Nori Gerardo Lietz

Senior Lecturer of Business Administration

Nori Gerardo Lietz is a Senior Lecturer of Business Administration in the Finance and Entrepreneurial Management Units. She presently teaches Real Estate Private Equity and Venture Capital and Private Equity.

Nori Gerardo Lietz is the founder of Areté Capital, a real estate advisory firm.  Until June 2011, Ms. Gerardo Lietz was a Partner at Partners Group, a Swiss based private alternative asset manager.  At Partners Group she was the chief strategist for private real estate and chairman of the private real estate investment committee.   Ms. Gerardo Lietz co-founded Pension Consulting Alliance in 1988 and developed its real estate investment management and advisory activities. The firm became the largest real estate advisory firm in the world in terms of client assets. In that capacity she represented many of the largest real estate investors in the world. Previously, she co-founded Public Storage, Inc., an institutional money management firm deploying pension capital to acquire real estate assets. She began her career as an attorney at Paul, Hastings   specializing in SEC and ERISA matters on behalf of pension funds, real estate managers and real estate pension consultants.

Ms. Gerardo Lietz holds an AB with honors from Stanford University. She also holds a juris doctorate from the UCLA School of Law where she was the Chief Comment Editor of the UCLA Law Review. She is a former member of the Pension Real Estate Association Board of Directors and of the Real Estate Research Institute.  In 2005 she was the Commencement Speaker for the MIT Center for Real Estate.  She received the 2014 Distinguished Teaching Award for the Elective Curriculum from the Harvard Business School Class of 2014.  The Private Equity Real Estate Magazine named her one the 30 most influential industry leaders in 2006, the second most influential real estate person globally in 2007, and one of the 10 most prominent women in real estate in 2010.  

Cases and Teaching Materials

  1. Doctor My Eyes: The Acquisition of Bausch & Lomb by Warburg Pincus (A)

    Nori Gerardo Lietz and Ricardo Andrade

    In early 2010, senior partners at Warburg Pincus met to review a report on Bausch & Lomb Incorporated, the firm's largest investment at the time. Warburg Pincus had led a group of investors in acquiring Bauch & Lomb on October 26, 2007, taking the company private and becoming its largest and controlling shareholder. Since the acquisition, there had been significant progress at Bausch & Lomb through changes in senior leadership and in its business model. But, shortly after the second anniversary of the investment, the senior partners were beginning to question whether the depth and pace of change was enough. They had some tough decisions to make.

    Keywords: private equity; health care; Mergers & Acquisitions; governance; buyout; Private Equity; Finance; Mergers and Acquisitions; Health Industry; Consumer Products Industry; Pharmaceutical Industry; United States;

    Citation:

    Lietz, Nori Gerardo, and Ricardo Andrade. "Doctor My Eyes: The Acquisition of Bausch & Lomb by Warburg Pincus (A)." Harvard Business School Teaching Plan 217-003, July 2016. View Details
  2. Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

    Nori Gerardo Lietz and Ricardo Andrade

    James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide which securities to acquire, the price he should offer to each of them, and whether to retain the former owner of the portfolio as property manager.

    Keywords: real estate; Germany; distress investing; non-performing loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe;

    Citation:

    Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Teaching Note 216-056, May 2016. View Details
  3. Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

    Nori Gerardo Lietz and Ricardo Andrade

    Keywords: real estate; Germany; distress investing; non-performing loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe;

    Citation:

    Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Spreadsheet Supplement 216-708, April 2016. View Details
  4. Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

    Nori Gerardo Lietz and Ricardo Andrade

    James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide which securities to acquire, the price he should offer to each of them, and whether to retain the former owner of the portfolio as property manager.

    Keywords: real estate; Germany; distress investing; non-performing loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe;

    Citation:

    Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Case 216-055, March 2016. View Details
  5. Project Sun Devil and Project Paris

    Nori Gerardo Lietz

    Tony Lee is preparing to present a project to the investment committee of Howard Street Capital. He will be recommending an investment in Project Sun Devil, a high-quality 225-unit student housing rental property near Tempe, Arizona. Tony Lee will compete for capital against the other project on the investment committee's agenda, Project Paris. Project Paris, a very different type of real estate transaction, is a hybrid mezzanine investment in the acquisition of a residential real estate services firm headquartered in France. The case provides an overview of the two projects.

    Keywords: general management; financial analysis; return on assets; accounting; performance measurement; Financial ratios; return on equity; financial statements; Profitability analysis; Portfolio Investment; portfolio management; real estate; Property; Investment Portfolio; Investment Return; Real Estate Industry; United States;

    Citation:

    Lietz, Nori Gerardo. "Project Sun Devil and Project Paris." Harvard Business School Case 213-078, February 2013. (Revised January 2016.) View Details