RMR Group Hires Torchlight’s Mary Smendzuik to Lead Private Capital Fundraising

One of the larger but less heralded names in commercial real estate asset management has hired a new executive to lead its private capital fundraising strategy. 

RMR Group, a publicly traded alternative asset manager holding a $40 billion book of assets, announced Thursday it has appointed Mary Smendzuik as a senior vice president and head of capital formation. Smendzuik comes over from Torchlight Investors, where she spent the previous three-and-half years specializing in institutional investor fundraising for debt placements.  

Smendzuik told CO that her background is largely in raising capital from public pensions, endowments, foundations and family offices, and that she’s excited to leverage her network at RMR as it looks to grow its private capital platform. 

“I’m joining as RMR is looking to scale the private capital business,” said Smendzuik. “This new role consolidates the private capital fundraising responsibilities that had been small parts of other people’s roles. Obviously it’s very exciting to have the resources and infrastructure of such a large firm, and private capital will be a big initiative.”

RMR was founded in 1986 and is headquartered in Newton, Mass. The firm holds assets across every major CRE sector, with $28 billion tied to managing publicly traded real estate investment trusts, and the other $12 billion from private capital initiatives — mainly sovereign wealth funds and other institutional partners — that place equity into CRE deals. The firm has more than 900 employees and owns approximately 2,000 properties across all asset classes.  

Matt Jordan, chief financial officer and executive vice president at RMR, said the firm is now raising capital for three verticals — multifamily, private credit, and select redevelopment opportunities — and that Smendzuik will be instrumental in assisting with those fundraising efforts. 

“We’re really excited about having Mary join RMR,” said Jordan. “We believe we’re a large institutional player that many sources of private capital haven’t heard of before, and Mary will help expand that awareness.”

Smendzuik, for her part, added that RMR’s flexibility drew her to the firm, mainly its different investment structures and willingness to go beyond the typical closed-end fund model. 

“Touching every food group as possible, having the deep expertise … across all the asset classes and the three fundraising efforts, there’s real opportunity,” she said. “We want to open as many doors as possible.”

Brian Pascus can be reached at bpascus@commercialobserver.com