Steve Coyle, chief investment officer of Cohen & Steers Capital Management's Global Realty Partners unit is leaving Friday because the firm is discontinuing its 5-year old private real estate investment business, Mr. Coyle confirmed.
The unit had raised nearly $100 million, which will be managed by Cohen & Steers executives, Mr. Coyle said in an e-mail. Also leaving is the entire team, including two investment executives.
Cohen & Steers, which has $48 billion in assets under management, is discontinuing its capital raising in its private real estate business because of a lack of investor interest in illiquid real estate opportunistic fund-of-funds strategies, said a source close to the firm. Firm executives will be focusing their efforts on listed real estate, commodities and infrastructure strategies, the source said.
Cohen & Steers executives could not be reached for comment by deadline.