Artemis Real Estate Partners

What Artemis Real Estate Partners does

Artemis Real Estate Partners is a privately held real estate investment management firm founded in 2009 by Deborah Harmon and Penny Pritzker, headquartered in metropolitan Washington, DC, with additional offices in New York City, Los Angeles, and Atlanta. The firm invests across the full capital stack—equity and debt—through four primary business lines: value-add/opportunistic, core plus, healthcare, and credit strategies. Its product suite comprises commingled funds (Artemis Fund I through IV and Healthcare Fund I and II), separate account mandates (the Frontier Mach Program, MWBE Spruce Program, and Artemis Debt Fund), and a private investor portal for limited partner reporting and documentation.

The firm has raised over $13 billion of institutional capital since inception and deployed more than $18 billion in gross purchase price across 350+ middle-market real estate transactions since 2011, with a current run rate of active deals across residential, industrial, seniors housing, medical outpatient, self-storage, hospitality, retail, and office property types. Revenue is generated through management fees on committed capital, carried interest on returns above preferred return thresholds, and interest income from credit strategies including mezzanine debt, bridge financing, preferred equity, construction loans, and note acquisitions. Distribution is conducted through direct institutional sales to pension funds, endowments, foundations, and qualified investors, supplemented by a network of 150+ operating partners that provide off-market deal sourcing and local execution expertise.

Artemis maintains dedicated emerging manager and MWBE programs in partnership with public pension systems, and operates captive service providers (Great Falls Advisors and CRE Legal Advisors) for shared back-office functions. The senior leadership team, including Co-CEOs Deborah Harmon and Alex Gilbert, is described as being in its third decade of working together. The firm is currently the subject of a pending acquisition by Barings, as announced on its website.

Name

Artemis Real Estate Partners

Legal name

Artemis Real Estate Partners, LLC

Website

http://www.artemisrep.com/

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Artemis Real Estate Partners is a private real estate investment manager, founded in 2009, that deploys equity and debt capital across U.S. middle-market commercial real estate for institutional investors—primarily public pension funds—through commingled funds and separate accounts.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532), Investment Advice (6282)

akta.pro primary industry

Real Estate Funds — Opportunistic / Development (FSANAEAI)

akta.pro secondary industries

Real Estate Credit / Debt Funds (FSANAEAJ), Real Estate Fundraising Placement (REPE/REIT/Property Funds) (FSAEALAD), Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

Keywords

• Real estate investment management
• Institutional real estate investing
• Commercial real estate funds
• Real estate private equity
• Real estate debt investing

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Fund Management Fees: Artemis generates management fees from commingled funds including Artemis Fund I-IV and Healthcare Funds I-II. Fees are charged on committed capital under institutional investment management arrangements.
2. Performance Fees / Carried Interest: The firm earns carried interest on fund investments when returns exceed preferred return thresholds, aligning manager and investor interests.
3. Separate Account Management: Artemis manages separate accounts for institutional clients including NYSCRF Frontier Mach programs and MWBE Spruce Program, generating fee income on bespoke mandates.
4. Debt Investment Income: Through Artemis Debt Fund and credit strategies, the firm generates interest income from mezzanine debt, bridge financing, preferred equity, construction loans, and note acquisitions across the capital stack.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Artemis Real Estate Partners is an institutional real estate investment manager that raises and deploys capital through commingled funds (Artemis Fund I-IV for value-add/opportunistic, Healthcare Funds I-II for core plus healthcare) and separate accounts (Frontier Mach Program, MWBE Spruce Program, Artemis Debt Fund). The firm makes equity and debt investments in middle-market U.S. commercial real estate across eight property types — residential, industrial, seniors housing, medical outpatient, self-storage, hospitality, retail, and office — primarily through joint venture partnerships with a 150+ operating partner network.

