Managing Portfolios

Every fund and separate account is directed by a senior member of the firm who is responsible for portfolio strategy, management and investment performance.

Ralph J. (Jeb) Belford, III
Managing Director

Ralph J. (Jeb) Belford, III
Managing Director

Jeb Belford, equity owner and Managing Director, is a Portfolio Manager for Clarion’s open-end core fund. He is a member of the Firm’s Investment Committee and Executive Board. As Portfolio Manager, Jeb has overall responsibility for Fund management and portfolio strategy. From 2005-2012, Jeb was the Portfolio Manager for the Firm’s value-add investment platform. Prior to becoming a portfolio manager, Jeb was a senior member of the Firm’s Acquisitions Group, completing investments across a broad range of strategies. His background includes all key aspects of portfolio management, including acquisitions, financing and sales totaling over $20 billion in all property types and risk strategies, in markets across the U.S., Brazil and Mexico. Jeb joined Clarion Partners in 1995, and began working in the real estate industry in 1984.

Education
Dartmouth College, B.A. - Mathematics and Religion (1983)
Thanh Bui
Managing Director

Thanh Bui
Managing Director

Thanh Bui is an equity owner and Managing Director at Clarion Partners. In her role as a Portfolio Manager of Subordinate Debt Investments, she is responsible for the origination and structuring of complex mezzanine, B-note and senior mortgage investments for development, transitional and stabilized properties. Thanh is also responsible for managing the underwriting and closing process. With 15 years of real estate investment management experience, Thanh joined Clarion Partners in 2012 from RREEF where she managed transactions and developed debt strategies for the firm. Prior to her career in real estate investment management, Thanh performed planning and development work for a community based, not-for-profit organization.

Education
University of Michigan, Masters – Urban Planning (1997) University of Michigan, B.A. – Psychology (1994)
Edward L. Carey
Managing Director

Edward L. Carey
Managing Director

Edward L. Carey, equity owner and Managing Director, is the Portfolio Manager for one of Clarion’s sector-specific, open-end funds. He is a member of the Firm's Executive Board and serves on Clarion’s Career Management Committee. As Portfolio Manager, Ed has overall responsibility for Fund management and strategy, including the investment and operating policies of the Fund and managing the performance of the portfolio and operating management teams. He joined Clarion in 2007 and has more than 33 years of real estate experience in investment management, finance and strategic corporate / asset-related transactions, including 21 years on Wall Street. Ed is a member of several real estate organizations including the Wharton School Zell/Laurie Real Estate Center and the Urban Land Institute.

Education
University of Pennsylvania Wharton School of Business, M.B.A. (1985) University of Notre Dame, B.A. (1979)
David T. Confer
Managing Director

David T. Confer
Managing Director

David Confer, equity owner and Managing Director, is the Portfolio Manager of the Firm’s largest industrial portfolio. Additionally, he is a member of Clarion Partners’ Executive Board, Compensation Committee and Career Management Committee and functions as the Head of Clarion Partners’ Dallas office. David oversees the investment results of properties in major industrial markets across the United States, Canada, and Mexico. He joined Clarion Partners in 2003 and began working in the real estate industry in 1989. David is a member of the Warehousing Education and Research Council and the National Association of Industrial and Office Properties (NAIOP). He is also an active member of the NAIOP National Industrial Development III Forum.

Education
Southern Methodist University, M.B.A. (1989) University of Oklahoma, B.B.A. (1986)
James L. Dean II
Senior Vice President

James L. Dean II
Senior Vice President

James Dean is a Senior Vice President and Portfolio Manager at Clarion Partners. In this role, Mr. Dean is responsible for client relations, developing and implementing fund strategy, investing new capital, executing disposition strategies and managing fund assets for one of Clarion’s separate account clients. Additionally, James is an Asset Manager responsible for the management of both separate account and fund assets. While at Clarion, James has overseen 27 transactions with a total market value of over $1.6 billion. He joined Clarion Partners in 2005 and began working in the real estate industry in 1992.

Education
Towson University, B.S. - Business Administration/Finance (1992)
Drew Fung
Managing Director

Drew Fung
Managing Director

Drew D. Fung is an equity owner, Managing Director and Head of the Debt Investment Group at Clarion Partners. He oversees the Firm’s investment activities in various types of commercial real estate debt instruments, including mezzanine loans, B-notes and select preferred equity interests. Drew is also Chair of the Debt Investment Committee. Drew joined Clarion Partners from RREEF and he has 25 years of real estate experience. This experience includes more than 18 years in the debt sector, with more than $2 billion in debt transactions in all commercial property types. He is a former Chair of a Urban Land Institute (ULI) Urban Development/Mixed-Use Council, a member of the Commercial Real Estate Finance Council (CREFC) Board of Governors, and is a frequent speaker at industry events.

