Proterra Investment Partners Expands with David Kay at Helm of Real Estate Division
Proterra Investment Partners LP, a Minneapolis-based alternative asset manager focused on private equity and private credit investments, has made a strategic move to bolster its real estate division. On February 4, 2025, the firm announced the appointment of David Kay as Managing Director to co-lead its new initiative in net lease real estate. This appointment is pivotal for Proterra as it seeks to enhance its existing credit and yield offerings with the addition of net lease opportunities.
David Kay is a seasoned professional in the commercial real estate space, having previously founded Jera Partners, a firm specialized in net leased properties tied to quality credit tenants. Under his leadership, Jera amassed over $800 million in assets. Before Jera, he served as the President and CEO of American Realty Capital Properties, now known as VEREIT, Inc., which later merged with Realty Income. Additionally, Kay was instrumental in the founding and management of Capital Automotive REIT, further establishing his credentials in this sector.
In his new role, Kay will be working closely with Mark Decker, who has been a trusted colleague for over 25 years. ‘David’s innovative approach to lease structures and financing since the late 1990s is unparalleled,’ Decker remarked. ‘We’re eager to assist business owners in unlocking value from their real estate assets.’ Proterra sees potential in applying strategic lease agreements that provide consistent yields despite market fluctuations. Moreover, with the anticipated rise in rents, the firm expects that sale-leaseback investments will yield positive returns over time.
Proterra believes that its established relationships and extensive knowledge in the food value chain will augment its strategy for net lease real estate. ‘We recognize David as a top-tier expert in our industry,’ stated Rich Gammill, Proterra's Managing Partner. ‘His insights will be crucial in identifying attractive and risk-managed yield opportunities for our investors.’
Kay expressed enthusiasm about being part of Proterra, noting, ‘The firm has demonstrated a leadership role within the food value chain and agribusiness sectors. I admire the strong culture and expertise that they have fostered, and I’m enthusiastic about collaborating to expand into net lease real estate transactions effectively.’ Proterra’s comprehensive investment strategy centers around seven core verticals: Credit, Farmland, Growth Equity, Private Equity, Sustainability, Asset-backed Strategies, and Real Estate. This diversified approach enables the firm to attract investments from a range of sources, effectively managing approximately $3.3 billion in regulatory assets across the globe.
Headquartered in Minneapolis, with additional offices in São Paulo, Shanghai, Singapore, and Sydney, Proterra employs a skilled team of 66 professionals. The firm spun out of Black River Asset Management, a division of Cargill, which further underscores its strong industry background. As it moves forward with this strategic expansion into net lease real estate, Proterra positions itself to leverage its existing expertise to unlock new value streams for its clients and investors alike. With Kay’s leadership, the firm aims to realize its vision of being at the forefront of real estate investment in a rapidly evolving marketplace.
For more details, visit the Proterra website at https://www.proterrapartners.com/.
David Kay is a seasoned professional in the commercial real estate space, having previously founded Jera Partners, a firm specialized in net leased properties tied to quality credit tenants. Under his leadership, Jera amassed over $800 million in assets. Before Jera, he served as the President and CEO of American Realty Capital Properties, now known as VEREIT, Inc., which later merged with Realty Income. Additionally, Kay was instrumental in the founding and management of Capital Automotive REIT, further establishing his credentials in this sector.
In his new role, Kay will be working closely with Mark Decker, who has been a trusted colleague for over 25 years. ‘David’s innovative approach to lease structures and financing since the late 1990s is unparalleled,’ Decker remarked. ‘We’re eager to assist business owners in unlocking value from their real estate assets.’ Proterra sees potential in applying strategic lease agreements that provide consistent yields despite market fluctuations. Moreover, with the anticipated rise in rents, the firm expects that sale-leaseback investments will yield positive returns over time.
Proterra believes that its established relationships and extensive knowledge in the food value chain will augment its strategy for net lease real estate. ‘We recognize David as a top-tier expert in our industry,’ stated Rich Gammill, Proterra's Managing Partner. ‘His insights will be crucial in identifying attractive and risk-managed yield opportunities for our investors.’
Kay expressed enthusiasm about being part of Proterra, noting, ‘The firm has demonstrated a leadership role within the food value chain and agribusiness sectors. I admire the strong culture and expertise that they have fostered, and I’m enthusiastic about collaborating to expand into net lease real estate transactions effectively.’ Proterra’s comprehensive investment strategy centers around seven core verticals: Credit, Farmland, Growth Equity, Private Equity, Sustainability, Asset-backed Strategies, and Real Estate. This diversified approach enables the firm to attract investments from a range of sources, effectively managing approximately $3.3 billion in regulatory assets across the globe.
Headquartered in Minneapolis, with additional offices in São Paulo, Shanghai, Singapore, and Sydney, Proterra employs a skilled team of 66 professionals. The firm spun out of Black River Asset Management, a division of Cargill, which further underscores its strong industry background. As it moves forward with this strategic expansion into net lease real estate, Proterra positions itself to leverage its existing expertise to unlock new value streams for its clients and investors alike. With Kay’s leadership, the firm aims to realize its vision of being at the forefront of real estate investment in a rapidly evolving marketplace.
For more details, visit the Proterra website at https://www.proterrapartners.com/.
Topics Financial Services & Investing）
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