Diversity is about having, and listening to, the different voices at the table to better prepare an investment firm for managing and executing upon situations, such as those we face today.Īs NAREIM, in partnership with Ferguson Partners, prepares to invite real estate investment managers to participate in its Diversity & Inclusion survey this fall, we asked institutional investors to talk about their perspectives on diversity and inclusion and how they are working with investment managers to deliver lasting change for the industry. It's also about diversity of thought and the diversity of ideas within a team. However, there is a bigger issue at stake, something which is succinctly articulated by Alisa Mall in the accompanying interview.ĭiversity is not just about gender or ethnicity. According to the NAREIM 2019 D&I report, just 16% of executive managers were women and just 6% were non-white. It's easy to talk of the lack of diversity in the real estate investment management industry. This fall, NAREIM is expanding it's survey in an effort to help the entire industry become more diverse. New and existing managers are scored on their diversity, comprising gender, ethnicity and background.ĭiversity isn't about penalizing managers - but to encourage and incentivize them to evolve and build a culture where diversity and diversity of thought matters.Ībout the NAREIM Diversty & Inclusion Surveyįor more than a decade, NAREIM has produced a Diversity & Inclusion (D&I) Survey for members. If the ownership lacks diversity, do diverse professionals have a seat at the table and a voice in decision making? Diversity is not just about the ownership of the firm, but the entire firm. Managers should be committed to valuing different voices and different backgrounds. If the senior management team all look alike, Carnegie asks: "Why is that the case, how are you thinking about it and what are you doing to change it?" "What Carnegie really wants to understand is a manager’s commitment to valuing the diversity of opinions in their firms and how they value all their people, and in particular diverse voices." Download your complimentary copy of the article here. The interview is one of a series of investor perspectives on diversity being published as part of the NAREIM Diversity & Inclusion Survey. She is an alumnus of the Yale University. Mall and West explore the tactics Carnegie is employing to promote diversity among its managers, how they are being constructive not punitive and how the endowment is underwriting new and existing relationships on manager ownership and employee diversity metrics. Alisa Mall lives in New York, NY, but has also spent time in Tiburon, CA Stanford, CA and Belvedere, CA. Speaking with Suzanne West, senior advisor of The CenterCap Group and former investor, Mall says it’s critical for real estate investment managers to become “mentally, emotionally and financially committed to diversity” to create a culture that values diversity of thought to drive performance. Alisa Mall, the real estate head of Carnegie Corporation of New York, talks about the endowment’s work to improve diversity across their own portfolio, and the industry, as part of a new NAREIM series of investor perspectives into diversity and inclusion.
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