267
NEW YORK CITY — Private equity firm Regis Group and funds managed by Los Angeles-based Ares Management Corp. (NYSE: ARES) have formed Haven Capital, an entity that will specialize in the origination of ground leases for high-quality assets across the country. Structured as a joint venture between the two firms, Haven Capital aims to capitalize on ground-lease investments in the top 50 U.S. markets with an initial capacity of $1 billion. Company founders cited the attractiveness of ground leases in separating land and buildings while reducing equity requirements and total costs of capital as a major incentive behind the formation of Haven Capital. Joe Shanley, a former vice president at SL Green, will lead the company.