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The Koffler Group is a full service real estate owner/developer/manager based in Providence, Rhode Island. The Group began its operation in 1978, having been capitalized with proceeds resulting from founder Sol Koffler's sale of American Tourister Luggage Company to Hillenbrand Industries. Sol Koffler's granddaughter Terri Chernick, the Koffler Group's chief investment officer. The Group has been an active player in New England's real estate market through continued direct investments and/or in conjunction with public and private equity venture partners. The Koffler Group intends to significantly increase the size of its real estate portfolio in the coming years. The Group's diversified portfolio is located regionally throughout New England and includes retail, office/R&D, industrial, and residential properties. The Group is vertically integrated and provides engineering, construction, and property management services for the assets in its portfolio. In addition to its wholly-owned portfolio, in 2001 The Group established KGI Properties to acquire, develop and manage retail and mixed-use real estate across the Northeastern United States. Since its inception, KGI has successfully completed the development of approximately 2.2 MM square feet of property at an aggregate cost in excess of $350 MM, and presently has another 2.0 MM square feet in its pipeline. Hedge funds make up about 30% to 40% of Koffler's investment portfolio. Chernick targets hedge funds that have $400 million to $600 million under management. Most are established funds, but in 2008 Chernick began seeding startup hedge funds that have exceptional managers. Chernick invests in and manages the global portfolios of 30 hedge fund managers.
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