Life insurance company Caddo Creek Capital was the major acquisition on behalf of GMAC. Caddo Creek acts as the exclusive originator of commercial mortgages ranging in size from $5 million to $20 million for Teachers Insurance and Annuity Association (TIAA). Following the merger into GMAC’s fold, the business unit purchase will be placed under the management umbrella of the GIA unit’s Fixed Income Advisory Group, a registered investment advisor specializing in commercial real estate equity and debt investment , according to a news release.
Additionally, GIA gained a 50% interest in a joint venture, now known as Hyperion GMAC Capital Advisors, LCC. The joint venture will specialize in the management of investments in commercial mortgage-backed securities.
Joining GIA in the venture will be Hyperion Capital Management, a manager of core fixed-income and specialized mortgage-backed securities strategies for institutional clients and mutual funds. As of June 30, 2003, Hyperion GMAC Capital Advisors, LLC had approximately $1.6 billion in assets under management. The acquisitions bring GIA’s assets under management to approximately $8.8 billion.
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