Education
New York University – Leonard N. Stern School of Business, M.B.A. (1994) State University of New York at Albany, B.S. Finance (1987)
Jon Gelb
Managing Director

Jon Gelb
Managing Director

Jon Gelb, equity owner and Managing Director, is a Portfolio Manager for Clarion’s open-end core fund. Jon shares responsibility for all facets of Fund management including acquisitions and dispositions, asset management and investor communications. He joined the Fund in 2014. Prior to 2014, Jon served as Assistant Portfolio Manager on the Firm’s open-end value-added fund. Prior to working in portfolio management, Jon worked in the Firm’s Acquisitions Group, where he underwrote East Coast transactions. Jon joined the Firm in 2007 and began working in the real estate industry in 2005.

Education
Harvard Business School, M.B.A. (2005) Wesleyan University, B.A. (1997)
Timothy Guy
Managing Director

Timothy Guy
Managing Director

Timothy Guy, equity owner and Managing Director, is the Portfolio Manager for two of Clarion’s largest separately managed accounts, investing across the major property types with a focus on office and life science real estate. Additionally, Tim has coverage responsibilities for several strategic capital sources, working collaboratively with members of our Client Capital Management group. He joined Clarion Partners in 1996 and started in the real estate industry in 1992. Tim is a board member of the Boston chapter of NAIOP.

Education
Dartmouth College, B.A. - History (1990)
Bohdy Hedgcock
Managing Director

Bohdy Hedgcock
Managing Director

Bohdy Hedgcock is a Managing Director and Head of Capital Markets for the Firm's largest industrial portfolio, overseeing investor relations. He also serves as Portfolio Manager for a separate account relationship. Previously, Bohdy had portfolio management responsibilities for a series of value-add and opportunistic funds and worked with the Firm’s Investment Research Group. He joined Clarion Partners in 2007 and began working in the real estate industry in 2001. He is a full member of the Urban Land Institute and a LEED-Green Associate.

Education
New York University, M.S. – Real Estate Finance and Investment (2009)University of Colorado – College of Architecture and Planning, Master of Urban and Regional Planning (M.U.R.P.) (2002)Southwestern University, B.A. – American Studies (1991)
John Killian
Managing Director

John Killian
Managing Director

John Killian is an equity owner and Managing Director at Clarion Partners as well as the Chief Financial Officer of the Firm's largest industrial portfolio. John is responsible for the accounting and financial functions of the Fund, as well as client services. He is also a member of the Firm’s Operating Committee. He joined Clarion Partners in 2003 and began working in the industry in 1989. John started his career as a Certified Public Accountant with PricewaterhouseCoopers.

Education
Southern Methodist University, B.A. (1989)
Charles R. Lathem
Managing Director

Charles R. Lathem
Managing Director

Charles Lathem, equity owner and Managing Director, is the Head of Hospitality Asset Management at Clarion Partners. In this role he is responsible for the Firm’s investments in the hotel sector. Additionally he serves as portfolio manager for a separate account relationship. Charles joined Clarion Partners in 2006 and began working in the real estate industry in 1981.

Education
Millsaps College, B.B.A. (1981)
Kye Joon Lee
Managing Director

Kye Joon Lee
Managing Director

Kye Joon (KJ) Lee, equity owner and Managing Director, is the Head of Asia at Clarion Partners. Based in New York, KJ oversees direct and indirect institutional investments from Asia into the Americas. He is also a Portfolio Manager for the separately managed account of a large, Asian sovereign wealth fund. KJ has more than 20 years of real estate experience and has been active in both Asian and U.S. markets with roles in development, acquisitions, and advisory services. With significant knowledge of both private real estate and cross‐border investments, KJ is a frequent speaker and contributor for industry and media groups. KJ joined Clarion Partners in 2013. He is a CFA charterholder and a member of the New York Society of Security Analysts.

Education
Columbia Business School, M.B.A. (2010) Yonsei University, B.Sc. in Architectural Engineering (1999)
Guilherme Palocci
Vice President

Guilherme Palocci
Vice President

Guilherme Palocci is a Vice President at Clarion Partners and is the Portfolio Manager for the Brazil Investment Platform, with responsibility for the strategy and management oversight of activities in Brazil. Guilherme is a native of Brazil and is based in Sao Paulo. His background experience in the real estate industry includes transactions of more than USD 1.5 billion for the acquisition, developing, retrofitting, financing, asset management and disposition of real estate assets and real estate operating companies, in all property types and risk strategies, across the market in Brazil. He joined Clarion Partners in 2012 and began working in the real estate industry in 2007.

