Charlie Rose, Yorick Starr and Teresa Zien
Managing directors at Invesco
Last year's rank: 42
In surfing, those who relentlessly chase every opportunity often find themselves worn out, pinned beneath sets of waves when things go wrong. But having the discipline to be picky — and, like Invesco, to commit only to sure bets during the current period of anxiety — guarantees you will ride above the competition.
While originations dipped slightly in 2022, down to $3.4 billion from the previous year’s record-setting $4.1 billion, Invesco stayed busy, closing on the origination of 30 new loans and serving as the second most active pure-play debt fund. Charlie Rose said the firm’s established, diversified formula — transitioning to senior loans with a sole focus on industrial, multifamily, life sciences and single-family rental deals with long-term clients — continues to play. The firm has a number of high-end industrial and multifamily deals in the pipeline for the rest of 2023, and since 2018, has dropped its office holdings from 45 percent to just under 18 percent.
It’s a credit over yield approach, said Rose, staying true to a focus on the best borrowers, and eschewing a temporary opportunity for excess yield to instead be an all-weather friend for the best clients, who came out in the second half of 2022. “We’re not chasing the market during the most frothy times, and we ensure that we can remain in the market for every phase of the market cycle,” Rose added.
Rose speaks of a team laser-focused, aggressive and quick to act: 2022’s biggest deal for Invesco, a $575 million whole loan for Aperture Del Mar, a San Diego life sciences campus, perfectly illustrated that streamlined approach. Amid capital markets volatility and rising rates, the deal was closed in less than six months, sponsored by Gemdale Corporation, and it nabbed Neurocrine, an established biotech player with a $9 billion market cap, as the sole tenant occupying 100 percent of the project.
Invesco has become a leading life sciences lender, but with a focus on differentiated assets in only the top three markets — avoiding any risky or flashy opportunities — it makes moves that match its convictions.
“What we have seen without fail is that during periods of disruption, we’re able to step in and be that stable hand for our best relationships,” Rose said, “and, ultimately, on the other side of the disruption, gain market share.” —P.S.