COLUMBUS, Ohio--(BUSINESS WIRE)--In a report published today, UNITE HERE Local 1 charts the performance of Fillmore Capital Partners’ Fillmore East and West Funds.
A copy of the report is available here.
The report’s findings include:
- Fillmore East Fund generated a net return since inception of -9.78%, nowhere near its target return of 13.5%.
- Fillmore West Fund generated a net return of 1.14%, also far below its 14% target.
- Both funds rank in the bottom quartile of comparable real estate funds, according to Cambridge Associates benchmarks.
The consultant for one limited partner included the funds among those for which “manager selection and vintage year market timing were weakest,” according to the report. Fillmore raised and invested the two real estate funds near the height of the 2008 bubble.
“What steps has Fillmore taken to reassure current or prospective investors that the company is better prepared to navigate the next real estate downturn?” asked UNITE HERE Local 1 researcher Marcos Feldman.
Fillmore Capital affiliate Fillmore Hospitality operates the Cambria Chicago Magnificent Mile Hotel, where workers have been on strike for more than two months. Part of a citywide 26-hotel work stoppage that began in September, the Cambria has been the only remaining Chicago hotel on strike since October 11.