Cbre Investment Management Listed Real Assets Llc
- Regulatory AUM
- $10.8B
- Discretionary
- $10.8B
- Clients
- 44
- Avg AUM / client
- $245M
- Accounts
- 50
- Employees
- 60
AUM over time
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 6 | $3.8B | 34.9% |
| Pooled investment vehicles (non-investment companies) | 13 | $2.2B | 20.6% |
| Pension and profit sharing plans | 5 | $817M | 7.56% |
| Charitable organizations | 5 | $116M | 1.07% |
| State or municipal government entities | 15 | $2.3B | 21.6% |
| Insurance companies | Fewer than 5 clients | $1.1B | 10.4% |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 clients | $249M | 2.3% |
| Corporations and other businesses | Fewer than 5 clients | $169M | 1.56% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of Apr 2024 · $4.9M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Cbre Listed Real Assets Fund, Lp | Other Private Fund | Delaware | $4.9M | 1 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Smith, Joseph, Patrick | President / Chief Investment Officer Listed Real Assets | Aug 2001 (25y) | Less than 5% | |
| Makowicz, David, James | Head Of Investor Solutions | Jul 2006 (20y) | Less than 5% | |
| Blome, Jonathan, A | Chief Financial Officer / Chief Operating Officer | Jan 2011 (16y) | Less than 5% | |
| Anagnos, Jeremy, Michael | Chief Investment Officer Listed Infrastructure | Jan 2016 (11y) | Less than 5% | |
| Reich, Christopher, S. | Portfolio Manager / Head Of Quantitative Research | Dec 2018 (8y) | Less than 5% | |
| Chang, Jeff, Chenghsun | Chief Compliance Officer | Jan 2023 (4y) | Less than 5% | |
| Weinberg, Kenneth, Scott | Chief Investment Officer Listed Real Estate | Jan 2023 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Cbre Investment Management Listed Real Assets Holdings Llc | Member | Jul 2011 | A | 75% or more |
| Cbre Clarion Holdings, Llc | Member | Jul 2011 | B | ≈ 56.25% – 100% via Cbre Investment Management Listed Real Assets Holdings Llc |
| Cbre, Inc. | Shareholder | Nov 2023 | B | ≈ 31.64% – 100% via Cbre Im Us Holdco, Llc |
| Cbre Services, Inc. | Shareholder | Jul 2001 | B | ≈ 23.73% – 100% via Cbre, Inc. |
| Cbre Group, Inc. | Shareholder | Feb 2001 | B | ≈ 17.8% – 100% via Cbre Services, Inc. |
| Cbre Im Us Holdco, Llc | Shareholder | Dec 2023 | B | ≈ 42.19% – 100% via Cbre Clarion Holdings, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Cbre Clarion Holdings, Llc: 75% – 100% of Cbre Investment Management Listed Real Assets Holdings Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Cbre, Inc.: 75% – 100% of Cbre Im Us Holdco, Llc × 75% – 100% of Cbre Clarion Holdings, Llc × 75% – 100% of Cbre Investment Management Listed Real Assets Holdings Llc × 75% – 100% direct ≈ 31.64% – 100% of the firm
- Cbre Services, Inc.: 75% – 100% of Cbre, Inc. × 75% – 100% of Cbre Im Us Holdco, Llc × 75% – 100% of Cbre Clarion Holdings, Llc × 75% – 100% of Cbre Investment Management Listed Real Assets Holdings Llc × 75% – 100% direct ≈ 23.73% – 100% of the firm
- Cbre Group, Inc.: 75% – 100% of Cbre Services, Inc. × 75% – 100% of Cbre, Inc. × 75% – 100% of Cbre Im Us Holdco, Llc × 75% – 100% of Cbre Clarion Holdings, Llc × 75% – 100% of Cbre Investment Management Listed Real Assets Holdings Llc × 75% – 100% direct ≈ 17.8% – 100% of the firm
- Cbre Im Us Holdco, Llc: 75% – 100% of Cbre Clarion Holdings, Llc × 75% – 100% of Cbre Investment Management Listed Real Assets Holdings Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (1, $4.9M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Cbre Listed Real Assets Fund, Lp | Other Private Fund | $4.9M | $3.0M | 1 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 1.99 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") ALLEGED THAT CBRE, INC.'S FORM SEPARATION AGREEMENT INCLUDED LANGUAGE THAT THE SEC CONSIDERED AS IMPEDING AN EMPLOYEE'S ABILITY TO REPORT POTENTIAL CONCERNS TO REGULATORS. THE SEC INDICATED THAT IT WAS NOT AWARE OF SPECIFIC INSTANCES IN WHICH A FORMER CBRE, INC. EMPLOYEE WAS PREVENTED FROM COMMUNICATING WITH SEC STAFF ABOUT POTENTIAL VIOLATIONS OF SECURITIES LAWS, OR IN WHICH CBRE, INC. TOOK ACTION AGAINST A FORMER EMPLOYEE BASED ON THE RELEVANT REPRESENTATIONS. WHEN THE SEC NOTIFIED CBRE, INC. OF THEIR CONCERN, CBRE INC. ACTED SWIFTLY TO REVISE THE LANGUAGE IN QUESTION AND ALSO CONTACTED FORMER EMPLOYEES WHO SIGNED THE RELEASE TO GIVE THEM CLARIFICATION. Status: Final Sanction Detail: CBRE, INC. PAID A $375,000 CIVIL MONEY PENALTY ON 09/20/2023. Summary: IN SEPTEMBER 2023, CBRE, INC., WITHOUT ADMITTING OR DENYING THE FINDINGS, ENTERED INTO A SETTLEMENT ORDER WITH THE SEC. THE ORDER IS FINAL. THE FINE OF $375,000 WAS PAID PURSUANT TO THE TERMS OF THE ORDER, AND THE SEC COMMENDED CBRE'S COOPERATION AND REMEDIATION EFFORTS.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- J.P. Morgan $1.4B (13% of AUM) Mar 2026
- State Street $1.4B (13% of AUM) Mar 2019
- Citigroup, Inc. $576M (5% of AUM) Mar 2026
- BNY Mellon $347M (3% of AUM) Jan 2023
- Northern Trust $347M (3% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