Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial real estate (CRE) equity. Cadre was a pioneering New York City–based startup, offering investors equity in individual CRE properties that its investment team had sourced and vetted. Traditional private equity (PE) funds required investors in CRE equity to accept an entire portfolio of properties, while imposing high fees and holding periods of up to 10 years. Cadre allowed investors both deal-by-deal selectivity and managed accounts of Cadre properties, at fee levels substantially lower than those charged by PE funds.
Keywords: ＂Cadre,＂; Entrepreneurship; Market Design; Market Platforms; Strategy; Online Technology; Private Equity; Financial Services Industry; Real Estate Industry; United States;
Citation:
Eisenmann, Thomas R., Scott Duke Kominers, and David Lane. "Cadre." Harvard Business School Case 818-058, March 2018. (Revised July 2018.) View Details