Product overview

Artemis Real Estate Partners is a real estate investment management firm offering a comprehensive suite of investment vehicles across multiple strategies. The firm provides commingled funds (Artemis Fund I through IV for value-add/opportunistic strategies, and Healthcare Fund I and II for core plus healthcare investments), separate accounts (Frontier Mach Program, MWBE Spruce Program, and Debt Fund for core plus credit), and an Investor Portal for stakeholder access. The firm makes equity and debt investments in real estate across the United States with a focus on residential, industrial, seniors housing, medical outpatient, self-storage, hospitality, retail, and office sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Artemis Fund I Artemis Fund I is a value-add/opportunistic commingled fund that invests in middle market real estate across various property types and geographies in the United States. It targets institutional investors including pension funds, endowments, and qualified investors.
• Artemis Fund II Artemis Fund II is a value-add/opportunistic commingled fund investing in middle market real estate with a focus on undervalued or overlooked investment opportunities. It targets institutional investors seeking exposure to U.S. commercial real estate.
• Artemis Fund III Artemis Fund III is a value-add/opportunistic commingled fund targeting middle market real estate investments where active asset management can enhance value. The fund targets institutional investors.
• Artemis Fund IV Artemis Fund IV is a value-add/opportunistic commingled fund continuing the firm's strategy of acquiring properties below replacement cost, applying effective management, and repositioning throughout hold periods. The fund targets institutional investors.
• Artemis Healthcare Fund Artemis Healthcare Fund is a core plus healthcare-focused commingled fund investing in seniors housing, medical outpatient buildings, and healthcare debt. The fund targets institutional investors seeking exposure to healthcare real estate.
• Artemis Healthcare Fund II Artemis Healthcare Fund II is a core plus healthcare commingled fund pursuing strategic investments in seniors housing, medical outpatient buildings, and healthcare debt with high-quality, income-generating properties. The fund targets institutional investors.
• Frontier Mach Program Frontier Mach Program is a core plus separate account program for emerging managers, investing in middle market real estate across product types and geographies. It targets institutional clients seeking emerging manager exposure.
• Artemis MWBE Spruce Program Artemis MWBE Spruce Program is an evergreen separate account focused on investing with emerging, diverse, and women-owned managers through the Artemis Emerging Manager Program. It targets institutional clients pursuing MWBE and emerging manager mandates.
• Artemis Debt Fund Artemis Debt Fund is a core plus credit separate account that originates and manages middle market debt in both senior and subordinate positions across property types, including mezzanine debt, bridge financing, preferred equity, construction loans, A/B notes, and note acquisitions. It targets institutional investors seeking yield-oriented credit exposure.
• Artemis Investor Portal Secure online portal hosted at investors.artemisrep.com that provides existing investors with access to fund information, reports, and documents related to their Artemis investments.

Quantifiable outcome

• $18+ billion gross purchase price across four primary business lines
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• GreystarcoreStrategic or Co-development Partner · 5 December 2025Greystar and Artemis Real Estate Partners acquired the Everleigh Palm Beach Gardens, a 220-unit age-restricted apartment complex, for $69.4 million in Palm Beach Gardens. The complex was developed in 2021 and is occupied mainly by tenants aged 55 and older.
• RailField PartnerscoreStrategic or Co-development PartnerKen Bacon, Co-Founder of RailField Partners, describes Artemis partnership providing credibility, access to capital, and resources that have helped position RailField as a serious player in real estate investing.
• PREA/SEO Real Estate TrackminorStrategic or Co-development PartnerArtemis and partners are helping to change the face of the real estate industry through the PREA/SEO Real Estate Track partnership, supporting diversity in the industry.
• National Residential Developers (Joint Venture Partners)coreStrategic or Co-development PartnerArtemis forms joint ventures with leading national residential developers and globally recognized institutional real estate investment managers for senior housing sector investments.
• Great Falls AdvisorsminorImplementation/ SI/ Consulting PartnerGreat Falls Advisors (GFA) is a captive service provider of Artemis, owned by Katie Conover, with employees serving as officers of Artemis.
• CRE Legal AdvisorsminorImplementation/ SI/ Consulting PartnerCRE Legal Advisors (CRE) is a captive service provider of Artemis, owned by Jim Hurley, with employees serving as officers of Artemis.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Harrison Street Real Estate Capital: Alternative real estate investment manager with comparable AUM and heavy focus on niche sectors including senior housing, healthcare, education, and data centers. Directly comparable thesis of providing institutional capital across alternative property types with operating partner networks.
• Crow Holdings Capital: Middle-market US commercial real estate investment manager offering commingled funds and separate accounts across multiple risk profiles. Comparable institutional LP base, fund vintages, and operating partner-driven deal sourcing.
• Clarion Partners: Institutional middle-market real estate investment manager owned by Franklin Templeton, managing multiple commingled funds and separate accounts across risk profiles. Comparable fund structure, institutional LP base, and diversified property exposure.
• ARA (American Realty Advisors): Privately held institutional real estate investment manager serving pension funds and endowments with core, core plus, and value-add strategies. Closely comparable in size, structure, and middle-market positioning.
• BlueRock Real Estate: Institutional real estate investment firm focused on middle-market commercial real estate through commingled funds and separate accounts. Comparable in fund size, risk spectrum approach, and operating partner model.

Broad incumbents

• AEW Capital Management: Large institutional real estate investment manager with broader product suite and significantly larger AUM, including core, value-add, and debt strategies across global markets. Represents the scaled-incumbent competitive set Artemis operates against.
• CBRE Investment Management: One of the world's largest real estate investment managers, part of CBRE Group, offering the full spectrum of strategies and geographies. Sets the institutional standard Artemis is benchmarked against in LP due diligence.
• Principal Real Estate Investors: Global institutional real estate investment management arm of Principal Financial Group, managing diversified core, value-add, and debt strategies. Comparable in serving pension fund clients but with broader global reach.
• PGIM Real Estate Finance: Real estate investment arm of PGIM (Prudential), managing institutional debt and equity strategies globally. Directly comparable in the debt/credit strategy Artemis runs through its Debt Fund.

Emerging players

• Blue Owl Capital (Real Estate): Newer alternative asset manager with growing real estate franchise across debt and equity strategies, including middle-market and GP-stakes platforms. Comparable in fundraising velocity and direct-lending model alignment with Artemis's Debt Fund.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks4 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Artemis Real Estate Partners