Cross Lake Partners Launches Real Estate Investment Firm with $1 Billion in AUM

Former Paulson Real Estate Team Spins Out Business Started in 2008

NEW YORK--()--Cross Lake Partners LLC (“Cross Lake”), a real estate private equity firm, today announced its spin-out from Paulson & Co. Cross Lake has approximately $1 billion of existing assets under management (“AUM”) deployed across 28 current portfolio investments.

“We are confident that, as an independent firm, they will extend their record of investment success as Paulson & Co. intensifies its focus on our core investment strategies.”

Led by Managing Partners Michael Barr and Jonathan Shumaker, the Cross Lake real estate team will continue to manage the real estate portfolios of two existing funds on behalf of institutional investors.

“We are pleased to be launching Cross Lake with the continuity of our core team and the full support of our partners and investors,” said Mr. Barr. “In particular, we’d like to recognize John Paulson, who, in helping us launch the initial Paulson real estate fund ten years ago, enabled us to establish a demonstrable record of success and build out the team of talented professionals who are the foundation of our new firm.”

Mr. Barr and Mr. Shumaker have worked together since 2004 and collectively have more than 40 years of investing experience across a broad array of real estate asset classes and U.S. markets. Prior to forming Cross Lake, the real estate team sourced, structured and executed on a wide range of transactions, including single assets, portfolios and entity-level investments. Notable transaction experience of the real estate team includes successful investments in Extended Stay Hotels, CNL Resorts, William Lyon Homes, Tishman Hotels, Gables Residential, and the assemblage of a residential land portfolio totaling 35,000 lots.

“We are excited to take our business to the next level and continue to identify compelling opportunities through our disciplined investment process,” said Mr. Shumaker.

John Paulson, President of Paulson & Co., will continue to be an investor in the real estate funds.

“It has been a pleasure working with Mike, Jon and their teams over the past decade and I look forward to participating in their continued success and investing with them in the future,” said John Paulson. “We are confident that, as an independent firm, they will extend their record of investment success as Paulson & Co. intensifies its focus on our core investment strategies.”

About Cross Lake Partners

Cross Lake Partners is an independent, privately held real estate investment firm founded by Michael Barr and Jonathan Shumaker. With approximately $1 billion in assets under management, Cross Lake will continue the successful real estate private equity business that was formerly managed at Paulson & Co. The founders have worked together since 2004 and collectively have more than 40 years of real estate investing experience across a broad array of real estate asset classes. Cross Lake pursues a value driven, disciplined approach to investing in the top 30 growth markets of the United States.

Contacts

For Cross Lake Partners:
Sloane & Company
Dan Zacchei, 212-446-9500
dzacchei@sloanepr.com
or
Sarah Braunstein, 212-446-9500
sbraunstein@sloanepr.com
or
For Paulson & Co. Inc.:
Kekst
Dawn Dover, 212-521-4817
dawn.dover@kekst.com
or
Ashe Reardon, 212-521-4809
ashe.reardon@kekst.com