(c)(5) exemption under the Investment Company Act
  • Assistance with the identification of market comps for purposes of validating fee rates paid to affiliated service providers, such as property management companies and real estate brokers
  • Analysis concerning the conflicts of interest associated with investments in different tranches of the capital structure of the same issuer
  • Assessment of regulatory disclosure issues related to offshore vehicles used for “season and sell” and other strategies designed to limit tax leakage

For real estate firms, perhaps the most valuable component of our advice comes down to distinguishing between the relevant and irrelevant aspects of investment adviser regulation. We know that effective governance and strong compliance programs are contingent on the identification of material conflicts of interest. Given the close nature of our client relationships and frequent recurring touch points, we can keep our finger on the pulse of our client’s investment activity, and proactively raise issues related to conflicts. This enables us to preemptively avoid or address potential issues before they materialize.

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Learn more about how we support financial services firms' global regulatory, operational and governance needs.

Darren Mooney

Partner and Co-Head of Business Development

Darren Mooney is a Partner and the Co-Head of Business Development at Greyline. Before joining Greyline, Darren served as deputy chief compliance officer of Partner Fund Management where he held primary responsibility for the compliance program of the second-largest hedge fund in the Bay Area. Prior to that, Darren spent five years providing compliance consulting services at Cordium and then ACA Compliance Group, where he led the company’s San Francisco office and west coast operations. In addition to providing ongoing consulting services to a variety of investment managers, including hedge fund, private equity, venture capital, real estate, quantitative and other wealth managers, Darren also regularly guided clients through the SEC registration process, implemented tailored compliance programs, supported clients’ live SEC exams, and served as an SEC-mandated independent compliance consultant following an SEC enforcement action. Darren’s other experience includes serving as deputy chief compliance officer and associate counsel at F-Squared Investments where he directly supported the compliance program during the investigation and subsequent enforcement regarding historical advertising practices. Darren has a B.S. in Economics from the University of Delaware and a J.D. from Suffolk University Law School. He is a member of the Massachusetts bar.

Annie Kong

Partner and Head of Venture Capital
Annie Kong is a Partner and Head of the Venture Capital Division at Greyline. She provides ongoing compliance consulting to investment advisers and manages client relationships. Prior to joining Greyline, Annie was part of compliance and operations at a long-only manager-of-managers that advised pension fund clients. While there, she conducted compliance and operational due diligence on SEC-registered investment advisers on the platform. She also oversaw and counseled on various legal matters across the firm. Annie has a B.A. in Economics from the University of California, San Diego, and a J.D. from the University of San Diego School of Law. She is an active member of the State Bar of California.
Greyline is pleased to announce that we are the recipient of the 2021 HFM U.S. Service Award in the Best Technology Firm – Newcomer category.