CIM Capital, LLC (“CIM”) is a limited liability company organized under the laws of the state of
Delaware and based in Los Angeles, California. CIM was formed in March 2015 and began its
advisory business after becoming registered with the SEC on August 26, 2015. CIM acts as an
investment adviser to certain CIM Clients (as defined herein).
CIM provides investment advisory services primarily to investment funds, including commingled
funds, single investor funds and co-investment vehicles (collectively referred to herein as
“Funds”), all of which are exempt from registration under the Investment Company Act of 1940,
as amended (the “Investment Company Act”) pursuant to Sections 3(a)(1), 3(c)(5), 3(c)(6), 3(c)(7)
or 3(c)(1) thereof. CIM refers to each of the Funds individually as a “Client” or collectively as
“Clients.” CIM does not currently provide investment advisory services to non-accredited retail
investors or to registered investment companies. Please note, not all of CIM’s Clients invest in
securities; therefore, CIM’s definition of “Client” herein is different in some cases from the Form
ADV Part 1 definition of client. Also, CIM offers integrated arrangements to certain investors
(“Multi-Fund Investors”), pursuant to which Multi-Fund Investors invest in multiple Funds.
CIM is indirectly, wholly owned by CIM Group, LLC (together with its affiliates, “CIM Group”),
which owns, operates, develops and lends to real estate and real estate-related assets and
infrastructure assets. Mitsui & Co., Ltd. (“Mitsui”), a Japanese financial conglomerate, owns a
~20% interest in CIM Group. The founders (“Founding Principals”) of CIM Group are Richard
Ressler, Avi Shemesh and Shaul Kuba.
CIM has 170 Supervised Persons, as well as access to CIM Group’s other ~930 employees for
non-securities related matters. CIM Group’s investment committee (“Investment Committee”)
consists of certain Principals of CIM Group and a Managing Director in the Japanese Partner
Group. The Investment Committee is further divided into sub-investment committees according
to investment type and/or geography (i.e., Europe or North America real asset-related equity, credit
and publicly traded securities) and each is comprised of a smaller number of Investment
Committee members. Please see “Item 8: Methods of Analysis, Investment Strategies and Risk of
Loss” for more information regarding the Investment Committee and its sub-committees.
CIM is a process and research driven investment adviser that seeks to mitigate risk through the
fundamental analysis of the long-term drivers of investment value and to deliver strong risk-
adjusted returns by utilizing CIM Group’s vertically-integrated team, community qualification
methodology and investment discipline.
CIM’s investment advisory business encompasses various investment strategies, including:
Opportunistic
o Development (i.e., ground up developments and land developments)
o Non-Development (i.e., assets requiring substantial redevelopment or assets with
high vacancy but do not require ground up development)
Value-Add
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o Non-Development (i.e., moderate to high-risk assets with little to no cash flow but
potential to produce cash flow once value has been added, assets with low occupancy,
below market rents and requiring significant amount of renovation/capital
expenditure/repositioning)
o Build to Hold (Core) (i.e., ground up development held beyond stabilization, includes
assets in Opportunity Zones)
Stabilized (Core) – Non-Development (i.e., assets with stabilized occupancy with credit
quality tenants on long term leases)
Infrastructure
o Real Asset (i.e., build-to-core or operating, mature assets, typically majority control)
o Decarbonization/Early Stage (i.e., assets in infancy stage, minority or majority
control)
Credit
o Core (i.e., stabilized assets)
o Transitional (e.g., operating or non-stabilized assets)
Heavy (i.e., limited or zero cashflow)
Bridge (i.e., light reposition, redevelopment or lease up)
o Construction
(i.e., ground up development or heavy repositioning)
o Opportunistic (i.e., distressed assets or special situations)
Qualified Communities
When investing in real assets, CIM generally, but not exclusively, focuses on assets located in
traditional downtowns of cities and main streets of densely populated communities that CIM has
qualified for investment (“Qualified Communities”). Qualified Communities are either well-
established, thriving urban areas; where CIM believes it has an opportunity to acquire assets for
prices below long-term, normalized values, or transitional urban districts that have dedicated
resources to becoming vibrant urban communities. In either case, CIM seeks to identify urban
communities that merit the extensive efforts CIM will undertake in making investments.
For Qualified Communities that are in transitional metropolitan districts, the qualification criteria
include the following: population growth; broad public support for CIM’s investment approach;
private investment; underserved niches in the community’s real estate infrastructure; and the
potential to invest a minimum of $100 million of opportunistic equity within five years.
For Qualified Communities that are in thriving metropolitan areas, the qualification criteria include
the following: positive population trends; public support; opportunities below intrinsic value; and
the potential to invest a minimum of $100 million of opportunistic equity within five years.
Once a community is qualified, CIM proactively identifies and evaluates specific investment
opportunities through its own market analysis and due diligence. In addition, CIM actively seeks
opportunities from CIM Group’s relationships, including CIM Group’s broad network of real
estate brokers, property owners, municipalities, redevelopment agencies, consultants, architects,
national and regional retail tenants, builders, and prospective partners.
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CIM Group expects to continue to own, operate, develop and lend to real estate, real estate-related
and infrastructure assets for its own account.
CIM tailors its advisory services to the needs of each Client. Please see “Item 8: Methods of
Analysis, Investment Strategies and Risk of Loss” for more information regarding CIM’s
investment methodology.
With the exception of Multi-Fund Investors and certain single investor funds, CIM generally has
discretionary authority to manage accounts on behalf of its Fund Clients in accordance with such
Fund Client’s investment objectives, strategies and limitations and pursuant to the terms of the
management agreement with each such Fund Client. Multi-Fund Investors are expected to
exercise discretion over their accounts (but not the underlying Funds), and certain investors in
single investor funds exercise discretion over their accounts. In the case of Fund Clients, the
investment management agreement is generally entered into on behalf of the Fund by the Fund’s
general partner or managing member, who is generally a member of CIM Group. Additional
investment objectives, strategies and limitations for Fund Clients are also generally set forth in
the Fund’s organizational and offering documents (such documents, together with investment
management agreements, “Governing Documents”).
CIM Clients co-invests with clients of CIM Group’s other registered advisers (i.e., CIM Capital
IC Management, LLC, CIM Capital SA Management, LLC) and CIM Group’s non-registered
advisers, collectively referred to as the “Affiliated Advisers”). In such cases, the allocation of
responsibilities among the advisers and/or general partners and managing members will be set
forth in the Governing Documents. In the event a co-investment takes place with an Affiliated
Advisers’ client, which is registered under the Investment Company Act, such co-investment will
be completed in accordance with the conditions of applicable exemptive relief received from the
SEC.
Management of Client Assets
As of December 31, 2023, CIM had $2,508,099,966 of Regulatory Assets under Management, all
of which are managed on a discretionary basis.
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