Belay Investment Group

Overview

Belay Investment Group is a majority woman-owned Los Angeles-based investment firm specializing in value-added real estate opportunities. The firm focuses on middle-market infill properties in urban and suburban transit hub markets across the United States, aiming to provide scalable access to small-scale real estate investments for its institutional clients. Belay implements its investment strategies through long-term partnerships with high-caliber local operating partners and sector specialists, offering both equity and debt opportunities across various property types and geographies. The firm's approach is characterized by a thesis-driven investment process, emphasizing market analysis and disciplined due diligence to identify strategies, submarkets, property types, and capital structures aligned with clients' unique investment objectives. Belay's senior management team averages over two decades of experience, enabling the firm to navigate market cycles effectively and unlock long-term value. The firm has a proven track record, having completed over 170 transactions with a gross asset value of $2.1 billion and assets under management totaling $720 million. Belay's values-driven culture emphasizes fiduciary excellence, transparency, and alignment with client priorities, integrating responsible investment principles to achieve investment objectives. The firm has demonstrated its commitment to supporting the growth and development of operators and emerging managers, including minority- and women-owned business enterprises, beyond providing investment capital. Notably, in December 2025, Belay formed a $50 million strategic partnership with ArtHaus Partners to acquire, reposition, and enhance multifamily assets throughout the San Francisco Bay Area, focusing on attainable housing solutions. This collaboration combines the deep market expertise, operational experience, and capital networks of both firms to address the region's growing need for affordable and high-quality workforce housing. In June 2021, Belay made a $75 million equity commitment to Elion Partners, a minority-owned emerging manager and logistics specialist, to invest in last-mile logistics real estate. This partnership highlights Belay's dedication to supporting diverse operating partners and expanding its investment portfolio across various sectors. Additionally, in March 2022, Belay received an additional capital allocation of $350 million from the California State Teachers' Retirement System (CalSTRS), bringing the overall capital commitment to $900 million of equity. This increased allocation supports the firm's focus on expanding existing operator partner relationships and initiating new partnerships with emerging managers and market sector specialists across a variety of niche strategies and property types. Belay's strategic approach and commitment to responsible investing have established it as a reputable firm in the real estate investment sector, dedicated to delivering long-term value for its clients and partners.

Investment Focus

• Institutional investors
• Partnerships with local operating partners
• Focus on middle-market infill properties in urban and suburban transit hub markets

Portfolio Companies