Education
Ibmec Business School (Insper), B.A. – Business Administration (2007)
Onay Payne
Managing Director

Onay Payne
Managing Director

Onay Payne, equity owner and Managing Director, is a Portfolio Manager responsible for several billion dollars in assets under management for multiple separate accounts and comingled vehicles. She is a member of the Firm's Career Management Committee and previously served as a member of the Firm’s Investment Committee (2018-2020). Onay joined the Firm in 2003 and began working in the real estate and finance industries in 1997. She is an active member of the Urban Land Institute (Commercial Retail Council, Women's Leadership Initiative Executive Committee, ULI NY Advisory Board), and also serves as Vice Chair of the Robert Toigo Foundation Alumni Endowment Board, is a member of the Harvard Alumni Real Estate Board and is a member of WX New York Women Executives in Real Estate. Onay is on the board of the Mark Morris Dance Group and is fluent in Spanish.

Education
Harvard Business School, M.B.A. - General Management (2003) Harvard College, A.B. Magna Cum Laude - History and Literature/Latin America (1997)
Khalid Rashid
Managing Director

Khalid Rashid
Managing Director

Khalid Rashid, equity owner and Managing Director, is a Portfolio Manager, overseeing a number of separate account portfolios, and a member of the Firm’s Investment Committee. Khalid is responsible for developing and implementing strategic initiatives for funds consisting of $3.5 billion of Gross Asset Value (GAV) with 13.1 million sq. ft. of commercial properties and 1,200 apartment units. He has extensive transaction and leadership experience in portfolio and asset management, acquisitions and financings. His executed deal volume includes over 35 transactions with a GAV of approximately $3.0 billion across multiple investment strategies, property types and markets. He joined Clarion in 2008 and began working in the industry in 2004. Khalid is a Robert A. Toigo Fellowship recipient, Real Estate Executive Council education committee member, and an active member of the Urban Land Institute’s Multifamily Product Council. He graduated from the Real Estate Associate Program in 2006, was named the Toigo Foundation’s “40 Under 40” in 2014 and completed the African American Board Leadership Institute’s Certificate Program in 2020.

Education
Columbia Business School, M.B.A. with Concentration in Real Estate and Corporate Finance (2008) University of California at Berkeley, B.A. in Economics with Honors (2000)
Richard H. Schaupp
Managing Director

Richard H. Schaupp
Managing Director

Richard Schaupp, equity owner and Managing Director, is the Portfolio Manager for a number of commingled funds and certain separate account relationships. As portfolio manager, Rick has overall responsibility for the management and portfolio strategy of these relationships. From 2005-2012, Rick was the Assistant Portfolio Manager for Clarion’s series of closed-end opportunistic vehicles. Rick has participated in the acquisition, asset management, and development management of over $4.0 billion of real estate. He originally joined Clarion Partners in 2000 and began working in the real estate industry in 1995.

Education
Yale University, M.B.A. - Finance, Public Economics (2000) University of Notre Dame - B.Arch. (1995)
Craig Tagen
Managing Director
Head of Separate Accounts

Craig Tagen
Managing Director, Head of Separate Accounts

Craig Tagen, equity owner and Managing Director, is the Head of Separate Accounts and also a Portfolio Manager leading several client portfolios. In this role he is responsible for the oversight of the Firm's separate account clients and managing the associated portfolio management staff. Craig is a member of the Firm’s Executive Board, as well as Clarion’s Investment, Operating and Valuation Committees. Craig joined the Firm in 1997, and began working in the real estate industry in 1984.

Education
Temple University, M.B.A. (1984)Temple University, B.A. (1981)
Katie Vaz
Managing Director

Katie Vaz
Managing Director

Katie Vaz, equity owner and Managing Director, is an Assistant Portfolio Manager for Clarion’s core open-end fund and a member of the Firm’s Investment Committee. Katie shares responsibility for all facets of Fund management including acquisitions and dispositions, asset management and investor communications. Previously, she served as a portfolio manager for three of Clarion’s separate account portfolios and also spent several years as a portfolio management associate for one of Clarion’s sector-specific funds. Prior to focusing on portfolio management, she was an asset manager of office product in the New York tri-state and Florida markets. Katie also leads Clarion’s ESG Committee and is the founder and co-chair of Clarion Partners’ Women’s Leadership Network. Katie joined Clarion in 2005 and has 16 years of experience in the real estate industry.

Education
New York University, Stern School of Business, M.B.A (2005) Princeton University, B.A. (2000)