Sigma Investments 在其房地产部门裁减了高级员工，停止了融资，并且不再进行新的投资 — — 就在其向外部开放融资仅两年后。
Sigma Investments cut senior staff at its real estate unit, stopped fundraising and is no longer making new investments out of the business — just two years after it opened to outside cash.
知情人士透露，该部门的合伙人兼首席投资官 Rich Gomel 正在离开公司，随他一起离开的还有房地产领导团队的其他成员，包括剩余三位合伙人中的两位以及两位数据科学负责人中的一位。这些人士要求匿名，以讨论保密信息。
Rich Gomel, the unit’s partner and chief investment officer, is leaving the firm along with others on the real estate leadership team, including two of the three remaining partners and one of the two heads of data science, according to people familiar with the matter.
该公司曾试图为该业务筹集约 20 亿美元，但由于融资环境艰难，最终只筹到了不到一半的金额，知情人士如是说。
The firm, which had sought to raise about $2 billion for the business, ultimately attracted less than half that amount amid a challenging fundraising environment, some of the people said, asking not to be identified discussing confidential information.
一位代表量化对冲基金公司 Two Sigma 的发言人拒绝置评。该公司管理约 850 亿美元资产。Two Sigma 的房地产部门部分员工将继续留在该部门，以管理现有的房地产组合。
A representative for Two Sigma, a quantitative hedge fund firm that manages about $85 billion, declined to comment. Some of the real estate arm’s staffers will remain at the unit to manage the existing portfolio of properties.
知情人士透露，得州教师退休系统曾是该公司的投资者之一，去年向其主要房地产机会基金投资了约 7500 万美元，并通过共同投资策略额外投资了 6000 万美元。
Raising capital has proven difficult across the commercial real estate industry, as higher interest rates have crimped valuations and prompted firms to hold assets for longer. Private real estate fundraising totaled a little more than $30 billion for the three months through September, according to data from PEI Group. That’s the lowest quarterly total since early 2013.
商业地产行业的融资一直举步维艳，因为利率上升压低了估值，并促使公司延长资产持有时间。根据 PEI Group 的数据，私募房地产融资在截至 9 月的三个月内总额略超 300 亿美元，这是自 2013 年初以来的最低季度总额。
The troubles at Two Sigma’s real estate unit add to an era of tumult at the New York-based firm, whose two founders have been embroiled in a yearslong feud.
Two Sigma 房地产部门的困境增加了这家总部位于纽约的公司动荡局面，其两位创始人多年来一直卷入一场持续的 feud。
The Teacher Retirement System of Texas was among investors that forked over cash, investing roughly $75 million in the main Real Estate Opportunity Fund last year, and an additional $60 million investment via a co-invest strategy, according to some of the people.
Two Sigma 于 2019 年开始建设其房地产部门，并在大约两年后以内部资金启动了该部门。一位知情人士表示，前 Blackstone Inc. 副董事长 Tom Hill 在 2021 年全职加入之前曾担任顾问，他在去年离职前一直担任该业务的首席执行官。
Two Sigma began building its real estate unit in 2019 before launching it with internal capital about two years later. Former Blackstone Inc. Vice Chairman Tom Hill, who was a consultant before joining full time in 2021, was chief executive officer of the business before departing last year, one of the people said.
该部门于 2024 年通过其房地产机会基金开始接受外部资金，该基金主要专注于住宅和工业投资，同时在酒店和办公楼等行业进行更为精选的投资。其他投资工具的计划从未实现。
The unit began taking outside cash in 2024 with its Real Estate Opportunity Fund, which focused mostly on housing and industrial investments, while making more selective bets in sectors such as hospitality and offices. Plans for other vehicles never materialized.
Two Sigma 的房地产策略涉及利用该公司的数据，通过能够预测供需的预测工具进行投资。
Two Sigma’s approach to real estate involved leveraging the firm’s data to make investments by using predictive tools that could forecast supply and demand.
“房地产数据丰富，但没有人利用它来决定买什么或在哪里买，” Hill 在 2021 年的一次采访中表示。它还能帮助避免“让有才华的投资专业人士走错方向、陷入死胡同，并在无效交易上浪费时间。”
“Real estate is rich in data, but nobody uses it to figure out what to buy or where to buy it,” Hill said in a 2021 interview. It can also help avoid having “your talented investment professionals bark up the wrong tree, go down dead-end alleys and waste their time on non-deals.”